Just days after hitting a fresh all-time high, the social media company saw its stock drop almost 19%, losing $120 billion in market capitalization in the process and earning the dubious record for the worst one-day loss in market value in U.S. stock market history.
Facebook shares closed Thursday's session down 18.96% to $176.26, giving it a market capitalization of $510.45 billion. Facebook's market cap stood at nearly $630 billion at the close of Wednesday's session, meaning the stock lost just shy of $120 billion.
No other company has ever lost 12 figures in nominal value in a single market session. Intel Corp. (INTC - Get Report) previously had the record, losing almost $91 billion on Sept. 22, 2000, according to FactSet, as the dotcom bubble burst. But Facebook's performance Thursday trumped that loss, at least in non-adjusted terms.