The narrative has changed quickly for Facebook Inc. (FB) . 

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)  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.

Facebook and Microsoft are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells FB or MSFT? Learn more now.

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