07-30-2018, 01:30 PM
This week, we got a glimpse of why tech giants like Facebook and Twitter appear so reticent to clean up their platforms. As they face increasing scrutiny from the media, users, and regulators in Europe and the United States over privacy, how they police their sites, and fake news, expecting them to self-regulate is a demanding ask: even minimal efforts to address issues with their platforms, or just the threat of them, garnered an enormous backlash from Wall Street. Facebook’s stock saw the biggest one-day drop in history on Thursday, with $119 billion wiped off of its value after the company reported slower-than-expected revenue growth for the second quarter of 2018 and said it expects declines to continue in the second half of the year. The Menlo Park, California-based company also showed signs of sluggish user growth. Then on Friday, Twitter saw its own market meltdown: Its stock plunged by 20 percent after its earnings report said the number of monthly active users on the platform fell..
Facebook stock drop: The $120-billion reason tech can’t police itself - Vox