After Facebook Stock Plunge, Mark Zuckerberg Worth Less Than Warren Buffett

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The company's leaders, including its chief executive, Mark Zuckerberg, added that the trajectory was not likely to improve anytime soon, especially as Facebook spends to improve the privacy and security of users.

Adding fuel to the fire, Facebook expects total revenue growth to decelerate in the second half of 2018, and revenue growth rates to decline by high single-digit percentages from prior quarters sequentially in both Q3 and Q4.

Bloomberg reports if that holds through Thursday's close, he will slide to sixth place from third on the Bloomberg Billionaires Index. Fourteen analysts surveyed by Zacks Investment Research expected $13.4 billion. Revenue increased 42 percent to $13.2 billion, missing the $13.3 billion Wall Street consensus. That same number fell in Europe, where the company has had to comply with a strict new privacy law, known as GDPR, the Washington Post reported.

Zuckerberg said Facebook lost around one million users in Europe amid the implementation of new EU data protection rules, but noted that many Europeans "want to use context from ads", suggesting they are opting into allowing data collection for advertising purposes.

Even though Facebook's stock price had fallen nearly 10% in after-hours trading at one point due to a miss on revenue-albeit a narrow one-Chief Executive Mark Zuckerberg opened the call just after 5 p.m. The company displayed mixed results in its Q2 2018 earnings and this can be contributed to the GDPR, Zuckerberg's testimony before Congress, as well as more scandals that might have contributed to Facebook's weak user growth for this quarter. Facebook's results prompted selling in other Nasdaq listings, including media and advertising rivals Amazon.com Inc, Netflix Inc and Alphabet Inc. Those problems hadn't mattered to the success of the business - until now.

The fleeing of one million users is but a drop in the ocean to Facebook, which now has over 2.2 billion active monthly over-sharers on its website.

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According to the research firm, Facebook-owned Instagram is making up for some of the slowdown in growth at the social network and will generate US$8.06 billion in worldwide ad revenue this year.

The site also brought in 1.47 billion global daily active users (DAUs) during its second quarter, below the 1.49 billion that analysts were projecting, according to a StreetAccount and FactSet outlook.

Analysts had estimated a profit of US$1.72 per share, on revenue of US$13.36 billion.

Still, Zuckerberg assured investors that Facebook continues to see growth on its core platform, as well as its other properties, which include Instagram, WhatsApp and Messenger.

Shares, which had already declined 7 percent after hours, then fell as much as 24 percent after the comments on a conference call with analysts.

Zuckerberg said Wednesday that he was hopeful Facebook would be able to limit disinformation and fake accounts, and that the company was able to do so in elections this year in France, Mexico and Germany.

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