Facebook’s $120B loss is a record

Facebook lost nearly $120 billion in market value as its stock cratered Thursday.

The drop in value — which chopped more than $15 billion off chief executive officer Mark Zuckerberg’s personal fortune — marked the biggest-ever one-day loss for a company in U.S. stock market history.

Its shares fell 19% to $176.26 a piece, one day after company executives forecast years of reduced profit margins amid increased spending on security initiatives in the wake of numerous privacy-related scandals.

Revenue through Instagram, which has fewer privacy concerns, would not be sufficient to recuperate lost value, company executives said Wednesday.

The decline in its market value was about as large as the entire market value of companies including McDonald’s or Nike.