Facebook Hit With Biggest Loss Ever

Facebook on Thursday posted the largest one-day loss in market value by any company in U.S. stock market history after releasing a disastrous quarterly report.

According to CNBC, the social media giant's market capitalization plummeted by $119 billion to $510 billion as its stock price plummeted by 19 percent. At Wednesday's close, Facebook's market cap had totaled nearly $630 billion, according to FactSet.

No company in the history of the U.S. stock market has ever lost $100 billion in market value in just one day, but two came close.

CNBC Graphic

Facebook's enormous loss in value came a day after the company reported weaker-than-expected revenue for the second quarter as well as disappointing global daily active users, a key metric for Facebook. The company also said it expects its revenue growth rate to slow in the second half of this year.

Meanwhile, Facebook approved a $10 million annual pre-tax allowance to amplify security for CEO Mark Zuckerberg and his family.

The allowance, announced in an SEC filing on Thursday, increases Facebook's security spend on Zuckerberg from $7.3 million last year.

"This allowance will be in addition to the continued funding of Mr. Zuckerberg's overall security program to cover the costs of security personnel for his protection; the procurement, installation, and maintenance of certain required security measures for his residences; and the usage of private aircraft for personal travel," Facebook wrote in a filing.

The social media company said it took into account Zuckerberg's "position and importance to Facebook," as well as his salary, which was just $1 last year.

Zuckerberg's personal security budget has been climbing throughout the years from $4.2 million in 2015, according to a proxy statement, filed in April.

COO Sheryl Sandberg also has an authorized security program, which amounted to $2.7 million last year.