The platform has been accused of helping violence spread in Myanmar, India and Sri Lanka.
Mark Zuckerberg's loss of $15.8bn is equal to the total wealth of the world's 81st-richest person.
But amid every controversy, Facebook - the public company and business - seemed unscathed. While the company reported a growth in all markets, its overall revenues missed analyst estimates. A #DeleteFacebook campaign didn't have any "material impact" on the bottom line, COO Sheryl Sandberg said earlier this year.
Other companies have, in the past, experienced similar plummets on the stock exchange, if not quite as severe as Facebook, who are now battling new data laws and public concern over their privacy policies.
The news sent Facebook's stock free-falling almost 25 percent in after-hours trading. Though privacy concerns are definitely real, as seen after the Cambridge Analytica fiasco, the real reason people are bailing on Facebook likely has more to do with their algorithm which censors the content they believe is "good for people's well-being". Facebook faced the biggest one-day wipeout in United States stock market history of $119 billion, a day after executives forecast years of lower profit margins.
It's quite possible that Facebook's shares could recover and continue to climb.
GOP Lawmakers Launch Bid to Impeach Rod Rosenstein
Jerrold Nadler (D-N.Y.), Elijah Cummings (D-Md.), and Adam Schiff (D-Calif.) declared in a joint statement Wednesday night. It's unclear how much support this maneuver has from other House Republicans, much less from Paul Ryan .
Facebook's shares collapsed by 18% on Thursday when the stock market opened in NY, a day after the Silicon Valley company revealed that 3 million users in Europe have abandoned the social network since the Observer revealed the Cambridge Analytica breach of 87m Facebook profiles and the introduction of strict European Union data protection legislation.
Facebook didn't respond to a request for comment.
The social media giant revealed in its second quarter results that its monthly active user numbers across all of its platforms had grown to 2.23bn at an increase of just 11 per cent, falling short of consensus estimates of 2.25bn as polled by Thomson Reuters. Failure to comply with the regulations would see the sites blocked in the EU. But the results followed a period in which data-privacy issues came under harsh scrutiny, with Zuckerberg testifying before Congress for hours on the company's missteps.
"GDPR was an important moment for our industry", Zuckerberg said Wednesday, acknowledging the decline.
No company has ever dropped that much in history.
"The Teflon has been scratched away", said Bob O'Donnell, head of Technalysis Research.
Of the newer endeavors, Instagram's business model is the most mature, and likely contributed meaningfully to revenue in the quarter, analysts have said. How many more people are realistically going to join?