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Facebook's big fall

Dan Primack, author of Pro Rata

Facebook shares fell nearly 19% on Thursday, or $41.24 per share, wiping out more than $119 billion in value. Within that is a $15 billion hit for founder and CEO Mark Zuckerberg.

Expand chart
Data: Money.NET; Chart: Harry Stevens/Axios
  • This came after Facebook reported slower revenue and user growth in the second quarter.
  • The big losses came in aftermarket trading yesterday, but Facebook was unable to make up much ground during today's session.
  • Facebook stock is now underwater for 2018.

Go deeper: Why Facebook's shellacking spells danger for all stocks

Go deeper

Barak Ravid, author of from Tel Aviv
32 mins ago - World

Scoop: U.S. and Israel held secret talks on Iran "plan B"

Bennett and Biden. Photo: Sarahbeth Maney/Pool/Getty Images

The U.S. and Israel held secret talks on Iran last week to discuss a possible “plan B” if nuclear talks are not resumed, two senior Israeli officials tell me.

Why it matters: This is the first time a top-secret U.S.-Israel strategic working group on Iran has convened since the new Israeli government took office in June.

Go deeper (1 min. read)Arrow
Barak Ravid, author of from Tel Aviv
1 hour ago - World

Scoop: Jake Sullivan plans to visit Saudi Arabia, Egypt and UAE next week

Sullivan. Photo: Yasin Ozturk/Anadolu Agency via Getty Images

White House National Security adviser Jake Sullivan is planning to travel to the Middle East next week, including a stop in Saudi Arabia. He would be the most senior Biden administration official to visit the kingdom.

Why it matters: Sullivan's first trip to the region since taking office is expected to include stops in Saudi Arabia, the United Arab Emirates and Egypt, sources briefed on the plans tell Axios. All three countries are longtime U.S. partners who have faced some early tensions with Biden.

Go deeper (1 min. read)Arrow
Jacob Knutson
2 hours ago - World

WHO revises air quality guidelines to reduce deaths from pollution

Smoke from California wildfires over the Golden Gate Bridge in San Francisco in August 2021. Photo: David Paul Morris/Bloomberg via Getty Images

The World Health Organization on Wednesday updated air quality guidelines it set roughly 15 years ago, saying that negative health effects from air pollutants can begin at lower levels than it previously thought.

Why it matters: The changes are meant to reduce deaths from pollutants that cause cardiovascular and respiratory diseases and prematurely kill an estimated 7 million people around the world annually, according to the WHO.

Go deeper (2 min. read)Arrow