Facebook‘s intraday decline Monday erases more than $40 billion in market cap

Facebook Inc. has shed about $36 billion in market value since Friday as shares of the social-media giant skidded lower. Facebook‘s stock closed 7.9% on Monday, putting the Menlo Park, Calif.-based technology giant marked its worst daily drop since March 26, 2014, with that downturn equating to a $36.4 billion loss in market value, from its value of $537.67 billion at Friday‘s close, according to FactSet data. The social network has come under fire, after the company announced that a firm with ties to the 2016 Trump campaign improperly kept data for years despite saying it had destroyed those records. Facebook‘s decline was weighing on the broader market by virtue of its size and the company‘s influence on sentiment. The Dow Jones Industrial Average ended the day off 335 points, or 1.4%, at 24,610, while the S&P 500 index finished down 1.4% at 2,712, with technology shares suffering the worst daily decline among the broad-market benchmark‘s 11 sectors. Meanwhile, tech-laden The Nasdaq Composite Index wrapped off 1.8% at 7,344.