Thursday's massacre of Facebook shares, which plunged 19 percent in the biggest one-day drop in history, answered one big question.
Facebook shares were down as much as 19.6 percent at $174.78 in early trading, a decline that would wipe about $124 billion off the company's value - or almost four times the entire market capitalization of Twitter Inc.
The lawsuit seeks class-action status and unspecified damages.
The company also said revenue growth from emerging markets and the company's Instagram app, which has been less affected by privacy concerns, would not be enough to fix the damage.
Facebook loses $130 bn in just two hour, Zuckerberg $17 bn
Together, the entire Facebook suite of products has 2.5 billion unique monthly users, the company disclosed for the first time. The stock slide began right after Facebook reported second-quarter results after the market closed Wednesday.
Siva Vaidhyanathan, a media studies professor at the University of Virginia and author of the new book, "Antisocial Media: How Facebook Disconnects Us and Undermines Democracy", dismissed the significance of the stock plunge. Last week had not been good for one of the most popular social media company, Facebook as it released biggest drop in its share prices in one single session.
Facebook's decline significantly outpaced the $91 billion that Intel lost in September of 2000, during the original dot-com bust.
Facebook is also dealing with dozens of suits over its handling of user data in connection with the United Kingdom firm Cambridge Analytica.
Those numbers are not just for its main Facebook site, but also across apps like Instagram and Whatsapp which are expected to have been behind the majority of the company's user growth. Many of those lawsuits have been reportedly consolidated in the federal court in San Francisco.
Facebook market value plunges $119 billion
Analysts expect the firm to invest more in these services, as it is obliged to increase security costs for its original platform. That contrasts with ads reaching users who are on industry leaders Facebook and Alphabet's Google for a range of purposes.
Mr Buffett now ranks third among the world's billionaires, while Mr Zuckerberg is sixth.
Facebook shares fell another 0.8 percent on Friday, closing at $174.89 on the Nasdaq.
Facebook stocks tanked 25 per cent in a matter of two hours on account of disappointing second quarter financial results and subsequent earnings call.
What is National Register of Citizens (NRC) of Assam
The CM, who is leaving for Delhi today, said she would seek time from Union home minister Rajnath Singh to discuss the issue. The first draft comprising the names of 2,89,83,677 people of Assam was published online by the Registrar General of India.