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Facebook (FB) is down over 6% today after headlines last night that the company had exposed users’ information to other companies, and while the stock isn’t at new lows it’s still nearly 40% from record highs posted as recent as July 25th. There are two ways to think about the catastrophe that the company has been for investors over the last five and a half months: declines in market cap in dollar terms and declines in percentage terms. In dollar terms, the losses are staggering. The company’s market cap has fallen from a peak of $629bn in July to $394bn today. That drawdown makes prior retreats in the company’s value look like nothing. In percentage terms, things have actually been worse though. Following its IPO, Facebook retreated more than 50% from its high water mark and in both 2014 and 2016, the stock saw drawdowns of over 20%. Facebook is currently trading $7 (~5%) above its November low of $126.85, so as the stock faces pressure from its latest round of legal woes, that is the line in the sand for the stock going forward.

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