(Bloomberg) -- Facebook Inc. crises this year have weighed heavily on the social-media giant, dragging shares down more than 37 percent from their July peak and erasing nearly $240 billion in value. The fall has allowed Chinese internet behemoth Alibaba Group Holding Ltd. to once again overtake Facebook in market capitalization. It’s the second time this year Alibaba has topped its U.S. rival, the first coming in March following revelations surrounding Cambridge Analytica, the consulting firm that obtained data on Facebook users without their consent.
To contact the reporter on this story: Matt Turner in Hong Kong at mturner107@bloomberg.net
To contact the editors responsible for this story: Sophie Caronello at scaronello@bloomberg.net, Robert Fenner
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