TEHRAN (Press Shia) – Facebook's stock has taken a nosedive, wiping out about $120bn in market value.

The effect of fake news in the 2016 US election and user privacy concerns caused social media giant's shares to plunge by about 20 percent.

The plunge comes after earnings fell short of expectations following a series of scandals, Al Jazeera reported.

The company's profit still surpassed those of the previous year, but it was the first time since 2015 that Facebook's profits failed to meet performance estimates.