1 VOLKSWAGEN TO SPEND $50 BILLION ON ELECTRIC CAR 'OFFENSIVE' WWW.CNN.COM PUBLISHED:2018/11/19      2 HABITABILITY OF MONGOLIA UNDER THREAT FROM CLIMATE CHANGE WWW.ADELAIDENOW.COM.AU PUBLISHED:2018/11/19      3 THE SURPRISE FUEL FLOWS SPARKED BY A RAGING U.S.-CHINA TRADE WAR WWW.BLOOMBERG.COM PUBLISHED:2018/11/19      4 MONGOLIA’S COAL EXPORTS IN FIRST 10 MONTHS UP 10PC WWW.XINHUANET.COM PUBLISHED:2018/11/19      5 ABOUT 100 THOUSAND PASSENGERS PASSED THROUGH MONGOLIA-XINJIANG BORDER WWW.MONTSAME.MN PUBLISHED:2018/11/19      6 CHINA'S ‘ONE BELT, ONE ROAD’ GLOBAL INVESTMENT PLAN MAPPED OUT WWW.RT.COM PUBLISHED:2018/11/19      7 ASIA SUMMIT ENDS IN HISTORIC FAILURE WWW.CNN.COM PUBLISHED:2018/11/19      8 INAUGURATION OF SHERAB KYETSEL LING INSTITUTE WWW.DALAILAMA.COM PUBLISHED:2018/11/19      9 US-MONGOLIA 'THIRD NEIGHBOR TRADE ACT' ON THE WAY WWW.THEDIPLOMAT.COM PUBLISHED:2018/11/17      10 CHINA'S FIGHT AGAINST SMOG MAKES PALLADIUM 2018'S BEST METAL WWW.MINING.COM PUBLISHED:2018/11/17      БНХАУ-ЫН ОЛОН УЛСЫН ИМПОРТЫН ҮЗЭСГЭЛЭН БНХАУ-ОХУ-ЫН БИЗНЕСИЙН ХАРИЛЦААГ ӨРГӨЖҮҮЛЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2018/11/19     АМЧАМ МОНГОЛ 2018 ОНЫ ЖИЛИЙН ТАЙЛАНГИЙН ХУРЛАА АМЖИЛТТАЙ ЗОХИОН БАЙГУУЛЛАА WWW.IKON.MN НИЙТЭЛСЭН:2018/11/19     ЗЭСИЙН ЗАХ ЗЭЭЛД ЦОЙЛУУЛАХ ХАРМАГТАЙ WWW.DNN.MN НИЙТЭЛСЭН:2018/11/19     ГАШУУНСУХАЙТ АВТО ЗАМ ХХК: БЯМБА ГАРАГТ ГАШУУНСУХАЙТ-ГАНЦМОД БООМТООР НҮҮРС ТЭЭВРИЙН 99 АВТОМАШИН НЭВТЭРСЭН WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/19     НЭГ АЖИЛТАНД НОГДОХ ДНБ III УЛИРЛЫН БАЙДЛААР 3.7 САЯ ТӨГРӨГ БОЛЖ ӨСЖЭЭ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2018/11/19     ХЯТАДЫН ХЯЗГААРЛАЛТ $300-450 САЯЫГ ГАЦААНА WWW.ZGM.MN НИЙТЭЛСЭН:2018/11/19     АЗЕРБАЙЖАН УЛС МАНАЙД ДАРС НИЙЛҮҮЛЭХЭЭР БОЛЛОО WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/19     ШУУДАН, ХАРИЛЦАА ХОЛБООНЫ САЛБАРЫН ОРЛОГО ОНЫ ЭХНИЙ 9 САРД 21.4 ХУВИАР ӨСӨВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/19     БНСУ-ЫН АЖ АХУЙН НЭГЖҮҮДИЙН АУТСОРСИНГ ЗАХИАЛГЫГ ГҮЙЦЭТГЭХ ЗАЛУУЧУУДЫГ СОНГОН, ШАЛГАРУУЛНА WWW.UNUUDUR.MN НИЙТЭЛСЭН:2018/11/17     НҮҮРСНИЙ ЭКСПОРТ 10 ХУВИАР ӨСӨЖ, 31.3 САЯ ТОНН БОЛОВ WWW.GOGO.MN НИЙТЭЛСЭН:2018/11/17    

Events

Name organizer Where
Frontier's "Invest Mongolia Tokyo 2018" Frontier Securities Tokyo Japan
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Turkish intelligence agency abducts 2 more Gulenists in Mongolia www.turkeypurge.com

Turkish Intelligence Agency (MIT) has abducted two overseas followers of the Gulen group in order to force them back to Turkey in the latest of such forced returns by the organization.

The detainees were identified as Enver Kılıç and Zabit Kişi. The two Turkish nationals are accused of membership to the Gulen group, which is accused by the Turkish government of masterminding a coup attempt on July 15, 2016.

The group denies any involvement.

This private jet, identıfied by code number TT4010 and reportedly carrying MİT officials, landed at Chinggis Khaan International Airport on Friday.

Б.Цогтгэрэл, Vice Minister of Road and Transport Development of Mongolia, tweeted later the same day that the jet left after receiving ground services.

According to the most recent updates by the family members of the two abductees, both Enver Kılıç and Zabit Kişi are still in Mongolia and were not allowed by Mongolian authorities to board the plane.

Б.Цогтгэрэл

@TsogtgerelB
Хэн ч энэ онгоцонд нэмж суугаагүй хэн ч бууж үлдээгүй ямар ч ачаа аваагүй зөвхөн газрын үйлчилгээ сумалгаа аваад буцлаа.

Тайван амгалан байцгаана уу! Баярлалаа.

9:40 PM - Jul 27, 2018
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More than 150,000 people have been detained and 90,000 were remanded in prison over Gulen links in Turkey since the summer of 2016. Meanwhile, Erdogan called on foreign governments to punish Gulenists in their own countries.

So far, a number of countries like Saudi Arabia, Malaysia, Georgia and Myanmar handed over academics, businessmen and school principals upon the Turkish government’s request despite the fact that some of those victims already had refugee status with the United Nations.

According to Turkish government’s narrative, MIT conducts such operations by itself in some countries and brings the suspects back without involvement of any other foreign law enforcement.

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Turkey’s MİT abducts Veysel Akçay, general director of schools affiliated with Gülen movement, in Mongolia www.stockholmcf.org

Veysel Akçay, the General Director of the schools affiliated with the Gülen movement in Mongolia, was abducted by the agents of Turkey’s notorious National Intelligence Organisation (MİT) Friday morning in front of his house in the capital city Ulan Bator, according to a report by online news outlet TR724.

It was also reported that a private jet plane has waited at Ulan Bator Airport to transfer Akçay to Turkey. Akçay, who has worked at the educational institutions in Mongolia for 24 years, is reportedly one of a few Turkish nationals possessing the Mongolian Friendship Medal bestowed by Mongolian State.

According to a statement by New York-based Journalists and Writers Foundation (JWF), on Friday, at 9:00 am (local time in Mongolia), Veysel Akçay left his home to his workplace at the Empathy Worldwide Educational Institution. According to eyewitnesses (and CCTV recordings), he was stopped by a minibus in front of his house and abducted by people working on behalf of the Turkey’s National Intelligence Organisation (MİT).

When his wife Meryem Akçay and his co-workers learned about the abduction, they called the local police and the national intelligence agency of Mongolia. The Mongolian police and intelligence revealed that they do not know about this incident and they do not have any information about his abduction or deportation.

Veysel Akçay is married to Meryem Akçay and together they have four children. Akçay works as the General Manager of the Empathy Worldwide Educational Institution, which is running the Turkish-Mongolia Schools (4 high schools, 1 international school, 1 day care center) established by the Gülen Movement 25 years ago.

The JWF has made an urgent appeal to Nils Melzer, United Nations (UN) Special Rapporteur on torture and other cruel, inhuman or degrading treatment or punishment; Fionnuala Ní Aoláin, UN Special Rapporteur on the promotion and protection of human rights and fundamental freedoms while counter-terrorism; Bernard Duhaime, UN Chair-Rapporteur Working Group on Enforced or Involuntary Disappearances; Seong-Phil Hong, Chair-Rapporteur UN Working Group on Arbitrary Detention; Koumbou Boly Barry, UN Special Rapporteur on the right to education; Felipe Gonzalez Morales, UN Special Rapporteur on the human rights of migrants; Agnes Callamard, UN Special Rapporteur on extrajudicial, summary or arbitrary executions for the abducted Turkish national Veysel Akçay in Ulan Bator, Mongolia.

The full text of the JWF to UN authorities as follow:

“We write to request urgent action from the United Nations regarding the abduction today, in the morning hours local time (9:00 am) in Ulaanbaatar, Mongolia of the Turkish national Mr.Veysel Akcay, a Turkish citizen living in Mongolia for 24 years. He is married to Ms. Meryem Akcay and together they have four children. Mr. Akcay works as the General Manager of the Empathy Worldwide Educational Institution, which is running the Turkish-Mongolia Schools (4 high schools, 1 international school, 1 day care center) established by the Hizmet/Gulen Movement 25 years ago.

On Friday, July 27, 2018 at 9:00 am (local time in Mongolia), Mr. Veysel Akcay left his home to his workplace at the Empathy Worldwide Educational Institution.[1] According to eyewitnesses (CCTV recordings), he was stopped by a minibus in front of his house and abducted by people working on behalf of the Turkey’s Intelligence Service (MIT). When his spouse (Ms. Meryem Akcay) and his co-workers learned about the abduction, they called the local police and the national intelligence agency of Mongolia. The Mongolian police and intelligence revealed that they do not know about this incident and they do not have any information about his abduction or deportation.

The Journalists and Writers Foundation is gravely concerned on the fate of Mr. Veysel Akcay who is at risk of imminent deportation from Ulaanbaatar airport in Mongolia, as there is a Turkish Air plane scheduled to take off for Turkey in less than 2-hours.

The Journalists and Writers Foundation shares grave concerns on the fate of Mr. Akcay at risk of imminent illegal transfer to Turkey. We further note, with regret and utmost deal of concern, that the above individual is about to be transferred not only in defiance of relevant domestic law and international standards, but also without any consideration whatsoever on the pervasive climate of fear and repressionand the real risk to his life and health in Turkey.

Any effort to forcibly deport Mr. Akcay to Turkey, or any other place where he faces torture, ill-treatment and a real risk to his life, violate the relevant obligations of Mongoliaunder its own legislation and international law, notably the International Covenant on Civil and Political Rights,the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punishmentand the International Convention for the Protection of All Persons from Enforced Disappearance.

We respectfully request, in accordance with your mandate, urgent action and your support during this critical time for Veysel Akcay under risk of imminent deportation to Turkey. Specifically, we request that the United Nations and the UNHCR assists in securing the release of Mr. Akcay and prevent his deportation to Turkey. We respectfully urge the OHCHR to take immediate action.

A copy of Mr. Akcay’s passport data page is herewith attached and the Journalist and Writers Foundation would welcome the opportunity to provide your offices with further information or to clarify any issues in relation to this communication.

Sincerely,

Mehmet Kilic 
President

Journalists and Writers Foundation”

MİT abducted journalist Yusuf İnan and Salih Zeki Yigit in Ukraine, and İsa Özdemir in Azerbaijan early in July. They were transferred by MİT agents to İstanbul by private plane. The MİT agents had abducted six teachers in Kosovo on March over their alleged links to the Gülen movement. In cooperation with Kosovar intelligence, MİT’s abduction of the teachers had sparked widespread debate and drew ire from around the world.

According to a statement made by Turkish Foreign Minister Mevlüt Çavuşoğlu, over 100 alleged members of the Gülen movement have been abducted by MİT agents abroad and brought back to Turkey as part of the Turkish government’s global manhunt.

“We have been watching these traitors for two years and have brought the leading figures of FETÖ to our country. Some of these cases were covered by press, while others weren’t at the request of the countries involved. I can frankly say that more than 100 FETÖ-affiliated people have been brought to Turkey,” Çavuşoğlu said in an interview with Turkey’s pro-government CNN Türk.

“FETÖ” is a derogatory term coined by ruling Justice and Development Party (AKP) led by Turkish President Recep Tayyip Erdoğan to refer to the Gülen movement.

Turkey survived a controversial military coup attempt on July 15, 2016 that killed 249 people. Immediately after the putsch, the Justice and Development Party (AKP) government along with President Recep Tayyip Erdoğan pinned the blame on the Gülen movement.

Fethullah Gülen, who inspired the movement, strongly denied having any role in the failed coup and called for an international investigation into it, but President Erdoğan — calling the coup attempt “a gift from God” — and the government initiated a widespread purge aimed at cleansing sympathizers of the movement from within state institutions, dehumanizing its popular figures and putting them in custody.

Turkey has suspended or dismissed more than 150,000 judges, teachers, police and civil servants since July 15. On December 13, 2017 the Justice Ministry announced that 169,013 people have been the subject of legal proceedings on coup charges since the failed coup.

Turkish Interior Minister Süleyman Soylu announced on April 18, 2018 that the Turkish government had jailed 77,081 people between July 15, 2016 and April 11, 2018 over alleged links to the Gülen movement.

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Bill on ‘Mongolia Third Neighbor Trade Act’ to be submitted to the US Congress www.montsame.mn

Ulaanbaatar /MONTSAME/ Minister of Foreign Affairs D.Tsogtbaatar who attended the First Ministerial Meeting on Religious Freedom on July 25-26 in Washington, D.C met with Co-Chair of US Congressional Mongolia Caucus Dina Titus and Ted Yoho, sharing views on bilateral relations and cooperation.

The Congress members highlighted that Mongolia is a country that consistently backs democracy and is an important partner of USA and briefed about their plan to submit a draft law on ‘Mongolia Third Neighbor Trade Act’ to the Congress in the near future which is about exporting Mongolian textile products to American market tariff free.

Minister D.Tsogtbaatar expressed his gratitude and said he is confident that the draft law which is a joint effort of the two parties of the Congress will give big stimulus to develop Mongolia-USA trade and economic ties as well as to increase jobs, supporting Mongolia’s economic development.

President of Mongolia Kh.Battulga had put a propasal to President of the United States Donald Trump on exporting Mongolian textile goods tax-free to the US and the draft law is the first step to the realization of the initiation.
B.Batchimeg

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UNFPA donates "dignity kits" to females hit by flood in Mongolia www.xinhuanet.com

ULAN BATOR, July 26 (Xinhua) -- The United Nations Population Fund (UNFPA) on Thursday handed over "dignity kits" -- hygiene supplies for girls and women -- to Mongolia's National Emergency Management Agency (NEMA) for distribution among flood victims in Bayan-Ulgii Province.

Downpours from July 14-16 triggered massive flooding in the western province, affecting more than 2,500 people, including some 1,000 females of reproductive age, according to NEMA.

"Maintaining proper hygiene is a common problem in the aftermath of any disaster, especially for women and girls. Therefore, the UNFPA is distributing the dignity kits," UNFPA representative in Mongolia Naomi Kitahara said.

The kits, worth 24 million Mongolian tugriks (about 9,741 U.S. dollars), contain wet tissues, toothbrushes, toothpaste, shampoo, soap, sanitary pads and towel.

"Women and girls are at risk of gender-based violence and sexual harassment after disasters. So, the kits contain protection items including whistles and torches with batteries," she added.

Bayan-Ulgii, the worst affected province, has suffered direct economic losses worth 10 billion tugriks (about 4 million dollars) due to the floods.
Editor: Mu Xuequan

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Mongolia and China on top as FIBA 3x3 U23 Nations League stops in Utsunomiya www.fiba.basketball

UTSUNOMIYA (FIBA 3x3 U23 Nations League) - Mongolia lead the men's category and China the women's at the 3x3 U23 Nations League Asian Conference before stops 3 & 4 in Utsunomiya, Japan on July 28-29.

Afte the first two stops held in Ulaanbaatar, Mongolia, the Mongolian team top the men's category of the Asian & African conference of the U23 Nations League with 50 points of advantage over China after winning the 2 first stages of the competition. The Mongolians defeated China in both tournaments, 1st in the final and then in the semi-finals. Indonesia reach the final in the 2nd stop.

Standings:
1. Mongolia - 200 points
2. China - 150 points
3. Indonesia - 140 points
4. Mongolia U18 - 120 points
5. Uganda - 105 points
6. Sri Lanka - 95 points

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What’s Next for Philippines-Mongolia Defense Ties? www.thediplomat.com

Earlier this month, Philippine Defense Secretary Delfin Lorenzana paid a visit to Mongolia which included engagements tied to the defense realm of the bilateral relationship. Though Lorenzana’s interactions were part of a broader trip and few specifics have been publicly disclosed about what the two sides agreed to, his visit nonetheless shed some light on developments in the defense aspect of ties between the two Asian states under President Rodrigo Duterte.

Though the Philippine-Mongolia relationship technically dates back to 1973, until recently, ties had remained quite underdeveloped, including in more basic areas such as trade and investment as well as on the defense side. But bilateral relations have been getting gradually greater attention over the past few years.

That trend has continued on with Duterte’s presidency thus far. During a meeting between Duterte and Mongolian Prime Minister Jargatulgyn Erdenebat last May, the two sides agreed to develop several areas of cooperation, including trade, agriculture, and tourism, as well as enhancing and institutionalizing various engagements and mechanisms. There was also a focus on the significance of bilateral ties for the wider region, since the Philippines was at the time the holder of the annually rotating ASEAN chairmanship.

Earlier this month, the defense realm of the bilateral relationship was in the headlines when Philippine Defense Secretary Delfin Lorenzana visited Mongolia. The bilateral engagements Lorenzana had there were part of a broader trip that also included his participation in the Asian Ministerial Conference for Disaster Risk Reduction (AMCDRR) that was being held in the Mongolian capital of Ulanbaatar.

Lorenzana’s bilateral engagements included consultations with Mongolian defense officials including his Mongolian counterpart N. Enkhbold on July 6. According to local media reports, both sides reinforced the significance of their defense relations from a bilateral and regional perspective and also discussed the current state of their defense ties, including areas with which they could learn from and share experiences.

They also reportedly talked about ways they might broaden and deepen bilateral cooperation. These included areas such as training, peacekeeping operations, exercises at various levels, and information sharing on regional defense and security issues.

Few additional specifics were publicly disclosed by both sides in terms of what they had agreed to or what developments we could see thereafter. Nonetheless, the next steps that the two countries take on the defense side will be interesting to observe within the context of their broader bilateral relationship which still remains quite underdeveloped.

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Inner Mongolia man suspected in blast outside US Embassy www.thestandard.com.hk

A man exploded a small homemade bomb outside the U.S. Embassy in Beijing today, injuring only himself, according to police and an embassy spokesperson.

Photos on social media showed a large amount of smoke and police vehicles surrounding the embassy shortly after the incident. Apart from a heightened security presence, the scene outside appeared to be normal by early afternoon.

The Beijing Police Department posted a statement on its website identifying the suspect only by his surname, Jiang, and said he was 26 years old and a native of Tongliao city in the Chinese region of Inner Mongolia. He was injured on the hand by the explosive device, which was made from fireworks and was detonated at about 1 p.m., police said.

There was no word on a motive and the statement said the investigation was continuing.

No damage was done to embassy property and no other injuries were recorded, a U.S. embassy spokesperson said, speaking on routine condition of anonymity.

Only one person was involved and police responded to the situation, the spokesperson said.

Neither the police nor the embassy had any comment on a report by the ruling Communist Party newspaper Global Times that said officers had earlier removed a women from outside the embassy who had sprayed gasoline on herself in a "suspected attempt at self-immolation” at around 11 a.m.

China and the U.S. are in the middle of a trade dispute, but America remains a hugely popular destination for travel, education and immigration for Chinese citizens.

On weekdays, large lines of visa applicants form outside the embassy, which sits in a busy corner of the city hosting numerous diplomatic installations as well as hotels and stores. -AP

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GoM bond auctioning platform is in place at the MSE www.zgm.mn

All necessary infrastructure is in place at the MSE to auction Mongolian government bond at the primary market, says a source at the exchange. High ranking officials in charge of Mongolia’s fiscal policy previously said that the Ministry of Finance plans to auction Mongolian government bond at the bourse. Between 2014 and 2017, the Government of Mongolia auctioned the security on the interbank market through Mongolbank and traded at the Mongolian Stock Exchange. The money raised was used to cover budget deficit. The Ministry of Finance ended such transaction in October 2017. But in early 2018, Deputy Finance Minister Bulgantuya Khurelbaatar admitted that the authorities were working on an auctioning platform at the Mongolian Stock Exchange for sovereign bond primary market trading. With the new system in place, the ministries will no longer have to depend on commercial banks.

ZGM sat down with specialist at the Public communications division at the MSE, P.Nyamdorj.

-Minister of Finance previously announced the plan to resume sovereign bond auction on the domestic primary market on MSE. We know the infrastructure was being tested. Has it been finalized?

-All preparatory work is completed. All issues related to the auctioning platform have been solved. Government bond was a major player at Mongolia’s securities market in 2017. As for 2018, sovereign bond is only being traded at secondary market. Sovereign bond is attractive as it offers a variety of possibilities to investors, including low risk, high liquidity and immunity from taxation.

-So government bond was not auctioned on primary market in 2018?

-Between 2014-2017, Mongolbank and the Mongolian Stock Exchange actively conducted government bond offering at the domestic market, following the decision of Ministry of Finance. But primary market auction didn’t take place at the MSE since October 2017. Fiscal regulations in place limited government bond issuance this year due to its high yield.

-How much sovereign bond was traded at the MSE last year? How did the yield differ?

-In total, MNT 772.5 billion worth of sovereign bond was traded at the MSE. After re-introducing auctioning system for sovereign bond primary market offering, a total of MNT 9.3 billion bond was traded at MSE on three separate offerings. During the first auction, investors ordered to buy 124,900 sovereign bond which was twice the offered amount, and the asking yield fell from 11.7 percent to 10.3 percent.

-We’ve been seeing that government bond was being traded at the secondary market at the MSE?

-Yes. Secondary market offering is taking place almost every week. But the volume is inconsistent. We’re seeing seasonal influence affecting the trading volumes. We’re also seeing great interest from international investors for Mongolia’s sovereign bond. The increase became more notable in late 2017. We expect trading volumes to pick up this fall. Mongolia’s sovereign bond will not mature until 2020. Therefore, until then, we’ll see it change hands between investors. So far, sovereign bond is not being offered on primary market.

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Brics back 'open world economy' that benefits all nations www.bbc.com

The leaders of the Brics emerging economies have signed a declaration stressing the importance of an "open world economy", in which all countries benefit from globalisation.

Brazil, Russia, India, China and South Africa also backed an "open and inclusive" multilateral trading system under World Trade Organization rules.

But they said the multilateral trading system faced unprecedented challenges.

Their comments come amid mounting trade tensions sparked by US tariffs.

The leaders have been meeting at the 10th Brics summit in Johannesburg.

"We reaffirm the centrality of the rules-based, transparent, non-discriminatory, open and inclusive multilateral trading system, as embodied in the World Trade Organization, that promotes a predictable trade environment and the centrality of the WTO," the declaration signed by the five leaders said.

However, they added: "We recognise that the multilateral trading system is facing unprecedented challenges.

"We underscore the importance of an open world economy, enabling all countries and peoples to share the benefits of globalisation, which should be inclusive and support sustainable development and prosperity of all countries.

"We call on all WTO members to abide by WTO rules and honour their commitments in the multilateral trading system."
'Reject protectionism'

The Brics summit is the first since US President Donald Trump placed tariffs on billions of dollars' worth of goods from around the world, in particular China.

He has promised further levies on $200bn (£150bn) worth of Chinese products in September.

Mr Trump also wants to cut the trade deficit with China - a country he has accused of unfair trade practices since before he became president.

Mr Trump made a big point on the campaign trail about cutting the country's trade deficits.

He is convinced that they hurt US manufacturing, and has said repeatedly while campaigning and on Twitter that the US must do more to tackle them.

Speaking in Johannesburg on Thursday, Chinese President Xi Jinping said: "We must work together... to safeguard the rule-based multilateral trading regime, promote trade and investment, globalisation and facilitation, and reject protectionism outright."

On Wednesday, he said there would be no winner in a global trade war.

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Facebook market value shrinks by $119 billion in biggest single day loss www.rt.com

Facebook shares have fallen 19 percent, wiping $119 billion off the social media giant's value. The one-day percentage drop, the biggest ever for any US traded company, comes after it forecast months of lower profit margins.

Facebook shares closed at $176.26 on Thursday, down from $217.50 the day before.

"We expect our revenue-growth rates to decline by high-single-digit percentages from prior quarters sequentially in both Q3 and Q4,” Chief Financial Officer David Wehner said on the investor conference call that sent the stock tumbling. The company's sales and user growth numbers for the second quarter fell short of analysts’ projections.

Wehner explained that Facebook intends to promote experiences that “currently have lower levels of monetization” and give users more choices about data privacy, “which may have an impact on our revenue growth.”

It’s the second time this year that Facebook’s stock has taken a dramatic plunge. Its shares also fell off the cliff in March in the wake of the Cambridge Analytica scandal. The UK-based company had gained access to the personal data of tens of millions of Facebook users through a third-party application, and some of that data was reportedly used to target advertising during the 2016 Brexit referendum and the US presidential election.

As a result of the stock tumble, Facebook CEO Mark Zuckerberg’s net worth dropped by more than $16 billion.

One of the Facebook investors, Trillium Asset Management, has reportedly filed a proposal to remove Zuckerberg as chairman, according to Business Insider. Trillium holds $11 million worth of Facebook shares, and blamed Facebook for “missing, or mishandling, a number of severe controversies, increasing risk exposure and costs to shareholders” because of Zuckerberg’s control.

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