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Facebook needs to sell more ads

Facebook A shares cost pension funds, sovereign wealth funds and endowments a collective $2.4 billion in market share Thursday morning after the stock fell 20%. Shares were lower after the company missed estimates, citing falling margins as its chief financial obstacle. Shares recovered in the second quarter following a series of data leaks and a general loss of user trust and rose to $217.50 at Wednesday's close.

The institutional exposure to the social network in the chart is based on most recent filings and doesn't include exposure via third-party investment managers. Investment advisers hold about 80% of all outstanding Facebook shares. Collectively, it is estimated that Thursday's decline cost investors more than $120 billion in market value.