Last week was a terrible week for hedge funds. The troubled industry, plagued by rock bottom returns and investor frustration, may have been among the hardest hit by the recent plunge in the price of Facebook (FB) shares. When the social media company dropped significantly in price last week, many hedge funds were left holding outsize bets that were suddenly losing propositions. On Thursday, July 26, Facebook shares dropped by 19%, after the company suggested it will slower growth in the near future. Overall, Facebook is down 0.9% this year, making it the weakest of the so-called FANG stocks.