Mark Zuckerberg loses $7 billion in hours as Facebook plunges
This deposition is related to lawsuit brought in a California court by Facebook users who were harmed by the social media site’s collaboration with Cambridge Analytica. Photograph:( Reuters )
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Facebook’s share price has been walloped by yesterday’s outage, stripping billions out of the company Chief Executive Officer Mark Zuckerberg’s personal fortune.
Facebook’s share price has been walloped by yesterday’s outage, stripping billions out of the company Chief Executive Officer Mark Zuckerberg’s personal fortune.
After a whistleblower came out and outages brought Facebook Inc.'s key programmes down, Mark Zuckerberg's personal worth dropped by over $7 billion in a matter of hours, pushing him down a rung on the list of the world's richest individuals.
The stock of the social media behemoth fell over 5% on Monday, bringing its total loss to nearly 15% since mid-September.
The stock market decline on Monday reduced Zuckerberg's net worth to $120.9 billion, putting him behind Bill Gates on the Bloomberg Billionaires Index at No. 5.
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According to the index, he has lost over $19 billion in value since September 13, when he was worth nearly $140 billion.
The Wall Street Journal began publishing a series of stories on September 13 based on a cache of internal documents.
Revealing that Facebook was aware of a wide range of problems with its products — including Instagram's negative impact on teenage girls' mental health and misinformation about the January 6 Capitol riots — while downplaying the issues in public.
The reports drew the attention of government authorities, and the whistleblower came forward on Monday.
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From a revenue standpoint, the downtime will be costly for Facebook.
Advertising revenues are thought to bring in approximately US$330 million every day for the firm, and the blackout has rendered this aspect of the business entirely inoperable.
$50 billion wiped off Facebook's market capitalisation after global outage
As a result of a global outage of Facebook, WhatsApp, and Instagram, Facebook's market capitalization dropped by approximately $50 billion.
According to Fortune, Facebook lost $99.75 million in income during the downtime on Monday, which lasted for more than six hours.
Mark Zuckerberg, the CEO of Facebook, saw his net worth plummet by more than $6 billion.
(With inputs from agencies)
