- Reuters
- 10 Hours ago
Global outage takes toll on Meta’s finances: millions lost in a day
- Web Desk
- Mar 06, 2024
WEB DESK: In a staggering turn of events, Meta CEO Mark Zuckerberg incurred a substantial loss of almost $3 billion during a widespread hour-long outage that impacted several of the company’s prominent social media platforms.
According to India Today, Zuckerberg’s net worth experienced a sharp decline of $2.79 billion due to the global shutdown of Facebook and Instagram.
This sudden setback brought his total net worth down to $176 billion within a single day.
Despite this significant financial hit, the tech magnate continues to maintain his position as the fourth richest person globally, as per the Bloomberg Billionaires Index.
The outage triggered a 1.6 per cent dip in Meta shares, contributing to the erosion of Zuckerberg’s overall net worth.
The closing price for Meta shares during the overnight trading session on Wall Street stood at $490.22 per share.
Users of Facebook, Instagram, and Threads encountered difficulties accessing their accounts on Tuesday night, while Meta Quest users faced login issues with their headsets. Additionally, numerous YouTube users reported errors while utilising the platform.
Throughout the hour-long outage, Instagram and Facebook users were confronted with “failure to load” error pages.
Some users could still view older stories, while others found themselves automatically logged out of their Facebook accounts.
Frustrated by the disruption, affected users turned to Elon Musk’s X (formerly known as Twitter) to voice their complaints.
Musk seized the opportunity to once again taunt rival Meta after its flagship platforms experienced a significant outage.