Zuckerberg Loses $7 billion As Facebook, WhatsApp, Instagram Crash - THE DAILY CRUCIBLE

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Monday, October 4, 2021

Zuckerberg Loses $7 billion As Facebook, WhatsApp, Instagram Crash




The Daily Crucible | Published Tuesday,  October 5, 2021


Mark Zuckerberg’s personal wealth has dropped by nearly $7 billion in a few hours, knocking him down the ladder on the list of the world’s richest people after outages took Facebook Inc.’s flagship products offline according to Bloomberg reports.

There was a global total outage leaving billions of subscribers to contend with frustration and anger following inability to access Instagram, WhatApps and Facebook apps. 

The Daily Crucible observed that in Nigeria, subscribers could not use the three techproducts  on Monday. The outages began around 04:24pm but many did not notice it until well after 05 pm on Monday as users visiting Facebook, Instagram, and WhatsApp were confronted with error messages.

In some cases, users noticed they could not send messages out or receive incoming ones.

An estimated 3.5billion billion online users were frustrated and unable to connect all over the world due to the shutdown.

Chief Technology Officer at Facebook, Mike Schroepfe, in a tweet, apologised for the shutdown. 

“Sincere apologies to everyone impacted by outages of Facebook powered services right now. We are experiencing networking issues and teams are working as fast as possible to debug and restore as fast as possible,” he stated. 

According to Bloomberg, a selloff sent the social-media giant’s stock plummeting around 5% on Monday, adding to a drop of about 15% since mid-September.

The stock took a slide on Monday, sending the Silicon Valley techpreneur, Mark  Zuckerberg’s worth down to $120.9 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s lost about $19 billion of wealth since September 13, when he was worth nearly $140 billion, according to the index.

On September 13, the Wall Street Journal began publishing a series of stories based on a cache of internal documents, revealing that Facebook knew about a wide range of problems with its products — such as Instagram’s harm to teenage girls’ mental health and misinformation about the Jan. 6 Capitol riots — while downplaying the issues in public.

The reports have drawn the attention of government officials, and on Monday, the whistleblower revealed herself for the first time and accused the social media giant of putting “profit over safety” of its users.

In response, Facebook has emphasised that the issues facing its products, including political polarisation, are complex and not caused by technology alone.

Many social media users are currently on Twitter while the microblogging chief Jack Dorsey is asking how much it cost to buy Facebook’s domain name.

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