Evidently, during the Facebook outage the other day, Facebook CEO and founder Mark Zuckerberg lost $6 billion of his personal wealth. The stock for Zuckerberg’s company had plummeted during a massive outage that had affected Facebook, WhatsApp, and Instagram. These social media platforms had gone down for several hours starting at 11 a.m. ET on Monday. Naturally, this outage inspired an onslaught of mockery on Twitter.
“Everyone is just sort of just standing around,” one Facebook employee said to NBC News. From the outset, Facebook did not say how many users were affected, but the applications serve billions of users both domestic and foreign.
This outage took a tremendous toll on Facebook’s stock, which took a hit of $335.50 a share at the opening bell to $326.53 a share at the end of the business day. This 4.89% plummet came at a personal cost to Mark Zuckerberg of at least $6 billion according to a Bloomberg news estimate.
This comes on the heels of Facebook being under pressure from some damaging revelations from a former Facebook product manager who had blown the whistle on several internal assessments of harm done to the users of their services.
This whistleblower went on to claim that Facebook had dismantled the safety measures that were supposed to reduce rancor and divisiveness on the application just ahead of the 2020 election. Haugen noted that they only reimplemented the measures after the election was over.
“That feels like a betrayal of democracy to me,” she said.
Even by itself, Facebook has a deluge of users at just about 3 billion.
There were critics of the company that used the outage as an opportunity to ask for congressional action to break the Facebook behemoth up.
“If Facebook’s monopolistic behavior was checked back when it should’ve been (perhaps around the time it started acquiring competitors like Instagram), the continents of people who depend on WhatsApp & IG for either communication or commerce would be fine right now,” tweeted Rep. Alexandria Ocasio-Cortez (D-N.Y.).
“Break them up,” she added.
For most users, these social media platforms would come back online by Monday evening.
Zuckerberg is still one of the richest individuals on planet Earth with $121.6 billion.
Zuck lost $6 billion in one day. Well, golly gee whiz! It’s all just monopoly money to him anyway…