Business & Finance

Mark Zuckerberg issues an Apology, and loses $7 Billion after Facebook outrage

Mumbai : Facebook co-founder Mark Zuckerberg on Tuesday apologized millions of users of Facebook family for the outage. Millions of users faced hours’ worth of disruption in accessing the Facebook family of apps – Facebook, Instagram, and WhatsApp from Monday night. Mark Zuckerberg’s personal wealth has fallen by more than $7 billion in a few hours, knocking him down from the list of the world’s richest people.

Expressing his regret for the inconvenience, Zuckerberg took to facebook following the disruption to let users know that the social media platforms are gradually coming back online now and that people should be able to access it after the nearly six-hour disruption that had the social media users in a standstill.

Instagram Facebook WhatsApp also made the announcement of being back through their twitter handles.

Internet entrepreneur Mark Zuckerberg, faced a hard time with his empire. especially in view of the high-profile lawsuits that his company is involved in as well as the recent technical snag. This outage was the second blow to the social media giant in as many days after a whistleblower on Sunday accused the company of repeatedly prioritising profit over clamping down on hate speech and misinformation.

Shares of Facebook, which has nearly 2 billion daily active users, fell 4.9 per cent on Monday, their biggest daily drop since last November, amid a broader selloff in technology stocks. Facebook, which is the second-largest digital advertising platform in the world, was losing about $545,000 in US ad revenues per hour during the outage, according to estimates from ad measurement firm Standard Media Index.

The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s down from almost $140 billion in a matter of weeks, according to the index.

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