Mark Zuckerberg Loses Billions After Facebook, Whatsapp And Instagram Crashed
Mark Zuckerberg is currently counting his losses after billions of dollars were lost due to a global outage that affected his platforms, Facebook, WhatsApp, and Instagram.
Over 2.6 billion customers were locked out of their accounts as a result of the 6-hour outage. Not only that, but it also locked the staff out.
A whistleblower came forward hours before the outage and revealed her identity, which likely contributed to the outage. Mark Zuckerberg’s personal wealth was reduced by more than $6 billion in just a few hours.
According to the Bloomberg Billionaires Index, Mark Zuckerberg has dropped to fifth place among billionaires as a result of this. With $120.9 billion, he is now sixth in the world, trailing Bill Gates. Facebook’s stock dropped about 5%, adding to a 15% drop since mid-September. The index also revealed that Zuckerberg’s net worth has dropped from nearly $140 billion in a matter of weeks.
His net worth began to fall after the Wall Street Journal began publishing a series of stories based on a cache of internal documents obtained from a whistleblower, revealing that Facebook was aware of a wide range of problems with its products, including Instagram’s harm to the mental health of teenage girls and misinformation about telecommunications.
The reports piqued the interest of government officials, and on Monday, October 3, the whistleblower came forward. Frances Haugen, 37, came forward after applying for federal whistleblower protection. Haugen submitted internal documents to Congress, the Securities and Exchange Commission, and The Wall Street Journal.
She decided to reveal her identity, noting that Facebook realized that if they changed the algorithm to make it safer, people would spend less time on the site and click on fewer ads, resulting in less money. It was Haugen’s presentation of papers and information on Instagram’s negative effects on teenagers’ mental health that resulted in the platform’s suspension.
In response to the claims, Facebook has emphasized that the issues confronting its products, such as political polarization, are complex and are not solely the result of technology.
“I think it gives people comfort to assume that there must be a technological or a technical explanation for the issues of political polarisation in the United States,” said Nick Clegg, Facebook’s vice president of global affairs, to CNN.
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