Facebook & Instagram Down: How Much Did Zuckerberg Lose?
On March 5th, 2024, social media took an unexpected break as Meta‘s platforms, including Facebook, Instagram, and WhatsApp, experienced a worldwide outage. Billions of users found themselves disconnected from their favorite platforms for several hours.
This not only left users frustrated but also hit Meta's finances hard, according to experts. Around 10 a.m. ET, reports of issues started flooding in, leading to a 1.5% drop in Meta's share price. Since then, it has fallen further to 1.6%.
Zuckerberg's Losses Pile Up During Facebook, Instagram, and WhatsApp Downtime The outage on Tuesday resulted in many Facebook users logging out suddenly, causing confusion. Instagram, Threads, and WhatsApp also faced problems, such as feed failures and message-sending issues.
Meta's spokesperson, Andy Stone, addressed these concerns, assuring users that solutions were underway. A statement was released, promising to “resolve the issue as quickly as possible for everyone affected, and we apologize for any inconvenience caused.”
Experts have now revealed the extent of Zuckerberg's losses due to this significant downtime. Dan Ives, managing director at Wedbush Securities, disclosed to DailyMail.com that Mark Zuckerberg lost around $3 billion in income on Tuesday morning because of the worldwide shutdown.
The Cause Behind Meta's Global Outage
All of Meta's owned social media platforms encountered technical glitches, reminiscent of the 2021 outage that lasted 7 hours. This time, however, the issue was resolved within 2 hours. A Facebook insider informed DailyMail.com that their internal systems were down during the outage, with Meta's service dashboard showing “major disruptions” across various services.
The outage happened just before the deadline for Big Tech companies to comply with the new Digital Markets Act of the European Union. Speculations suggest that Meta was making changes to adhere to these regulations, possibly resulting in coding errors that caused the outage.
Meta might be considering changes like allowing users to separate their Facebook and Instagram accounts to prevent combining personal data for targeted ads. Whether the outage is directly linked to Meta's preparations for the DMA remains unclear.
Click for more updates and the latest tech news, along with Web stories updates. Also, get the latest news and top headlines from India and around the world at Speed News
