Mark Zuckerberg Loses Over $6 Billion In Hours Following a Facebook Glitch
The personal wealth of Zuckerberg was reduced by more than $6 billion during the nearly seven-hour downtime that occurred on Monday night.
Mark Zuckerberg Facebook Highlights
According to the Bloomberg Billionaires Index, Zuckerberg has fallen from $140 billion to just $130 billion in just a few weeks.
He is now sitting with his $ 120.9 billion, which is in the sixth position just in the sixth spot, just behind Bill Gates.
Zuckerberg’s personal wealth was cut by more than $6 billion in a few hours following the Facebook interruption.
Facebook President Mark Zuckerberg’s wealth has dropped by more than $6 billion just a few hours following the Facebook outage, bringing him down one spot on this list of the world’s wealthiest people. This was after Facebook experienced an outage lasting almost seven hours. This was in addition to Instagram along with WhatsApp. Just hours before the outage began, an anonymous whistleblower came forward and shared her name, contributing to the downtime. Within a matter of hours, Zuckerberg’s wealth decreased by more than $6 billion. As per the Bloomberg Billionaires Index, this has caused Zuckerberg the fifth spot among billionaires. The company now has $120.9 billion and is in sixth position, just ahead of Bill Gates. The shares of Facebook dropped by about 5 percent, which added to a 15 percent decline from September’s midpoint.
A market sell-off sent the social-media giant’s stock down 4.9 percent on Monday. This was in addition to a decline of 15 percent from the middle of September.
On Monday, the decline in shares brought Zuckerberg’s net worth dropping by $121.6 billion, putting his value just below Bill Gates to No. 5 on the Bloomberg Billionaires Index. The index has fallen to $140 billion in just a couple of weeks, as per the index.
As per The Index, Zuckerberg is down from a record $140 billion within a couple of weeks. On Sept. 13, The Wall Street Journal began publishing an array of stories made up of internal documents, which revealed that Facebook was aware of a wide variety of problems that plagued its products, like Instagram’s negative impact on teenagers their mental health and the misinformation regarding Jan. 6 Capitol protests, and hid these issues from the public.
The stories have attracted the attention of officials at the federal level. On Tuesday, the whistleblower made public herself. Frances Haugen, 37, disclosed her identity when she filed a national application to protect whistleblowers. Haugen had provided internal documents to Congress and The Securities and Exchange Commission, and The Wall Street Journal. She chose to reveal her identity and said that Facebook recognized that if they changed their algorithm to ensure safety and more security, users would be spending less time on the website and click on advertisements less often, thus earning less. Haugen presented research papers and other information about Instagram being detrimental to teens’ mental health, which resulted in the site ceasing to offer Instagram Kids.
In the aftermath, Facebook has emphasized that the problems that affect its products, such as political polarization, are a complex issue and not a result of technology alone.”I believe it is comforting to think that there has to exist a scientific or technological explanation for the problem of political divisions within America.” The United States,” Nick Clegg, the Facebook vice president of global affairs and global affairs, told CNN. This was among the most long-running outages Facebook and its apps like WhatsApp encountered. In its blog post, Facebook stated that the reason for the worldwide outage was a problem with routers. Facebook has blamed the flawed configuration change for the problem.
On September. 13th on Sept. 13, the Wall Street Journal began publishing stories made up of internal documents, which revealed that Facebook was aware of a wide variety of issues in its products – like Instagram’s negative impact on teenagers mental health and the false information regarding January. 6 Capitol protests – but was unable to address the problems in the media. The stories have attracted attention from government officials, and, on Monday, the whistleblower was exposed.
In the aftermath, Facebook has emphasized that the problems facing its products, such as the political divide, are complicated and not caused by technology.
“I think it gives people comfort to assume that there must be a technological or a technical explanation for the issues of political polarization in the United States,” Nick Clegg, Facebook’s vice president of global affairs, stated CNN.