Zuckerberg Loses N2.4 Trillion in 1 Day amid Global Shutdown of Facebook, WhatsApp, Instagram Services

Zuckerberg Loses N2.4 Trillion in 1 Day amid Global Shutdown of Facebook, WhatsApp, Instagram Services

  • Amid two major challenges facing his company, Mark Zuckerberg, the CEO of Facebook Inc, has lost about $6 billion in personal wealth
  • Forbes said the Facebook owner is now the world’s sixth-richest person while Bloomberg rated him as the fifth
  • As Facebook is facing the accusation of failing to maintain safeguards against misinformation, its three major apps suffered a global outage on Monday, October 4

California, United States - Mark Zuckerberg, the CEO of Facebook Inc, on Monday, October 4, suffered a significant loss in fortune as two major happenings weakened the confidence of investors in the social media giant.

Forbes reported that Zuckerberg’s fortune declined by $5.9 billion (about N2,430,896,630,319.77) to $117 billion in total.

Facebook CEO Zuckerberg Loses N2.4 Trillion in 1 Day
Mark Zuckerberg, CEO and founder of Facebook Inc., speaks during the Silicon Slopes Tech Summit in Salt Lake City, Utah, U.S., on Friday, Jan. 31, 2020. Photo: George Frey/Bloomberg
Source: Getty Images

The global business media said the Facebook owner is now the world’s sixth-richest person.

Read also

Liquidation hits 428,000 bitcoin investors as crypto trades below $27,000

An unusually long outage

On Monday evening, the services of Facebook, WhatsApp and Instagram witnessed a global outage. The "lengthy outage" of the company’s apps sent its shares down by 4.8%.

PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG!

The outage is estimated to have cost the company tens of millions of dollars in revenue.

Legit.ng gathers that in the latest quarter, the company made around $330 million a day in sales.

Whistleblower saga

Meanwhile, before the global outage, Facebook was already dealing with the case of a whistleblower who accused the company of putting “profits over people” and failing to maintain safeguards against misinformation after the 2020 presidential election in the United States.

The whistleblower, Frances Haugen, a former Facebook staff, is scheduled to testify at a congressional hearing on Tuesday, October 5.

Similarly, Bloomberg reported that Zuckerberg’s personal wealth fell by more than $6 billion in a few hours following the outage and the whistleblower saga.

Read also

Bitcoin plunges below $31,000 on Monday, dropping more than 10 per cent

In its own calculation, the business news media said Zuckerberg’s worth is now 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.

Twitter reacts after Buhari's comment on lifting suspension

In other news, Twitter has given a crucial update on its discussion with the federal government to chart a new way forward. The platform in a brief statement by one of its spokespersons on Friday, October 1, stated that there is a strong hope for the restoration of the site for every citizen in the country.

The spokesperson whose identity was not revealed disclosed that so far talks with the government have been beneficial and promising toward achieving a fruitful partnership.

Meanwhile, barely four months after the suspension of the operations of the microblogging site, Twitter, in Nigeria, President Muhammadu Buhari on Friday, October 1, said he had directed a conditional lifting of the ban.

Source: Legit.ng

Online view pixel