Mark Zuckerberg’s personal wealth tumbled by over $7 billion after a whistleblower revealed how Facebook Inc.’s key programs had been down for hours and outages affected key platforms, pushing him to the bottom of the world’s richest people’s list. On Monday, the social media behemoth’s stock fell over 5%, bringing its total loss since mid-September to nearly 15%. In the Bloomberg Billionaires Index, Zuckerberg ranks fifth behind Bill Gates as a result of Monday’s stock market decline, reducing his net worth to $120.9 billion.
In September 2013, his worth was close to $140 billion. According to the index, he has lost nearly $19 billion in value since then. A series of stories based on a cache of internal documents began appearing in the Wall Street Journal on September 13. The report revealed that Facebook knew about the negative impacts of Instagram on teenage girls’ mental health, as well as the impropriety surrounding the January 6 Capitol riots, despite downplaying the issues in public.
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Government authorities became aware of the reports, and the whistleblower came forward on Monday.
Due to the downtime, Facebook will suffer losses in revenue. The company is believed to earn approximately US$330 million in advertising revenues every day; the blackout has left them completely inactive. Facebook’s market capitalization dropped by approximately $50 billion due to the global outage of Facebook, WhatsApp, and Instagram. It is estimated that Facebook lost $99.75 million in revenue during Monday’s downtime, which lasted for six hours. Facebook CEO Mark Zuckerberg’s net worth plummeted by more than $7 billion.
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