The CEO of Meta, Mark Zuckerberg, faced a staggering loss of approximately USD 3 billion in a single day following a global outage that affected the company's flagship platforms, Facebook and Instagram.
The outage, which impacted users worldwide, resulted in a significant decline in Meta's shares and consequently, Zuckerberg's net worth.
Zuckerberg's net worth plummeted by USD 2.79 billion to USD 176 billion, according to the Bloomberg Billionaires Index. Despite this substantial decrease, he managed to retain his position as the world's fourth-richest individual.
The outage caused a 1.6 per cent decrease in Meta’s share price, concluding the overnight trading session on Wall Street at USD 490.22 per share.
The outage not only affected Facebook and Instagram but also disrupted other Meta-owned platforms such as YouTube and Threads. Users encountered difficulties accessing these platforms, with some experiencing login issues on Meta Quest headsets. Additionally, YouTube users reported encountering error messages when trying to access the site.
The disruption lasted for approximately one hour before normal functionality was restored across all applications. During the outage, users reported receiving "failure to load" error pages on Facebook and Instagram, while some Instagram users could still view their existing stories despite the errors.
Many Facebook users were automatically logged out during the outage, adding to the frustration.
Social media platforms, particularly Twitter, were flooded with posts from users worldwide sharing their experiences and frustrations during the outage. Elon Musk, the owner of Twitter, seized the opportunity to mock Meta during this time, adding to the public scrutiny faced by the tech giant.
As Meta works to address the aftermath of the outage, investors and users alike will be closely monitoring the company's response and any potential long-term implications.
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