Facebook shares fall more than 5% as outage continues for hours
Facebook shares fell nearly 5% on Monday amid an hour-long outage affecting the social media giant, along with Facebook-owned Instagram and WhatsApp.
The fall in Facebook’s share price co-founder and CEO Mark Zuckerberg — who owns about 15% of the company’s stock — with more than $6 billion in personal wealth, slid him down a notch in his ranking of the world’s richest people.
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Facebook, Instagram, WhatsApp faced all-out cost
According to the Forbes real-time billionaires list, Zuckerberg moved from #5 to #6 on the list of the world’s richest people with a new net worth of $116.8 billion, trailing Larry Ellison’s $117.5 billion. Bill Gates comes fourth with a net worth of $128.8 billion, 3rd behind Bernard Arnault with $173.3 billion, Jeff Bezos with $186.6 billion, and the world’s richest man. Elon Musk comes in at number 4 with $21.2 billion.
Facebook, Instagram and WhatsApp went offline around 11 a.m. on Monday and the outage continued even after the closing bell. The company has yet to respond to multiple requests from Granthshala Business for comment on what may have been the reason for the ongoing outage.
Meanwhile, speculation intensified over the possibility of a widespread hack of the social media giant.
Facebook’s Chief Technology Officer Mike Schroepfer said during the outage on Twitter, “Sincerely* apologies to everyone affected by the shutdown of Facebook powered services right now. We are experiencing networking issues and teams will be able to debug as soon as possible. And working to restore it. As soon as possible.”
Facebook announced that it is back online at approximately 6:30 p.m. EST.
Facebook whistleblower accuses company of ‘separating our societies’
But the outages around Facebook weren’t the only events that could have played a role in Monday’s sell-off.
In an interview aired Sunday night, former Facebook employee-turned-whistleblower Frances Hogen slammed the social media giant for “60 Minutes” accusing the company of “separating our societies.”
“Facebook has realized that if they change the algorithm to be safer, people will spend less time on the site, they will click on fewer ads, they will make less money,” Haugen said. “Facebook has shown time and again that it chooses profit over security.”
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In response to the interview, Facebook said in a statement that they “continue to make significant improvements to combat the spread of misinformation and harmful content,” and “suggesting that we encourage bad content and nothing more. Do it, it’s not true.”