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Facebook shares plunged on Monday as the site suffered one of its worst outages in a decade with services across its entire product line disconnected as the tech company struggled to bring its own internal services back online.
The stock ended the day down nearly 5%, with Facebook shedding tens of billions of market cap value as the company sorted through the coins trying to diagnose what triggered the outage, and investors looked to calculate what the lasting damage to the site might look like. Facebook stock experienced a tear in 2021, reaching a market cap of $ 1,000 billion in early July, although the share price has stagnated in recent months, with the market cap currently sitting just south of $ 920 billion. of dollars.
Even being down for several hours or a day might be enough to steer some users into competing services, a threat investors are currently weighing as the company’s stock price slips.
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