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The sudden malfunction of “Facebook”, “WhatsApp” and “Instagram” services cost Facebook Inc about $ 164,000 in losses per minute, or nearly $ 60 million in total.
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The company’s shares also fell more than $ 40 billion from its market value, costing founder Mark Zuckerberg personal losses of around $ 6 billion, after the social media giant was exposed to an unprecedented outage that lasted nearly 6 hours.
Facebook shares fell 4.89% Monday morning, after an interview broadcast by “60 Minutes” Sunday night with former Facebook data scientist Francis Hogan.
Hogan claimed that Facebook puts profits before safety when it comes to hate speech and widespread disinformation, and that it deceives investors about how it handles problems.
The Facebook outage continues and has become the biggest outage we’ve ever seen on Downdetector with over 10.6 million problem reports worldwide. See the latest information with this recently updated post. https://t.co/OvrMQBOzr6
– Downdetector (@downdetector) October 4, 2021
Hours later, Facebook shut down, with users losing access to all of its web pages on facebook.com as well as Instagram and WhatsApp. After more than 6 hours, the sites restarted.
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While the outage appeared to be over, the repercussions were not. Here are the raw numbers for the outage and what it could cost.
Downdetector, who tracks the site’s outages, said in a tweet on Twitter that the outage was unprecedented. And the chief technology officer of parent company Ookla said he was following more than 14 million crash reports as of 6:30 p.m.
Based on Facebook’s revenue of $ 85.97 billion in 2020, Monday’s outage cost the company an average of $ 163,565 in revenue per minute, or about $ 60 million based on more than 6 hours of downtime.
This turnover is a small change from the amount of market capital the company lost on Monday. Facebook shares fell 4.9%, translating into a loss of $ 47.3 billion in market value.
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Founder and CEO Mark Zuckerberg, who owns 14% of the company’s shares, lost about $ 6 billion, leading to his decline from fifth richest person on “Forbes” to sixth, after Larry Ellison , founder of “Oracle Corp. ORCL ”. “, 0.53%.
The trillion dollar club could cancel Facebook membership after the crisis. The company that initially joined the $ 1,000 billion club with Apple Inc, Microsoft Corp, Amazon.com and Alphabet Inc, is now worth less than $ 80 billion.
Facebook plunged below $ 1,000 billion on September 22, and after Monday’s drop, its valuation reached $ 919.79 billion.
Source: “Marketwatch.com”
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