The Six-Hour Facebook Blackout – What Was the Price?

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At 5 a.m. on Tuesday morning, Facebook stock plunged 4.89% on the stock market, after Monday night’s blackout when the company’s servers all crashed at once, leaving millions users without Facebook, Instagram, Whatsapp or Messaging platforms.

It took the giant social media company six hours to recover. Whatsapp in Israel became operational again only 8 hours after the initial outage.

The internet was a raging sea without its usual outlets, comparing the event to a Black mirror episode and using apocalyptic humor to vent the frustration of sharp users into being completely addicted to posts, videos, stories, and feeds. How did this drastic night affect the tech world financially?

Facebook CEO Mark Zuckerberg reportedly lost $ 7 billion in less than 12 hours. This incredible sum also takes him down a notch in the list of the richest people in the world, according to Bloomberg, placing him after Bill Gates at number 5.

Facebook CEO Mark Zuckerberg listens as he testifies before a joint Senate Judicial and Trade Commissions hearing regarding the company's use and protection of user data, on Capitol Hill in Washington, United States, on April 10, 2018. REUTERS / Leah Millis (credit: REUTERS / LEAH MILLIS)Facebook CEO Mark Zuckerberg listens as he testifies before a joint Senate Judicial and Trade Commissions hearing regarding the company’s use and protection of user data, on Capitol Hill in Washington, United States, on April 10, 2018. REUTERS / Leah Millis (credit: REUTERS / LEAH MILLIS)

In addition to the Facebook collapse, Amazon also lost around 2.85%. Last night he also reported technical difficulties during the biggest global social media shutdown in years.

Surprisingly, Twitter was hit the hardest of the night. Although the app became the holy grail of social media addicts and the most active platform as its competition fell, its value ultimately fell 5.79% in 24 hours.

The hypothesis is that Twitter was hit as was Snapchat (which fell 5.34%) and Facebook when whistleblower Frances Haugen accused the organization of prioritizing profit over safety or concerns of people. users.

The tech-rich Nasdaq Composite fell 2.14% in one day, taking it to its lowest point in the last month of steady decline.

The long-term outcome remains to be seen; However, in light of the tough statements Haugen made about profitability versus accountability, service and misinformation, it looks like this week will be a harsh reality for social media hegemons.



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