Facebook Down: Zuckerberg loses $5.9 billion On October 4th

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Following a six-hour Facebook outage, the company’s social media has slowly been restored. Nonetheless, some users say that they are still having issues with social networks, particularly on Mobile devices as at the time of writing this post. Facebook down truly?

How It Happened

It should be noted that on Monday, October 4, Facebook and its Instagram and WhatsApp services had a huge outage that might have affected tens of millions of users worldwide.

Despite the fact that all Facebook-affiliated social networks had some difficulties, WhatsApp initially had issues with its online version and subsequently stopped operating on mobile phones, causing users to worry.

Furthermore, Facebook shares fell 4.89 percent on Monday to $ 326.23 prior to a significant disruption of its network as well as its Instagram and WhatsApp services.

The interruption comes only one day after a lady exposed her name on television after releasing Facebook papers claiming that their products incite hatred and impair children’s mental health.

Mark Zuckerberg’s fortune was decreased by around 5.9 billion dollars on Monday following a terrible session of the social network, hit by a scandal over its unethical practices and a global outage of its services, dropped close to 4.9 percent.

According to Forbes, this reduction implies that Zuckerberg’s fortune has dropped to 117,000 million dollars, putting him in the sixth position among the world’s richest people.

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According to Bloomberg, the inventor of Facebook is now worth $121 billion, making him the world’s fifth-richest person, directly behind Bill Gates.

On Wall Street, Facebook has lost 7.74 percent in the previous five days and more than 13 percent in the last month.

The social network’s activities were impeded on Monday in a New York park by a worldwide outage of Facebook, Instagram, and WhatsApp, an occurrence that lasted several hours and whose cause is unclear at this time. Though rumors flying all around.

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Moreover, Facebook has been severely harmed by information first made public by the Wall Street Journal three weeks ago, disclosing that Facebook executives are aware that the company’s platforms (Instagram, WhatsApp, and Messenger, in addition to the own social network) are, in many cases, harmful to users.

The issue has worsened after the informant responsible for releasing the papers to the press, Frances Haugen, 37, gave an interview to the renowned US television show “60 Minutes” on Sunday.

In that interview, Haugen, who resigned from his position on the team in charge of protecting Facebook’s electoral processes last April, said that he was surprised by the company’s lack of willingness to solve problems that were causing harm to users and of which the firm was aware because the criterion of business benefit always prevailed.

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Little About Mark Zuckerberg and his projects according to Forbes

  • Facebook, the social network Zuckerberg runs, has been an information hub during the pandemic, but has come under scrutiny for spreading vaccine misinformation.
  • In June 2021, a judge dismissed antitrust cases brought by states and the federal government, which could have forced Facebook to sell off Instagram and WhatsApp.
  • Zuckerberg started Facebook at Harvard in 2004 at the age of 19 for students to match names with photos of classmates.
  • He took Facebook public in May 2012 and still owns about 15% of the stock.
  • In December 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their Facebook stake over their lifetimes.

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How Long Was Facebook Down?

According to Downdetector, the Facebook outage lasted almost six hours.

The outage was said to have spread across all the company’s applications, including WhatsApp, Instagram, and Facebook Messenger, at approximately 1 p.m. ET on October 4, with complaints beginning to come in around 11:15 a.m. ET.

According to Downdetector, there were more than 5.6 million complaints of problems across Facebook’s services by 12:30 p.m. ET.

There were almost 123,000 issue reports for Facebook in the United States alone, including 98,000 for Instagram, 34,000 for WhatsApp, and 9,800 for Facebook Messenger. According to the surveys, the majority of consumers had issues with the website and applications in general.

But, is it alright to put all our eggs in one basket? Let create more passive incomes due to the fact that no one can predict the future.

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Photo by Alex Haney on Unsplash

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