12.3 C
New York
Thursday, December 2, 2021

Buy now

Zuckerberg loses $5.9bn in a day as Facebook faces rare outage, whistleblower testimony

Investor confidence in Facebook weakened a bit on Monday amid continued political pressure and a rare lengthy outage of the company’s apps, sending shares down 4.8% and zapping away billions from CEO Mark Zuckerberg’s fortune.

Zuckerberg’s fortune declined by $5.9 billion to a mere $117 billion in total. (He’s now the world’s sixth-richest person.) Top lieutenant Sheryl Sandberg saw her wealth fall to $1.9 billion.

Facebook stock came under pressure from two fronts: an unusually long outage of its namesake platform, Instagram and WhatsApp, a mistake likely costing the company tens of millions of dollars in revenue. (In the latest quarter, it brought in around $330 million a day in sales.)

Facebook last suffered a blackout like this in 2019, when the network shut down for 14 hours. A decade earlier, in 2008, it went dark for a day.

Monday’s outage affected internal systems at Facebook, too, making it impossible for employees to access emails, the internal messaging system known as Workplace, even reportedly some doors at company headquarters.

The other matter weighing on Facebook is Tuesday’s Congressional hearing, where a former product manager, Frances Haugen, will testify about her decision to become a whistleblower and leak internal data to the Wall Street Journal.

In a 60 Minutes interview last night, she criticised Facebook for putting “profits over people” and failing to maintain safeguards against misinformation after the 2020 presidential election.

But Facebook stock has proven surprising durable over the past few years of scandals, including last year’s ad boycott and the Jan 6. riots. Shares remain near record highs, closing Monday at $326, a more than 150% increase in five years.

Disclaimer

Northalive and its affiliates are not responsible for the reportage or opinions of contributors published on the website.

Related Articles

Ghana records two cases of Omicron variant of COVID-19

Ghana’s health service has announced on Wednesday that two new cases of the COVID-19 Omicron variant has been detected in the West African country. Speaking...

Akuapem Poloo to serve 90-day jail term after losing appeal

The High Court in Accra presided over by Justice Ruby Aryeetey has dismissed the appeal filed by Rosemond Alade Brown challenging her 90 days...

Qwikloan to cease operations if E-levy is implemented

The Chief Executive Officer of Afb Ghana, operators of Qwikloan services on MTN has hinted that it would cease to exist in a year...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

14,509FansLike
2,086FollowersFollow
9,981SubscribersSubscribe

Latest Articles

Ghana records two cases of Omicron variant of COVID-19

Ghana’s health service has announced on Wednesday that two new cases of the COVID-19 Omicron variant has been detected in the West African country. Speaking...

Akuapem Poloo to serve 90-day jail term after losing appeal

The High Court in Accra presided over by Justice Ruby Aryeetey has dismissed the appeal filed by Rosemond Alade Brown challenging her 90 days...

Qwikloan to cease operations if E-levy is implemented

The Chief Executive Officer of Afb Ghana, operators of Qwikloan services on MTN has hinted that it would cease to exist in a year...

Bawumia calls for more efficient approach to use of public resources

The Vice-President, Dr Mahamudu Bawumia, has urged heads of state agencies to adopt a more efficient use of public resources in order to maximise...

Ashanti NPP head office faces closure over unpaid rent arrears

The New Patriotic Party (NPP) head office in the Ashanti Region risks being shut down after a landlady alleges the ruling party was yet...
Disclaimer

Northalive and its affiliates are not responsible for the reportage or opinions of contributors published on the website.