Mark Zuckerberg loses $ 7 billion on worst day for Facebook

The assets of the CEO of Facebook , Mark Zuckerberg, has been reduced by 7 billion dollars over today , amid stocks lower, scandals revealed by former employees and a general blackout in their apps.

Advertisements

It’s the worst day to be Mark Zuckerberg . After a series of calamities within Facebook that have caused the greatest drop in services in the social network, WahstApp and Instagram, in addition to a series of revelations against the company and a massive sale of user data , the assets of the current president and CEO of Facebook has been reduced by seven billion dollars just in these hours.

According to Bloomberg , Mark Zuckerberg’s wealth is now down to $ 120.9 billion, making him the fifth richest person in the world behind Bill Gates.

This fall in Zuckerberg’s equity occurred after a massive sale of shares on the stock market , which evidenced a 5% reduction in the total value of the company. However, this reduced value in the personal coffers of the Facebook founder already accumulates a loss of 19 billion dollars in almost three weeks.

Facebook got all the problems together

Early in the morning, a complaint made by Frances Haugen, a former Facebook engineer, was replicated in media around the world. After being resigned in May 2021, Haugen exposed leaked documents that showed Facebook’s little interest in controlling hate speech and false news on the platform, under the pretext of “prioritizing profit over security.”

This statement sparked a stock sell-off, at a difficult time for the broader tech industry. Throughout the morning, other companies of the “Big Tech” block suffered a fall between 2.4 and 5.8% in the stock market.

The fall in services aggravates everything on Facebook

In the midst of that financial crisis, WhatsApp services, Instagram and Facebook professional products for businesses began to fail around the world, due to an error in the routing of services. According to Bryan Krebs, a specialist in cybercrime and privacy, an update to the company’s Border Gateway Protocol (BGP) logs, which was poorly performed, caused the systems to be unable to connect to each other.

“In simpler terms, sometime this morning, Facebook removed the map that told the world’s computers how to find its various properties online,” says Krebs. “As a result, when you type Facebook.com in a web browser, the browser has no idea where to find Facebook.com and therefore returns an error page.”

Facebook’s outage has also prevented its employees from communicating with each other using its internal tools. Email and Facebook tools are managed internally and through the same domains that are now stranded.

“Not only are Facebook’s services and applications unavailable to the public, its internal tools and communication platforms, including Workplace, are also down,” tweeted Ryan Mac, technology reporter for the New York Times. “Nobody can do any work. Several people I have spoken with said that this is the equivalent of a ‘snow day’ at the company. “