Facebook, Instagram, and WhatsApp were all down at first on October 4, 2021, resulting in a $6 billion loss for billionaire Mark Zuckerberg, according to an initial report. In a few hours, the wealth of Mark Zuckerberg has fallen by more than $6 billion. The whistleblower came forward and the company’s flagship products were taken offline, knocking him down a notch on the list.
This is not a massive loss for one of the world’s richest men. He ended up with a wealth of $117 billion. Wondering how low (or high) that is? Currently, he is the world’s sixth wealthiest person. Jeff Bezos, for comparison, was worth $185.8 billion as of Q1 2021.
Zuckerberg’s worth has fallen to $122 billion since his stock fell on Monday. That drop drops him to No. 5 on Bloomberg Billionaires Index, below Bill Gates. According to the index, he’s down from almost $140 billion in just a few weeks.
The loss of Zuckerberg might not seem so big in these contexts. Nonetheless, it has made him fall further down the list of richest people, the allegations come after a whistleblower made allegations regarding the company’s conduct, which have already caused turmoil in the organization.
The Securities Exchange Commission, the United States Congress, and various news outlets recently received a trove of documents about Facebook practices from a whistleblower. Former product manager Frances Haugen made her grand disclosure on 60 Minutes, saying things were “substantially worse at Facebook than anything I’d seen before,” than anything she had ever witnessed. The goal is to “fix the company, not harm it.”
“When we realized tobacco companies were hiding the harms it caused, the government took action. When we figured out cars were safer with seatbelts, the government took action,” stated in Haugen’s written testimony to be delivered to the Senate Commerce subcommittee, in a report from Reuters. “I implore you to do the same here.”
It appears, however, that a standard technology glitch may have caused more damage than any whistleblower could have imagined.
Instagram, Facebook, and WhatsApp started working again after six hours of outage
Facebook and Instagram have restored just before 3:30 AM IST after an outage that lasted more than five hours. Facebook “recovery team” employee said the outage was likely caused by a configuration attempt gone wrong, and Twitter users picked up on the assumption that Facebook’s self-owned registry master key had been deleted, effectively eliminating the platform. However, since Facebook and its subsidiaries are now operating normally again, the most interesting step in this story of corporate calamity is yet to come, as the businesses affected to consider the damage, and possibly make changes to avoid reoccurrence. Maybe sooner rather than later.
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