InstaForex

October 5, 2021

October Tragedy: Facebook ‘Down’, Zuckerberg Loses $ 7 Billion

 October may not be a good month for Facebook after the world's largest social media platform was disrupted for more than six hours on Monday after being embroiled in a 'whistleblower' issue.


This disruption not only affects Facebook, but also the Whatsapp, Instagram and Messenger apps. Downdetector, which detected the disturbance said it was the biggest disturbance it had ever seen with 10.6 million problems reported worldwide.


Facebook is now facing a major crisis after an informant who released tens of thousands of pages of research and internal documents of the company revealed his identity on Sunday night.



The 37 -year -old former Facebook product manager claimed that the documents showed that Facebook knew its platform was being used to spread hatred, violence and misinformation and that the company sought to hide the evidence.


Both of these issues have led to a massive sale of Facebook shares resulting in CEO Mark Zuckerberg losing $ 7 billion in just a few hours from his net income.


With the worst fall this year in its shares of around 4.9%, Zuckerberg slipped to the fifth richest person in the world behind Bill Gates (Bloomberg’s Billionaires Index).