Facebook Outage Causes Share Drop, Zuckerberg Loses US$5.9B Net Worth

Mark Zuckerberg’s worth lost billions after Facebook stocks plunged from the aftermath of a major service outage — just after a whistleblower exposed some of the company’s unethical methods.

Facebook shares fell by almost 5 percent on Oct. 4 after its site and apps saw their worst service outage since 2008, shedding $5.9 billion off of Zuckerberg’s wealth during that period alone.

The rare outage that lasted for around six hours cost the social media giant millions of dollars in daily revenue. Facebook’s latest revenue figure was around $330 million a day.

But stocks have already been going down for Facebook before the outage, hitting its lowest levels since June after a whistleblower told the news program “60 Minutes” on Oct. 3 that the social media giant often puts “profit over safety” of its users.

Former Facebook employee Frances Haugen said: ““There were conflicts of interest between what was good for the public and what was good for Facebook.”

Haugen turned over Facebook’s internal research to U.S. lawmakers and the Wall Street Journal which suggested that the company rarely addressed any of the harmful features of their platform.

Haugen worked on Facebook’s misinformation campaign during the U.S. elections, Civic Integrity, and told 60 Minutes that her team was immediately dissolved once the elections were over.

“They basically said ‘Oh good, we made it through the elections, there wasn’t riots. We can get rid of Civic Integrity now,'” Haugen recounted, adding that Facebook did not seem willing to invest on the platform’s safety.

The technology market took a hit from Facebook’s slips, with the tech index Nasdaq dipping by over 2 percent and shares from other social media platforms such as Twitter and Pinterest falling by over 5 percent.

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