Facebook Owner Mark Zuckerberg Loses 7 Billion Dollars In Wake Of Social Media Outage

FILE - In this April 11, 2018, file photo, Facebook CEO Mark Zuckerberg pauses while testifying before a House Energy and Commerce hearing on Capitol Hill in Washington about the use of Facebook data to target American voters in the 2016 election and data privacy (AP Photo/Andrew Harnik, File)

JERUSALEM (VINnews) — In the wake of the social media outage on Monday which affected Facebook, Whatsapp and Instagram, the owner of these social media platforms, Mark Zuckerberg lost an estimated 7 billion dollars, according to Bloomberg.

At the same time, Facebook’s shares suffered a 5% drop after the outage, which lasted almost six hours, started. The estimated wealth of Mark Zuckerberg dropped to 120.9 billion dollars, down from nearly 140 billion dollars on September 13. In the process Zuckerberg dropped to fifth place in the Bloomberg rankings of billionaires, below Microsoft’s Bill Gates.

The company blamed an internal technical issue for the outage. All three services are owned by Facebook and could not be accessed over the web or on smartphone apps during the outage. Facebook employees and contractors complained Monday that they were unable to log on to their work accounts during the company’s worst service outage since 2008. Some were unable even to enter the Facebook building since their electronic cards were not working at the entrances.

The outage was so bad that engineers who were tasked with helping resolve service issues were unable to even log on to help fix the problems, one employee told CNBC.

Facebook Chief Technology Officer Mike Schroepfer offered the company’s official statement on the matter:

″*Sincere* apologies to everyone impacted by outages of Facebook powered services right now,” Schroepfer,  “We are experiencing networking issues and teams are working as fast as possible to debug and restore as fast as possible.”

One of the main beneficiaries of the Facebook outage was Telegram, which welcomed millions of new users to its platform.

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