During a two-hour outage, Mark Zuckerberg reportedly faced a significant financial blow, losing an astonishing $100 million as Facebook, Instagram, and Messenger went offline.
The outage affected users worldwide and caused a stir on social media.
Mark Zuckerberg's Meta suffered a whopping $100 million during a two-hour outage of Facebook, Instagram, and Messenger.
According to finance expert Dan Ives, managing director at New York's Wedbush Securities, Meta (formerly known as Facebook) suffered a significant revenue loss during the outage.
The company generates significant revenue from its earnings through ads shown to users on its platforms.
The technical issues that caused the outage also affected Meta's ability to generate revenue, leading to the mind-blowing loss of $100 million.
In addition, when reports of the issue began to flood in, Meta's share price experienced a decline of 1.5 percent.
Although the share price has since dropped by 1.6 percent, the financial impact of the outage remains significant.
While Meta has not disclosed the exact financial affection of the outage, Ives believes the loss is quite not significant for a company of Meta's size.
With a valuation of approximately $134 billion in 2023, a loss of $100 million just takes only a small fraction of the company's overall worth.
The cause of the outage was allegedly "technical issues"
The cause of the worldwide outage was reportedly caused by "technical issues" and no one knows the exact details behind it.
Some reports suggest that Meta's internal systems were also affected.
Yesterday, users worldwide experienced difficulties logging into their accounts and encountered error messages on platforms like Facebook, Instagram, and Messenger.
Although the outage was resolved shortly after 12 pm ET, it left many wondering about the cost incurred by the social media giant.
Reports indicated that 72% of Facebook users, 64% of Instagram users, and 50% of Messenger users experienced problems during the outage.
More than 80,000 posts on the X platform expressed their concern that their Facebook and Instagram accounts might have been hacked during the initial outage.
Numerous theories arose during the two-hour outage of Facebook, Instagram, and Messenger.
There was speculation arose regarding the possibility of a cyberattack, particularly considering the outage coincided with Super Tuesday, a significant day for presidential primaries in several states.
However, experts dismissed this theory, suggesting that internal network issues or glitches were more likely causes.
According to Kerri Lisenbigler, an editor at TheRevOps Team, the outage annoyed but it is unlikely to be a significant issue.
Lisenbigler stated that such outages have occurred in the past and will likely happen again in the future.
Given the massive amount of traffic and data that platforms like Facebook and Instagram handle daily, even a minor glitch or human error in the server room can escalate into an outage affecting millions of users.
Lisenbigler emphasized that the real concern arises if the Meta teams are unable to restore services within a few hours.
This is when speculations about a potential cyberattack start to circulate.
