Updated March 6th, 2024 at 19:47 IST

Meta CEO Zuckerberg witnessed nearly $3 billion loss owing to FB, Insta outage

The outage triggered a surge in posts on alternative social media platforms, with Elon Musk, owner of X, taking the opportunity to mock Meta.

Reported by: Business Desk
Meta escalates with record $196 billion gain in stock market value | Image:Meta
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Zuckerberg loss because of outage: Meta CEO Mark Zuckerberg witnessed a nearly $3 billion decline in his net worth in a single day following a widespread outage on Meta's flagship platforms, Facebook and Instagram.

Despite the substantial loss, Zuckerberg maintained his position as the fourth-richest person globally, according to the Bloomberg Billionaires Index. The outage, lasting about an hour, led to a 1.6 per cent drop in Meta shares, contributing to the decrease in Zuckerberg's net worth. Meta shares closed at $490.22 each at the end of the overnight trading session on Wall Street.

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During the outage, users encountered difficulties accessing Facebook, Instagram, and Threads. Meta Quest users also experienced login issues with their VR headsets, while some YouTube users reported errors on the platform. The disruption persisted for approximately an hour before normal functionality was restored across all applications.

Throughout the outage, users faced "failure to load" error pages on Instagram and Facebook. While some Instagram users could still access older stories, many Facebook users found themselves automatically logged out during the downtime.

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The outage triggered a surge in posts on alternative social media platforms, with Elon Musk, owner of X, taking the opportunity to mock Meta. Musk humorously commented on X, stating, "If you’re reading this post, it’s because our servers are working."

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Published March 6th, 2024 at 19:47 IST