Mark Zuckerberg, the CEO of Meta, faced a significant financial hit as his wealth took a dive of almost $3 billion during a global outage that affected Facebook and Instagram, Meta’s main platforms. Despite this setback, Zuckerberg still holds the title as the fourth richest person globally, with a total wealth of $176 billion.
Meta CEO Mark Zuckerberg lost nearly $3 billion in a day after the company’s flagship platforms Facebook and Instagram faced a global outage. Zuckerberg’s net worth declined by $2.79 billion in a day to $176 billion on the Bloomberg Billionaires Index, but he maintained his position as the world’s fourth-richest person.
Following the hour-long global outage, Meta shares declined 1.6 per cent, leading to the erosion in Mark Zuckerberg’s net worth. Meta shares closed the overnight trading session on Wall Street at $490.22 apiece.
Wide-Ranging Impact of the Outage
The outage didn’t just disrupt Facebook and Instagram but also affected other Meta platforms such as Threads and Messenger, as well as users of Meta Quest VR headsets. Additionally, some YouTube users faced issues during this period.
Users encountered various problems, from error messages to automatic logouts and the inability to access certain features. The outage persisted for about an hour, causing inconvenience to billions of users worldwide.
Elon Musk’s Comment on Meta Outage
During the outage, Elon Musk, the owner of the social media platform X, seized the opportunity to poke fun at Meta. He humorously quipped, “If you’re reading this post, it’s because our servers are working,” on X, sparking immediate reactions from users.
This financial setback comes shortly after Zuckerberg experienced a surge in his net worth by $27.1 billion in February 2024, following Meta’s impressive quarterly results. Despite the recent loss, Zuckerberg remains resilient, maintaining a strong financial position.
In February 2024, the Facebook co-founder’s net worth surged by USD 27.1 billion after Meta’s quarterly results far exceeded Wall Street’s expectations, sending its shares up about 20 per cent. He became worth USD 169.5 billion, the richest he’s ever been, and surpassed Bill Gates to move into the fourth spot on the Bloomberg Billionaires Index.
Meta announced a quarterly cash dividend of 50 cents a share for Class A and B common stock beginning in March. With Zuckerberg holding about 350 million shares, he would take home about $175 million in each quarterly payment before taxes, according to data compiled by Bloomberg. (via livemint)
Despite the outage, Meta assured users that they were working diligently to resolve the issue. The company reiterated its commitment to providing a seamless user experience and promised to implement measures to prevent similar disruptions in the future.
Meta’s Response to the Outage
In response to the outage, Meta acknowledged the issue and assured users that they were working diligently to resolve it. The company emphasized its commitment to providing a seamless user experience and pledged to implement measures to prevent similar disruptions in the future.
The global outage serves as a reminder of the critical role that social media platforms play in modern communication and connectivity. It underscores the need for robust infrastructure and contingency plans to mitigate the impact of unexpected events on digital services.
The global outage experienced by Meta’s platforms not only resulted in financial losses for the company and its CEO but also highlighted the interconnectedness of the digital world and the reliance of billions of users on these platforms for communication and connectivity. As Meta strives to navigate through these challenges, the resilience and adaptability of its leadership will be crucial in maintaining its position in the ever-evolving landscape of social media and technology.
