The owner of the social media platform, Facebook and also one of the richest men in the world, Mark Zuckerberg has reportedly lost about $6 billion after a whistleblower came out and outages brought Facebook Inc.’s key products offline, and knocked down a notch on the list of the world’s wealthiest individuals.
The shares of the social media behemoth fell 4.9% on Monday, extending a slide of almost 15 percent since mid-September.
According to the index, the stock market’s decline on Monday reduced Zuckerberg’s net worth to $121.6 billion, putting him behind Bill Gates on the Bloomberg Billionaires Index at No. 5. and now, he has lost about $140 billion in a few weeks.
The Wall Street Journal began publishing a series of stories on Sept. 13 based on a cache of internal documents, revealing that Facebook was aware of a wide range of issues with its products such as Instagram’s negative impact on teenage girls’ mental health and misinformation about sensitive issues while downplaying the issues in public. The reports drew the attention of government officials, and the whistleblower came forward on Monday causing great harm to the platform and its progress.
In response, Facebook has emphasized that the issues facing its products, including political polarization, are complex and not caused by technology alone.
Facebook’s Vice President of Global Affairs, Nick Clegg told CNN; “I think it gives people comfort to assume that there must be a technological or a technical explanation for the issues of political polarization in the United States.
Meanwhile, Instagram, WhatsApp, and Facebook that went off for hours now have now returned to their normal state. However, the black-out affected businesses and other ventures being carried out on these platforms.