Facebook CEO Mark Zuckerberg’s personal wealth dipped by about $7 billion within a few hours after popular social media platforms Facebook, WhatsApp and Instagram suffered outages.
Zuckerberg’s rank went down to number 5 in the list of the world’s richest people, just after Bill Gates.
Facebook’s stock plummeted 15 percent since mid September and 4.9 percent on Monday evening.According to Bloomberg, the social media giant’s stock dropped from $140 billion to $121 billion within just a few weeks.
Apart from the outage, Facebook has had a series of incidents in the past few weeks.
The company has been accused of putting profits before the well being of its users through documents provided by a whistleblower who came forward last week.
The Wall Street Journal published some of the company’s internal findings alleging that it was aware that Instagram was causing harm to the mental health of young women on the platform.
The whistleblower is set to testify before the US Senate in a few hours.
In response to the damning allegations, Facebook says the issues are complex, and not exclusively caused by technology alone.
Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]