Million Dollar Loss: On Tuesday, March 5th, 2024, Meta’s social media platforms, including Facebook, Instagram, and WhatsApp, suddenly stopped working all around the world. This unexpected outage left billions of users without access to their favorite social media sites for several hours. Experts say it had a big impact on Meta’s finances.
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Million Dollar Loss: Meta Share Price Dropped
Around 10 a.m. ET, people started reporting issues with Meta’s platforms. During this time, Meta’s share price dropped by 1.5%. However, it has since fallen even more, by 1.6%. This means the company lost a lot of money because of the downtime. Experts have now said how much money Zuckerberg lost because of the big outage. Dan Ives, who works at Wedbush Securities, told DailyMail.com that Mark Zuckerberg lost around $100 million in earnings on Tuesday morning because the platforms stopped working everywhere in the world.
Mark Zuckerberg, the CEO of Meta, also faced losses due to the outage. His wealth decreased as Facebook, Instagram, and WhatsApp remained inaccessible to users.
Meta’s social media platforms, like Facebook and Instagram, had technical problems causing a 7-hour outage. It was similar to what happened in 2021. However, this time, they fixed it within 2 hours. An insider from Facebook said that their internal systems were down during the outage. Meta’s service dashboard showed “major disruptions” across many services.
The outage happened because of technical issues within Meta’s systems. These issues affected all their social media platforms, making them inaccessible to users. Just like in 2021, users were unable to use Facebook, Instagram, and other Meta-owned services for several hours.
Despite efforts to prevent such outages, technical glitches still occurred. Meta’s teams worked to resolve the problems as quickly as possible. They managed to fix the issue within 2 hours, which was faster than the previous outage in 2021.
The outage happened just before a deadline on Thursday for Big Tech companies to follow the new Digital Markets Act of the European Union. Some people think that Meta was trying to make changes to follow the rules, which might have caused coding mistakes leading to the outage. Meta could be thinking about changes like letting users keep their Facebook and Instagram accounts separate. This would stop personal data from being combined for targeted ads.
It’s not clear if the outage is linked to Meta getting ready for the Digital Markets Act. But some people wonder if Meta’s attempts to adjust its services to meet the new regulations might have caused the technical problems. The company might have been working hard to make sure it follows the rules set by the European Union.
Elon Musk’s Post
Many users went to Elon Musk’s page to find out more and complain about the outage. Elon Musk welcomed them, saying everyone now knows why they are here. He also joked that if people could see his post, it meant their server was working fine.
On Elon Musk’s page, Facebook and Instagram users shared lots of memes and videos. The shutdown of Instagram, which has more reels than Facebook, left many feeling let down.
Apart from Facebook and Instagram, the WhatsApp app also had some issues in different countries. Mark Zuckerberg, the CEO of Meta, admitted the technical problem and reassured everyone that things would be back to normal soon.
Mark also suggested taking a break from electronic devices and spending time with parents instead. About an hour later, Facebook and Instagram were working fine again. Andy Stone, a spokesperson from Meta, apologized for the trouble and confirmed that the issue on Facebook and Instagram had been resolved.
Many users who turned to Facebook and Instagram for relaxation found themselves stressed out due to technical problems. Instead of finding a place to unwind, they encountered frustration and inconvenience caused by the glitch. Despite this setback, Meta’s team worked to fix the problem as quickly as possible.
Also Read: WhatsApp Might Soon Let You Send Messages To Other Apps Like Telegram And Signal
