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Mark Zuckerberg's Meta Loses 3 Million Dollars After Instagram, Facebook Goes Down Globally; READ
As a result of outages that impacted some of its 3.98 billion global users across its platforms, Meta witnessed a 1.5% decline in its market valuation on Tuesday.
On Tuesday, March 5, 2024, social media fell offline due to a significant outage that affected Meta's platforms all over the world. It took hours for well-known social media sites like Facebook, Instagram, and WhatsApp to start operating again. Confusion and frustration were caused when numerous users of Facebook were abruptly locked out on Tuesday. Issues with sending messages and errors with feeds were also seen in WhatsApp, Instagram, and Threads.
Mark Zuckerberg Meta faces a severe loss
According to reports, Mark Zuckerberg's Meta suffered significant revenue losses as well as a significant decline in user engagement as a result of the outage. A billion users worldwide were affected by the outage, and the corporation lost an estimated $3 billion.
Reuters claims that the WhatsApp Business application programming interface was having problems, as seen by Meta's status dashboard. About 200 complaints of WhatsApp outages were found on Downdetector, a tool that tracks outages by compiling status updates from various sources, including users.
Meta's share falls
When issue reports started rolling in, Meta's share price was said to have fallen by 1.5%. Since then, though, it has decreased by 1.6%. On X, Meta's Andy Stone responded to these worries and announced that fixes were being worked on. The statement read, "resolved the issue as quickly as possible for everyone who was impacted, and we apologize for any inconvenience.” When the servers were down, the Twitter CEO did not miss a chance to highlight it, Elon Musk took a jibe at Meta in a post on X.
Similar to 2021, all of Meta's owned social media networks had technical issues that led to a 7-hour outage. On the other hand, the problem was fixed in two hours this time. DailyMail.com was notified by a Facebook insider that the company's internal systems were unavailable during the outage, and Meta's service dashboard showed "major disruptions" affecting multiple services.
The disruption happened just before Big Tech businesses had to comply with the new Digital Markets Act of the European Union on Thursday. There have been rumors that Meta was altering to comply, which might have resulted in coding mistakes that caused the downtime. To stop people from merging personal information for targeted adverts, Meta may be looking into making adjustments such as letting users keep their Instagram and Facebook accounts separate. It's not clear if the outage is connected to Meta's preparations for the DMA.
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