Facebook CEO Mark Zuckerberg’s personal wealth fell by over $6 billion in a few hours after the Facebook outage on Monday evening. Facebook’s stock plunged 4.9%, taking its drop since mid-September to about 15%.
Who is affected🤷: According to the Bloomberg Billionaires Index, Facebook stock’s drop cost Zuckerberg the fifth position among billionaires. Tech stocks rebounded yesterday, and as of yesterday, he stands with ~only~ $124 billion, behind Bill Gates.
Why is this important🤔: Facebook’s advertising revenues are thought to bring in $330 million a day in revenues! Facebook reportedly lost almost $100 million in income as a result of the outage.
But, what exactly happened🧐: A Facebook blog post following the outage stated “our engineering teams have learned that configuration changes on the backbone routers that coordinate network traffic between our data centers caused issues that interrupted this communication. This disruption to network traffic had a cascading effect on the way our data centers communicate, bringing our services to a halt.”