According to reports, the Facebook outage is costing the company a significant amount of money.
According to Fortune and Snopes, the globe’s major social networking site has already lost at least $60 million in income since its apps, including Instagram and WhatsApp, went down at around 8:30 a.m. PT/11:30 a.m. ET on Monday.
The outage’s financial impact
When it comes to the revenue decline of Facebook, both outlets employed figures that Facebook provided when it published its second-quarter earnings. In the three months ending in May, Facebook generated approximately $29 billion in revenue. That’s roughly $319.6 million per day in income, which translates to around $13.3 million per hour, $220,000 per minute, and $3,700 per second. The outlets then used those figures to calculate revenue loss based on how long the outage has been ongoing.
The numbers highlight the financial ramifications of a major Facebook outage. The outage has been reported as affecting Facebook, Instagram, and WhatsApp. The firm said it’s working to restore services but doesn’t know what triggered the outage. Some people are once again able to access Facebook.
Facebook tweeted about the outage six hours ago.
We’re aware that some people are having trouble accessing our apps and products. We’re working to get things back to normal as quickly as possible, and we apologize for any inconvenience.
— Facebook (@Facebook) October 4, 2021
Zuckerberg’s net worth fell to $121.6 billion
On Monday, Facebook also confronted a number of additional financial issues. Shares in the company dropped nearly 5% to $326.23 per share amid a broad selloff in social media stocks. (Shares of Twitter and Snap were both off more than 5%.)
Facebook’s share drop weighed on CEO Mark Zuckerberg’s net worth, which fell to $121.6 billion. He now ranks below Microsoft co-founder Bill Gates and is the fifth wealthiest person in the world, according to Bloomberg.