Mark Zuckerberg’s personal fortune plummeted by more than $6 billion in hours, pushing him down a notch on the list of the world’s richest people after a whistleblower came forward and blackouts broke Facebook Inc.’s flagship products. took it offline.
A massive sell-off caused shares of the social media giant to fall 4.9% on Monday, contributing to a decline of about 15% since mid-September.
Monday’s stock decline sent Zuckerberg’s value down to $121.6 billion, dropping him below Bill Gates to number 5 on the Bloomberg Billionaires Index. According to the index, it has fallen by nearly $140 billion in just a few weeks.
According to a report from the DownDetector portal, there have been problems with the platforms in several countries of Europe, Asia, Latin America and North America. In addition, they collect a wave of surveys around social networks.
Social media users were surprised to find that several platforms were down and those that were still operational were starting to experience their own problems.
Monday’s stock decline sent Zuckerberg’s value down to $120.9 billion, dropping him below Bill Gates at number 5 on the Bloomberg Billionaires Index. He has lost about $19 billion in assets since September 13, when he was worth nearly $140 billion according to the index.
On Sept. 13, The Wall Street Journal began publishing a series of stories based on a cache of internal documents, which revealed that Facebook was aware was of a wide range of issues with its products — such as Instagram’s damage to teen mental health and misinformation about the month of January. 6 Capitol riots – while minimizing problems in public. The reports caught the attention of government officials and the whistleblower came to light on Monday.
In response, Facebook pointed out that the issues its products face, including political polarization, are complex and not just technology-driven.
“I think it’s reassuring to people to assume that there must be a technological or technical explanation for the problems of political polarization in the United States,” Nick Clegg, Facebook’s deputy president of global affairs, told CNN.