Economy

Title: Zuckerberg's Wealth Falls to $121 Billion Due to Facebook Outages

Title: Zuckerberg's Wealth Falls to $121 Billion Due to Facebook Outages

The market value of Facebook, the owner of Instagram and WhatsApp which experienced a sudden outage yesterday, Monday, has dropped to around $920 billion, while the company's founder, Mark Zuckerberg, has lost about $6 billion. According to media reports, Facebook lost up to $20 billion, with its market value declining to $967 billion. Facebook's stock fell by 4.9%, bringing the total decline in the company's stock to around 15% since mid-September. The price of Facebook's stock reached $322.7, resulting in Zuckerberg losing approximately $6 billion from his total wealth. His fortune has decreased from around $140 billion to $121.6 billion, placing him in fifth position behind Microsoft founder Bill Gates, according to Bloomberg's Billionaires Index. Earlier on Tuesday, Facebook apologized for the technical failure that disrupted its services for several hours, preventing its 3.5 billion users from accessing social media and messaging services. Mike Schroepfer, Facebook's Chief Technology Officer, stated, "To every small and large business, to every family and individual who relies on us, I’m sorry." He added that "it may take some time to fully restore services," according to Reuters. Several Facebook employees, who requested anonymity, believe the outage was due to an internal error. Facebook, the social media giant, stated that incorrect adjustments in settings were the primary cause of the outage that left 3.5 billion users without access to Facebook, Instagram, and WhatsApp for about six hours.

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