Facebook Instagram global outage: On March 5th, 2024, a major outage impacted Meta Platforms, the company behind Facebook and Instagram. This disruption, lasting roughly an hour, affected billions of users worldwide and had a significant financial impact on Mark Zuckerberg, CEO of Meta.
Meta Outage Affects Zuckerberg’s Wealth
According to the Bloomberg Billionaires Index, Zuckerberg’s net worth dropped by $2.79 billion in a single day, translating to a 2.2% decrease. Despite this loss, he remained the world’s fourth-richest person, with a net worth of approximately $176 billion.
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The outage caused a 1.6% decline in Meta’s share price, which directly impacted Zuckerberg’s wealth due to his significant holdings in the company. This incident highlights the financial vulnerability of individuals whose wealth is heavily tied to specific companies, especially in the tech sector prone to disruptions.
Impact in India
While the outage primarily affected user access, it also reverberated in India, where Meta has a substantial user base. Considering the exchange rate of roughly ₹80 per US dollar, the estimated decrease in Zuckerberg’s net worth translates to approximately ₹2,153 crore (2.2 trillion rupees).
Outage Details and Recovery
The outage affected Facebook, Instagram, and Threads, preventing users from accessing these platforms. Additionally, Meta Quest users faced login issues, and some YouTube users reported encountering errors. Fortunately, all applications were back to normal after roughly an hour.
Summary of Facebook Instagram global outage
This incident demonstrates the complex relationship between social media dependence and its vulnerability to disruptions. While the outage was temporary, it emphasizes the potential financial consequences for individuals and businesses heavily reliant on these platforms.
