₹829 Crore Wiped Out: Facebook Instagram Goes Down, Meta Shares Nose Dive

₹829 Crore Wiped Out: Facebook Instagram Goes Down, Meta Shares Nose Dive

A global outage of Meta's most valuable platforms, Facebook, Instagram and Threads, garnered a significant amount traction throughout the globe.

Juviraj AnchilUpdated: Wednesday, March 06, 2024, 09:47 AM IST
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Facebook CEO Mark Zuckerberg | File Photo (ANI)

After having a relatively less tumultuous time in the recent past, with its valuation and shares both scaling new heights, Mark Zuckerberg's Meta has once again garnered headlines for the wrong reasons.

A global outage of Meta's most valuable platforms, Facebook, Instagram and Threads, garnered a significant amount traction throughout the globe, many of them taking it too X (formerly twitter) to express their umbrage. Instagram/Facebook down was trending in India and around the globe. The individual accounts were ostensibly 'logged out' for many of its customers. The outage in India was observed, later in the day.

This outage happened at a time, when the American markets were trading. And it had a direct impact on Meta's shares as well. The company's shares slumped 1.60 per cent, with the share price being reduced to USD 490.22 per piece.

It is also reported, that Meta boss, Mark Zuckerberg, one of the richest person on earth, lost about USD 100 million on Tuesday's trade. This amount would be equivalent to about Rs 829 crore, according to current exchange rates.

In addition to Instagram and Facebook, along with Threads, WhatsApp is also reported to have had some issues, throwing a spanner in the gains, and resurrection the brand has managed to do over the past few months.

This is not the first time, that such a blanket outage is affecting the Meta run platforms. As suggested before, such outages came to pass in the previous years as well, most notably in 2021, impacting the brand's reputation and rectitude, pushing it into further crises. Over the past few months, the company has managed to steady its ad revenue, which is its biggest avenue of revenue, but, such incidents could pose a threat to the surging numbers.

Later on in the day, the company issued a statement, 'apologizing' and issuing clarification regarding the restoration of the services on all the aforementioned platform.

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