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In a sudden turn of events, Meta, formerly known as Facebook, has once again found itself in the midst of controversy following a widespread outage that affected its most valuable platforms – Facebook, Instagram, Threads, and WhatsApp. The outage, which occurred during trading hours in the American markets, resulted in a significant slump in Meta’s shares, with the company’s valuation taking a hit.
The global outage sparked a flurry of reactions on social media platforms, with users expressing frustration and disappointment over the disruption of services. The hashtag “#InstagramDown” and “#FacebookDown” quickly began trending, both in India and around the world, as users reported being logged out of their accounts and experiencing difficulties accessing the platforms.
As a consequence of the outage, Meta’s shares dipped by 1.60 percent, causing the share price to fall to USD 490.22 per piece. Meta’s founder and CEO, Mark Zuckerberg, reportedly incurred losses of around USD 100 million in Tuesday’s trade, highlighting the financial ramifications of the outage.
The disruption comes at a critical juncture for Meta, which has been enjoying a period of relative stability and growth, with its valuation and shares reaching new heights in recent times. However, such outages have plagued the company in the past, tarnishing its reputation and raising concerns about the reliability of its platforms.
While Meta has managed to steady its ad revenue, which serves as its primary source of income, the recurrence of such incidents poses a threat to its continued success. The company issued a statement later in the day, apologizing for the outage and assuring users that efforts were underway to restore services across all affected platforms.
Despite the setback, Meta remains determined to overcome the challenges posed by the outage and reaffirm its commitment to providing reliable and seamless experiences for its users worldwide.
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