Zuckerberg's million dollar outage: Finance expert reveals Meta lost roughly ... trends now
The massive Meta outage that took down Facebook, Instagram and Messenger was a hundred-million-dollar issue for the company.
Dan Ives, managing director at New York’s Wedbush Securities, told DailyMail.com that Mark Zuckerberg lost approximately $100 million in revenue Tuesday morning due to the platforms being down worldwide.
Meta’s share price also fell by 1.5 percent when issue reports started flooding in around 10am ET, but it has since dropped by 1.6 percent.
The company generates most of its revenue through ads, which are shown to users, and with the ‘technical issues’ that took down the platforms, also dropped its earnings.
The massive Meta outage that took down Facebook, Instagram and Messenger was a hundred-million-dollar issue for the Mark Zuckerberg-owned company
The outage began around 10am ET, hitting hundreds of thousands of users worldwide
Meta will likely not reveal how much the outage cut into its finances, Ives told DailyMail.com: ‘This is a negligible amount of revenue that is likely below $100 million of lost revenue.’
The amount may be insignificant to Meta, which was roughly $ 134 billion in 2023, only 38 percent of the entire global population is worth $100 million.
Meta blamed the outage on ‘technical issues,’ leaving what actually happened shrouded in mystery.
A source inside Facebook told DailyMail.com that the company's internal systems were also down, which may have led to the issues.
Facebook's and Messenger's glitches surfaced when users noticed they were kicked out of their accounts and unable to log back in – even with the right credentials.
Meanwhile, the News Feed on Instagram started showing an error message.
While the issues were fixed shortly after 12pm ET, many people are wondering how much it cost the social media giant.
Meta’s share price also fell by 1.5 percent when issue reports started flooding in around 10am ET, but it has since dropped by 1.6 percent
