Zuckerberg loses US$6B in hours as Facebook plunges

Posted on October 05, 2021, 8:58 am
2 mins

NEW YORK: Facebook CEO Mark Zuckerberg’s personal wealth has fallen by more than $6 billion (roughly Rs. 44,790 cores) in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook’s flagship products offline.

According to the details, a selloff sent the social-media giant’s stock plummeting 4.9 per cent on Monday, adding to a drop of about 15 per cent since mid-September.

The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion (roughly Rs. 9,06,050 crores), dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s down from almost $140 billion (roughly Rs.10,43,150 crores) in a matter of weeks, according to the index.

According to The Index, Zuckerberg is down from almost $140 billion in a matter of weeks. On September 13, the Wall Street Journal began publishing a series of stories based on a cache of internal documents, revealing that Facebook knew about a wide range of problems with its products — such as Instagram’s harm to teenage girls’ mental health and misinformation about the January 6 Capitol riots — while downplaying the issues in public.

The reports have drawn the attention of government officials, and on Monday, the whistleblower revealed herself. Frances Haugen, 37, revealed her identity after she applied for federal whistleblower protection. Haugen had presented internal documents that went to Congress, the Securities and Exchange Commission, and The Wall Street Journal. She decided to reveal her identity and noted that Facebook realised that if they change the algorithm to be safer, people will spend less time on the site, and will click on fewer ads, making less money. It was Haugen who presented papers and information on Instagram being harmful to teenager’s mental health that has led to the platform pausing Instagram Kids.

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