Oct 5, 2021: Falling stocks lowered the value of |Mark Zuckerberg’s fortune in hours and put him one notch below Bill Gates on the Bloomberg Billionaires Index.
The old adage, “Time is money” still stands relevant as proven last night when over the course of just a few hours, Mark Zuckerberg’s personal wealth dropped by about 7 billion. The decline was triggered by global server outages for Facebook, Instagram and WhatsApp, resulting in the position drop in the list of the richest people in the world.
As celebrities from across the globe took to Twitter to make jokes about the server shut down, the company suffered major financial setbacks.
Shares value of the social media giant plummeted about 5%, adding to a 15% drop since mid-September. According to the Bloomberg Billionaires Index, this has cost Zuckerberg the fifth position among billionaires . Now, he stands with $ 120.9 billion in sixth place, behind Bill Gates .
Meanwhile, Facebook is also facing a series of complaints from whistleblowers, in particular one from a former Facebook employee.
It was revealed on September 13 in The Wall Street Journal that Facebook was ‘aware’ of the problems that its products were causing, such as Instagram’s damage to the mental health of adolescents and misinformation on topics such as COVID-19 or the riots presented in the United States Capitol in early 2021. The theme of the complaints is how Facebook places profit over the need to quell hate speech and misinformation.
In an interview on the CBS television program “60 Minutes”, the former Facebook employee who leaked that documentation to the press, Frances Haugen , explained that, during her time at the company, she was “alarmed” by the decisions that were being taken, in those that “profits were put ahead of public safety and people’s lives were put at risk.”
In the interview, Haugen said that he had left Facebook earlier this year after becoming exasperated with the company. Before leaving, she copied a series of memos and internal documents.
The report by The Wall Street Journal also showed that Facebook’s algorithm favored posts that provoked division and anger among users and, when employees noticed and tried to fix it, they were met with the reluctance of Mark Zuckerberg , who feared that the level of interaction with the Facebook would drop.
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