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Thursday, May 23, 2024

Here is how much did Mark Zuckerberg lost from Meta shutdown

Despite this substantial loss, Zuckerberg remains the fourth richest individual globally, as per the Bloomberg Billionaires Index.

Meta CEO Mark Zuckerberg lost $3 billion due to a sudden but brief service outage on Tuesday. Social media platforms operating under Meta- Facebook, Threads, and Instagram stopped working and users were logged out from their accounts globally.

According to India Today, Mark Zuckerberg’s net worth dropped by $2.79 billion due to the global shutdown of Facebook and Instagram, bringing it down to $176 billion within a single day. Despite this substantial loss, Zuckerberg remains the fourth richest individual globally, as per the Bloomberg Billionaires Index.

The outage resulted in a 1.6% decrease in Meta shares, causing a decline in his overall net worth. Meta shares concluded the overnight trading session on Wall Street at $490.22 per share. Users facing connectivity issues on these applications flocked to Twitter to complain about the service outage.

Meanwhile, in Pakistan, X-formerly known as Twitter, is facing an unannounced ban. Users are forced to run the application by connecting through a VPN.

Pakistan Telecommunication Authority (PTA) has come under scrutiny for its decision to suspend mobile phone and internet services, citing security threats. This move has sparked a debate on the legality and implications of such actions, leading to a hearing in the Sindh High Court.

Read more: Meta unveils exciting new features for Instagram and Threads

The PTA’s decision to suspend mobile phone and internet services stems from security concerns raised by the Ministry of Interior and other security agencies. While security is undoubtedly paramount, Chief Justice Aqeel Ahmed Abbasi emphasized the importance of rationality over emotional reactions. The court stressed that shutting down the internet should not be the default approach and urged authorities to find responsible alternatives to prevent untoward incidents.

Chief Justice Abbasi acknowledged the role of social media as a platform for expression, particularly for journalists who may face restrictions on national television. The court recognized the significance of allowing diverse voices to be heard, even in the face of security concerns. This raises important questions about the balance between security measures and fundamental rights such as freedom of expression and press freedom.