“Time is money,” as the saying goes, as falling stock prices halved Zuckerberg’s wealth in hours, putting him one rung behind Bill Gates on the Bloomberg Billionaires Index.
Mark Zuckerberg’s personal fortune was decreased by almost $7 billion in only a few hours. What is the cause behind this? The global demise of Facebook, Instagram, and WhatsApp, which resulted in a decrease in one’s place on the list of the world’s wealthiest individuals.
Shares of the social media ‘giant’ fell nearly 5%, bringing the total loss to 15% since mid-September. This has landed Zuckerberg in fifth place among billionaires, according to the Bloomberg Billionaires Index. He is now in sixth position, with a net worth of $120.9 billion, behind Bill Gates.
Platform issues have been reported in a number of European, Asian, Latin American, and North American nations, according to the DownDetector site. Furthermore, they amass a slew of studies centered on social media.
A succession of complaints led to the networks’ demise.
The Wall Street Journal published a series of stories on September 13 revealing that Facebook was “aware” of the problems that its products were causing, such as Instagram’s negative impact on adolescent mental health and misinformation on topics like COVID-19 or the riots that occurred in the United States Capitol in early 2021.
Frances Haugen, the former Facebook employee who leaked the documents to the press, said in an interview with the television program “60 Minutes” that she was “alarmed” by the decisions made during her time at the company, in which “profits were put ahead of public safety and people’s lives were put at risk.”
Haugen stated in the interview that he quit Facebook early this year because he was fed up with the business. He copied a number of memoranda and internal papers before departing.
Haugen later shared thousands of pages of those documents with The Wall Street Journal , which has published the material in parts for the past three weeks. The documents, now popularly known as the ” Facebook Files, ” showed that the company did not apply the same moderation policies to VIPs or celebrities .
Also one of the reports of The The Wall Street Journal showed that Facebook’s agorhythm 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. social network.
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