Nothing works anymore: That was the motto on Facebook on Monday. Because social network and services such as Instagram and WhatsApp were not available for around six hours. The financial damage is great – but for Facebook, it still falls into the “coffee box” category.
In the late afternoon or early evening, users of Facebook, WhatsApp, and Instagram found that the services they were looking for could not be reached and later only to a very limited extent. The DownDetector service, known in this country as general interference, recorded no less than 14 million user reports on the problems.
Around $60 million to $100 million
This had many personal and business consequences, but the greatest financial damage was of course for Facebook itself. As Market Watch has calculated, the hour-long downtime may have cost the social network around 60 million dollars. Based on 2020 sales of 86 billion dollars, experts have calculated or estimated that Facebook lost 163,565 dollars in every minute of the failure.
In the six hours of failure, that adds up to around $ 60 million. Fortune estimates, however, that the damage was even higher, namely around 100 million dollars. The business magazine says, however, that such a large amount of damage would be a major cause for concern for many companies – but not for Facebook. Fortune: “For Facebook, this is (for the time being) a drop in the ocean, which investors will probably shrug off.”
The loss of sales itself is bearable, but the reaction on the stock market weighs more heavily, even if investors shrug their shoulders. Because the share of the social network of Mark Zuckerberg fell by almost five percent and corresponds to a loss of 47.3 billion dollars in market capitalization – Zuckerberg himself has lost around six billion dollars. But these are only snapshots because the price has now largely recovered from the first price slide.
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