18.10.2021 | Facebook's massive outage costs the company an estimated $60 million in revenue
Facebook, the world’s largest social network has lost at least $60 million in revenue since its apps, including Instagram and WhatsApp, went offline at about 10:00 PM Myanmar Standard Time, on Monday 11th Oct according to Fortune and Snopes estimates.
Both outlets estimated the revenue loss for Facebook as about $60 million by using the numbers the company provided when it released its second-quarter earnings. During that three-month period, Facebook reported about $29 billion in revenue. That means that Facebook makes roughly $319.6 million per day in revenue, $13.3 million per hour, $220,000 per minute, and $3,700 per second. The outlets then used those numbers to calculate revenue loss based on how long the outage has lasted.
Lost revenue wasn't the only financial problem Facebook encountered on Monday. Shares in the company dropped nearly 5% to $326.23 per share amid a broad selloff in social media stocks.
The slide in Facebook shares weighed on CEO Mark Zuckerberg's net worth, which dropped to $121.6 billion. He's now ranks below Microsoft co-founder Bill Gates and is the fifth wealthiest person in the world, according to Bloomberg.