Stock slide knocks his net worth down to $120.9 billion

Mark Zuckerberg’s personal wealth has fallen by nearly $7 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook Inc.’s flagship products offline.

A selloff sent the social-media giant’s stock plummeting around 5% on Monday, adding to a drop of about 15% since mid-September.

The stock slide on Monday sent Zuckerberg’s worth down to $120.9 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s lost about $19 billion of wealth since Sept. 13, when he was worth nearly $140 billion, according to the index.

On Sept. 13, the Wall Street Journal began publishing a series of stories based on a cache of internal documents, revealing that Facebook knew about a wide range of problems with its products — such as Instagram’s harm to teenage girls’ mental health and misinformation about the Jan. 6 Capitol riots — while downplaying the issues in public. The reports have drawn the attention of government officials, and on Monday, the whistleblower revealed herself.

In response, Facebook has emphasized that the issues facing its products, including political polarization, are complex and not caused by technology alone.

“I think it gives people comfort to assume that there must be a technological or a technical explanation for the issues of political polarization in the United States,” Nick Clegg, Facebook’s vice president of global affairs, told CNN.

Amid global outage of Facebook along with its associated platforms, the data of its over 1.5 Billion users are now being sold in the dark web.

A report said the data are being sold on a Hacker Forum.

Sputnik News reported that in late September, an announcement was posted on a hacking forum that claimed to have the name, email, phone number, location, gender, and user ID of 1.5 billion Facebook users. Checkout original leak report here

“One prospective buyer has allegedly been quoted at $5,000 per 1 million Facebook accounts.

“This would value the entire set of Facebook user data at $7.5 million.

“In a subsequent post, the seller alleges to represented a large company that works to scrape Facebook for data”.

Facebook, Instagram and WhatsApp went offline Monday evening, Nigerian time.

The Facebook Inc said it was working to restore the platforms.

“We’re aware that some people are having trouble accessing our apps and products.

“We’re working to get things back to normal as quickly as possible, and we apologize for any inconvenience”, Facebook said on Twitter.

Instagram also issued an apology:

“Instagram and friends are having a little bit of a hard time right now, and you may be having issues using them. Bear with us, we’re on it!”

WhatsApp couched its apology in similar words like Facebook:

“We’re aware that some people are experiencing issues with WhatsApp at the moment. We’re working to get things back to normal and will send an update here as soon as possible.

“Thanks for your patience!’.

Source:- Pm News

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