January 15, 2025

“Meta Loses Millions due to Facebook, Instagram Outage”

The Entrepreneur Bytes Team March 7, 2024 289

On Tuesday, March 5th, 2024, social media users worldwide found themselves in the dark as a major outage swept across Meta’s platforms, including Facebook, Instagram, and WhatsApp. This unprecedented disruption left billions of users disconnected and had a significant financial impact on the company, according to experts.

Meta's Platforms Plunge into Darkness: Global Outage Leaves Users Disconnected and Company Financially Affected
Meta's Platforms Plunge into Darkness: Global Outage Leaves Users Disconnected and Company Financially Affected

On Tuesday, March 5th, 2024, social media users worldwide found themselves in the dark as a major outage swept across Meta’s platforms, including Facebook, Instagram, and WhatsApp. This unprecedented disruption left billions of users disconnected and had a significant financial impact on the company, according to experts.

Reports of issues began flooding in around 10 a.m. ET, as users encountered difficulties accessing their accounts and using the platforms. Meta’s share price took a hit, dropping by 1.5% initially and further declining by 1.6% as the outage persisted.

The outage affected various functionalities across Meta’s platforms, with users experiencing login issues, feed failures, and message-sending problems. Andy Stone from Meta assured users that solutions were underway, emphasizing the company’s commitment to resolving the situation promptly and apologizing for any inconvenience caused.

As the outage unfolded, concerns grew about the financial implications for Meta and its CEO, Mark Zuckerberg. According to Dan Ives, managing director at Wedbush Securities, Zuckerberg reportedly lost approximately $100 million in income due to the downtime of the platforms.

While the exact cause of the outage is still under investigation, it bears similarities to a previous outage in 2021, albeit resolved more swiftly this time. An insider from Facebook revealed that internal systems were affected, with Meta’s service dashboard indicating “major disruptions” across several services.

Speculation arose regarding the timing of the outage, which occurred just before the deadline for Big Tech companies to comply with the new Digital Markets Act (DMA) of the European Union. Meta has been reportedly making changes to adhere to the regulations, potentially leading to coding errors that triggered the outage. These changes may include measures to separate Facebook and Instagram accounts to safeguard user data and address concerns about targeted advertising practices.

However, it remains uncertain whether the outage is directly linked to Meta’s preparations for the DMA. Investigations into the cause are ongoing as Meta works to restore normalcy to its platforms and address the aftermath of the global outage that left users and investors alike reeling from the unexpected disruption.

Sources By Agencies

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