Mark Zuckerberg lost $6 billion in wealth in mere hours as Facebook Inc. flagship products WhatsApp, Instagram, and Facebook went offline.
In September 2021, the Wall Street Journal published several stories based on a cache of internal documents, revealing that Facebook was aware of several critical problems with its products. Some of the issues include Instagram’s negative impact on teenage girls’ mental health and the misinformation which downplayed the January 6th Capitol Riots. In response, Facebook Inc. stated that many of its problems are complex and are not caused by technology alone.
The articles and damning revelations released by whistleblowers caused Facebook’s stock to drop 4.9% on Monday, adding to the 15% drop recorded in mid-September.
Zuckerberg’s net worth suffered a significant blow as it plummeted from $140 billion to $121.6 billion. The drop in net worth also resulted in a decline in the Bloomberg Billionaire’s Index as Zuckerberg is now in 5th place behind Bill Gates.
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