Estimates say a global outage for Facebook and subsidiary social media platforms has cost CEO Mark Zuckerberg millions.
Costs associated with widespread outages
Technicians scrambled to restore connectivity to the social media giants as the company’s value took a beating.
While experts eventually got things up and running again, the damage had already been done — and it was monumental.
For his part, Zuckerberg has turned a fledgling social media site into a ubiquitous and immensely profitable global company.
He is also known for his progressive politics as well as a tendency to use his tech empire to influence U.S. politics. Facebook and related platforms have provided a pathway for interference in the outcome of elections nationwide.
As it turns out, Facebook is poised to hemorrhage billions in profits over the course of a disruption like the one experienced yesterday.
“Thank you for bearing with us”
Zuckerberg subsequently attempted to reassure users, writing: “Facebook, Instagram, WhatsApp, and Messenger are coming back online now. Sorry for the disruption today — I know how much you rely on our services to stay connected with the people you care about.”
In a corporate statement, Facebook added: “To the huge community of people and businesses around the world who depend on us: we’re sorry. We’ve been working hard to restore access to our apps and services and are happy to report they are coming back online now. Thank you for bearing with us.”
The outage has also served as a reminder that much of the economy is reliant on questionable infrastructure.
If an hours-long network interruption impacting just one company causes billions in losses, many Americans are increasingly concerned about what would happen if a severe cyberattack takes down social media and other sites for days or even weeks.
Social media is increasingly integrated into other sectors of the economy, meaning that outages can have wide-ranging negative impacts. While some may relish the thought of billionaires losing some of their fortunes, this week’s events should be enough to worry just about everyone.