Saturday, November 27

Why did Mark Zuckerberg’s wealth decline by $6 billion within few hour?

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What is the news?

The latest news that is making rounds on the social media is regarding Mark Zuckerberg. Which is that the personal wealth of the CEO and the co-founder of Facebook, Mark Zuckerberg’s wealth has declined by more than by more than $6 billion within a few hours.

This has led the young entrepreneur to fall of the Forbes list of wealthiest people of the world.  A person from within the organization has leaked the critical information. Such has led the outages taking the flagship products offline.

Such incident has led to a decline in stocks of the company to decline suddenly by 4.9%. Since 15th of September, 2021 the company has faced a decline of 15%.

This caused Zuckerberg’s wealth to decline to $121.6 billion. He is now not in top 4 billionaires of the world. His wealth has declined by $140 within weeks.

Here’s the chart of the World’s top 4 richest People:

Source: Forbes

How did this all happen?

It all started on 13th of September when the  Wall Street Journal published an article.  Which unveiled  the fact that Facebook is aware of problems that are byproducts of its products. It is highlighted  that Facebook was aware of the harm that Instagram has over the teen girls  mental health and misinformation about the Jan. 6 Capitol riots.

this was reveled by a whistleblower, the company however claimed that such issues are complex and cannot be caused by technology alone.

The official statement by the Facebook’s Vice president of Global Affairs is:

“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.”

What did the whistleblower said?

A female former Facebook employee came forth with some confidential documents.  She was interviewed on Sunday by France Haugen claiming that Facebook is aware of the problems that are arising such as hate on the platform, eating disorders and suicidal thoughts.  Yet it is making decisions that are in their own personal interests.

She said that she does not blame Mark for his intentions as he never created this platform for harmful uses, yet his actions are indeed causing harm.

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