Sites and companies specializing in technology and network security monitoring reported billions of losses incurred by international companies and their owners, after the failure of Facebook's services, as it stopped working for a few hours yesterday, Monday, as well as the "Instagram" and "Instagram" applications. WhatsApp, owned by Facebook.

“With Facebook, WhatsApp and Instagram out for a few hours, the shutdown cost calculator estimates an approximation of global economic losses at around 160 million,” NetBlocks, a company that specializes in monitoring network security and the potential economic consequences of internet blocking, said in a tweet on Twitter. dollars an hour.

💸 With Facebook, WhatsApp, Instagram and Messenger down for over one hour and counting, the Cost of Shutdown Tool (COST) calculates a rough estimate of ~$160m in losses to the global economy.https://t.co/dCoqDqgcec pic .twitter.com/jcxZvTLEKC

— NetBlocks (@netblocks) October 4, 2021

And the Down Detector website - which is concerned with monitoring Internet malfunctions - indicated that user reports confirmed that Bank of America (...) faced problems in the eastern United States in conjunction with the disruption of Facebook and WhatsApp services.

The latest global trading showed a decline in Amazon shares by 2.85%, after the communication sites services stopped for hours.

User reports indicate Bank of America is having problems since 4:56 PM EDT.

https://t.co/GnJkbAdsV1 RT if you're also having problems #BankofAmericadown

— Downdetector (@downdetector) October 4, 2021

And technology specialist Muhammad Al-Rashidi wrote, "Facebook's revenues, which also owns the social networking application WhatsApp and the Instagram application, increased with a total market value of about $755.8 billion in 2020, so any failure in its systems makes Facebook vulnerable to huge financial losses, especially if the failure is global."

Earlier, Facebook said that it "recognizes that some people are having trouble accessing its apps and products", and that its services were down for more than 5 hours, and then it was back to work again.

11


The revenue of Facebook, which also owns the social networking application WhatsApp and the Instagram application, increased with a total market value of about $755.8 billion in 2020.

Therefore, any failure in its systems exposes Facebook to huge financial losses, especially if the failure is global.

😊 pic.twitter.com/0hfHt2I1yJ

— Muhammad Al-Rashidi (@alrashidi_m) October 4, 2021

The US agency "Bloomberg" also reported that Facebook CEO Mark Zuckerberg lost nearly $7 billion within hours, due to the disruption of the company's Facebook, Instagram and WhatsApp applications and sites, on Monday evening.

The agency added that Zuckerberg's personal fortune decreased by about $7 billion within a few hours, and explained that the decline in the company's shares resulted in a decrease in Zuckerberg's wealth to $120.9 billion.

The Facebook outage caused a shock to global stock markets, and the "NASDAQ" composite index of technology shares on the New York Stock Exchange fell to its lowest level in more than 3 months, recording a 2.4% decline in trading on Monday.

Facebook shares fell by more than 5%, Twitter by 6%, Google by 2%, and Amazon by 3% in trading on Monday, and the confusion spread to stock markets across Europe as well.

Cause of the holidays

And Facebook said today, Tuesday, that wrong modifications in the settings are the main reason behind the malfunction that caused 3.5 billion users to be deprived for a period of about 6 hours from accessing Facebook, Instagram and WhatsApp earlier on Monday.

The outage of its Facebook, Instagram and WhatsApp services began around 12:00 noon EST (16:00 GMT).

Services began returning at about 5:45 pm EST.

On Monday, Facebook said, "Our engineering teams have discovered that modifications to the main routers that coordinate traffic between data centers caused problems that led to a communication disruption."