Facebook shed billions off its market cap Monday due to an outage that lasted for hours. It is already deemed to be one of the worst outages that have ever occurred in over a decade. This had users flocking to other social media platforms that were “more” stable.
In a period where major tech stocks are facing a sell-off due to a rise in bond yields. Facebook is at the forefront of the losses. Currently, its shares have fallen the most since November of last year.
This is probably a drop in the bucket for Facebook as they have many other pressing issues to deal with. These include pressures from regulators over monopolistic activities, competitive platforms which are on the rise such as TikTok, and whistleblower Frances Haugen, who is basically spilling the beans on insider details that can potentially taint the company’s image.
Regardless, Facebook is still the world’s most dominant social media platform and it will remain at that level for some time.
