The massive Meta outage that took down Facebook, Instagram, and Messenger was a hundred million dollar problem for the company.
Dan Ives, managing director of Wedbush Securities in New York, told DailyMail.com that Mark Zuckerberg lost approximately $100 million in revenue on Tuesday morning due to the platform outages around the world.
Meta’s stock price also fell 1.5 percent when issuance reports began flooding in around 10 a.m. ET, but has since fallen 1.6 percent.
The company generates most of its income through advertisements, which are shown to users, and with the ‘technical problems’ that caused the platforms to go down, it also reduced its profits.
The massive Meta outage that took down Facebook, Instagram, and Messenger was a hundred million dollar problem for the company owned by Mark Zuckerberg.
The outage began around 10 a.m. ET and affected hundreds of thousands of users around the world.
Meta is not likely to reveal how much the disruption cut its finances, Ives told DailyMail.com: “This is a negligible amount of revenue that is probably below $100 million in lost revenue.”
The amount may be insignificant for Meta, which in 2023 amounted to approximately 134 billion dollars, only 38 percent of the entire world population is worth 100 million dollars.
Meta blamed the outage on “technical issues,” leaving what actually happened shrouded in mystery.
A source within Facebook told DailyMail.com that the company’s internal systems were also down, which may have caused the problems.
The Facebook and Messenger outages arose when users noticed they were being kicked out of their accounts and unable to log back in, even with the correct credentials.
Meanwhile, Instagram’s news feed started displaying an error message.
While the issues were fixed shortly after 12 pm ET, many people are wondering how much it cost the social media giant.
Meta’s stock price also fell 1.5 percent when issuance reports began flooding in around 10 a.m. ET, but has since fallen 1.6 percent.
Dan Ives, managing director at Wedbush Securities in New York, told DailyMail.com that Meta lost about $100 million in revenue on Tuesday morning as platforms went down around the world.
Meta attributed the outage to “technical issues” but did not provide further details.
The majority of problem reports cited problems with the apps: 72 percent for Facebook, 64 percent for Instagram, and 50 percent for Messenger.
Some people who had problems initially thought their accounts might have been hacked, but there are over 80,000 posts on X about Facebook and Instagram going down.
Musk responded to Meta’s outage with a post on X: “If you’re reading this post, it’s because our servers are up.”
DailyMail.com also found that two-factor authentication (2FA), which sends an SMS message with a code to a user’s phone to log in, was not working.
Meta’s services panel, which lists your services, continued to show major outages for some features, but then changed to “Unknown” for all or completely blank.
While the Facebook tipster told DailyMail.com that the issue was due to internal tools, the public has shared their speculation about X.
Some people who experienced problems initially thought their accounts might have been hacked, but there are over 80,000 posts on X about Facebook and Instagram being down.
Some suggested the outage was a “cyberattack” since it is occurring on Super Tuesday, which is when several states are scheduled to hold presidential primaries.
Jake Moore, technology expert and security advisor at ESET, said a cyberattack is unlikely but not impossible.
“Facebook has a history of going down, but this could be due to a long list of reasons,” he told MailOnline.
“While it is highly unlikely that this is a cyberattack, it can never be completely ruled out, but it is much more likely that it is just another internal network issue.”
Kerri Lisenbigler, editor of TheRevOpsTeam, said the outage is an “annoyance” but probably “nothing too serious.”
“It’s not the first time this has happened and it won’t be the last,” he told MailOnline.
‘Large platforms like Facebook and Instagram (and now Threads) handle a huge amount of traffic and data every hour of the day.
‘This means that a minor glitch or human error in the server room can easily turn into an outage affecting millions of users.
“These things are only cause for concern if the Meta teams don’t get everything back up and running within a few hours, then people will start speculating about the possibility of a cyberattack.”