Tech stocks plummeted as a result of the network failure

05-10-2021

On 4.10.2021, social networks Facebook, Instagram, and WhatsApp were suspended for several hours due to a global failure. The situation led to a decrease in the quotations of technology companies. According to Forbes, the owner of these social networks, Mark Zuckerberg, lost more than $6 billion. 

The global failure was caused by an unfortunate change in hardware configuration. As a result, there was an error in the distribution of traffic between data centers. 

After the crash at the cryptocurrency exchange Currency.com, Facebook’s tokenized share price dropped more than 3%. An ex-employee of the company contributed to this by sending internal documents to the media and regulators. Following Facebook, tokenized shares of other companies (Amazon, Apple, Microsoft) also began to fall.

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