Facebook lost nearly $7 billion, following an outage that plagued the social media platform on Monday.
The outage also affected social media apps, WhatsApp and Instagram, both owned by Mark Zuckerberg .
According to Bloomberg, some companies pulled advertising from Facebook, leading to losses that dropped Zuckerberg down to the 5th spot in the billionaires’ list.
Meanwhile, the Social media powerhouse and Silicon Valley tech giant on Monday night blamed the record seven-hour outage on a faulty configuration change on the backbone routers that coordinate network traffic.
According to DownDetector, a website that tracks WhatsApp outages, 40 per cent users were unable to download the app, 30 per cent had trouble in sending messages and 22 per cent had problems with the web version.
In April, Facebook and Instagram went down for millions of users for a couple of hours in various parts of the world. The outage was the second in less than a month for the social networking giant.