Facebook Share price drops by almost 5% in the longest outage in history. More bad news looms as the Facebook whistleblower is due to testify tomorrow.
Facebook share price to fall even more
It started trading at 335.50 USD at 09:30 this morning and by midday had fallen to 322.70 USD. Following some announcements by Facebook Inc and their respective PR agencies for each platform, the share price did rise again, but only slightly to 326. 23 USD.
The markets have responded to the unknown element of meltdown and speculators suggest this is just a temporary fix and will reoccur again.
Facebook will have lost more than 70% of daily revenue from advertising on the platform.
Facebook whistleblower to testify today
Facebook and Instagram are now back online after the longest worldwide outage ever.
At 6:33 p.m., the company confirmed that its services had been restored.
“To the huge community of people and businesses around the world who depend on us: we’re sorry. We’ve been working hard to restore access to our apps and services and are happy to report they are coming back online now. Thank you for bearing with us,” the official Facebook Twitter feed announced.
Facebook spreads hate deliberately
In addition to the temporary outages, Facebook whistleblower Frances Haugen is set to testify on Tuesday morning against the social media giant.
Haugen was revealed on CBS News “60 Minutes” as the woman who anonymously filed complaints with federal law enforcement that Facebook’s own research shows how it magnifies hate and misinformation, leads to increased polarization and that Instagram, specifically, can harm teenage girls’ mental health.
Haugen claimed on CNBC that Facebook betrayed “democracy” by allowing the algorithm to push misinformation on its users during the 2020 election. She said the company recognized the risk of misinformation and added safety systems to reduce that risk, but she accused the company of loosening those measures after the election.