Facebook co-founder and CEO Mark Zuckerberg lost more than $6 billion in his personal assets in some hours after the company’s shares tumbled on Monday, Oct. 4, following a widespread outage of Facebook along with its Instagram and WhatsApp platforms.
A selloff drove the social media giant’s shares down 4.9% on Monday, wiping out Zuckerberg’s wealth to down to $121.6 billion.
According to Bloomberg, Zuckerberg was also knocked down a notch on the world’s wealthiest people list. He now ranks No. 5 on the Bloomberg Billionaires Index, below Elon Musk, Jeff Bezos, Bernard Arnault, and Bill Gates.
Zuckerberg has lost almost $140 billion in a matter of weeks, according to the index.
The latest decline of Facebook shares, adding to a drop of about 15% since mid-September, occurred after Facebook, Instagram and WhatsApp experienced a global outage that has lasted more than six hours before being restored on Monday, Oct. 4.
The outage occurred following reports that a whistleblower, identified as Frances Haugen, released thousands of pages of private Facebook documents to the Wall Street Journal and federal government detailing how the platform amplifies hate, misinformation, and public unrest.
The Journal on Sept. 13 began publishing a series of stories based on the internal documents, revealing that Facebook knew about a wide range of problems with its products—such as Instagram’s harm to teenage girls’ mental health and misinformation about the Jan. 6 Capitol riots—while downplaying the issues in public, according to Bloomberg.
In response, Facebook explained that the issues facing its products, including political polarization, are complex and not caused by technology alone.