Facebook Inc. Stocks Tumble after a Massive Outage

On Tuesday, Facebook stocks declined after a massive outage on its platform.

The social networking company plummeted 4.89% or 16.78 points to $326.23 per share, its worst sell-off this year.

Currently, Facebook has nearly 2.00 million users around the globe and also owns Instagram and WhatsApp.

The site went offline around noon eastern time and stayed unavailable for 6 hours. 

Accordingly, the displacement of users in the domain name system caused the interruption.

Moreover, the company directly controls the relevant settings, suggesting that the disruption is an internal mistake. 

Meanwhile, Facebook did not disclose the precise number of the affected users. 

Then, the second-largest digital advertising platform has an estimated loss of $3.27 million in US ad revenue from the disturbance.

Also, the business experienced similar system failures with its suite of applications last March and July this year.

At the same time, it came under additional pressure after whistleblower Frances Haugen revealed herself to the public.

Accordingly, she accused Facebook of prioritizing profit over restraint of hate speech and misinformation. 

In line with this, two members of the European Parliament call for an investigation about the claims.

Meanwhile, other social media stocks declined as Facebook Inc. skidded.

For instance, Twitter Inc. curtailed 5.79% or 3.59 points to $58.39 per share. 

Snap Inc., popular with its Snapchat, reduced 5.34% or 4.02 points to $71.23 per share.

Subsequently, Pinterest Inc. stumbled 5.70% or 3.00 points to $49.62 per share. 

Also, Match Group Inc. fell 3.77% or 5.98 points to $152.65 per share. 

Then, Bumble Inc. inched down 5.52% or 2.82 points to $48.27 per share. 

E-commerce company Etsy Inc. also plummeted 2.76% or 5.65 points to $198.72 per share. 

US Stocks Plunge as Facebook Declines

Accordingly, the Nasdaq Composite index tumbled 2.14% or 311.21 points to $14,255.48 per share. 

Then, the benchmark Dow Jones Industrial Average shed 0.94% or 323.54 points $34,002.92 per share. 

Consequently, the S&P 500 index edged down 1.30% or 56.58 points to $4,300.46 per share.

Along with Facebook, other big-tech stocks sank as they bear the brunt of the recent market sell-off.

In particular, Apple Inc. dwindled by 2.46% or 3.51 points to $139.14 per share.

Correspondingly, Amazon.com weakened 2.85% or 93.48 points to $3,189.78 per share.

At the same time, Alphabet A Inc., the parent company of Google, weakened 2.11% or 57.70 points to $2,673.20 per share. 

Similarly, Netflix Inc. subsided by 1.60% or 9.80 points to $603.35 per share.

Read also: Fundiza review | Is Fundiza a Good Broker?