NetBlocks reveals global economy lost billions of dollars as Facebook, WhatsApp, and Instagram went down at about 4.42pm on Monday.
NetBlocks is responsible for tracking internet outages and their impact; the outage had already cost the global economy about $160m per hour.
The development also forced Facebook stock to drop by about 5.5%. The Chief Executive Officer of Facebook, Mark Zuckerberg, also reportedly lost nearly $7bn as a result of the outage.
Facebook and its affiliates have 2.9 billion monthly active users. The shutdown is reminiscent of 2019, when Facebook shut down in its biggest outage till date (a 24-hour shut down).
For hours when navigating to Facebook, Instagram, and WhatsApp websites, a server error appeared which indicated there was an issue with Facebook’s servers.
According to TechCrunch, users were also unable to send messages or load new content on the mobile apps for these platforms. Even Oculus, Facebook’s virtual reality platform, and Workplace, its business communication tool were down.