Facebook’s stock took a dive Monday as the site suffered one of its worst outages of the past decade with services across its entire suite of products going offline while the tech company struggled to even bring its own internal services back online.
The stock ended the day down nearly 5%, with Facebook shedding tens of billions in market cap value as the company sorted through the pieces attempting to diagnose what triggered the outage, and investors looked to calculate what lasting damage to the site could look like. Facebook stock has been on a tear in 2021, reaching a $1 trillion market cap in early July, though the share price has stalled in recent months with the market cap currently resting just south of $920 billion.
Even being down for several hours or a day could be enough to shift some users toward competing services, a threat that investors are currently weighing as the company’s share price slides.
We’re aware that some people are having trouble accessing our apps and products. We’re working to get things back to normal as quickly as possible, and we apologize for any inconvenience.
— Andy Stone (@andymstone) October 4, 2021
