Facebook's stock bounced back after the fallout from Monday's outage and even as a whistleblower blasted the company's practices during congressional testimony. 

Shares recouped about half of the 5% loss as of 3:30 pm EDT.  

FACEBOOK, INSTAGRAM HAVE LONGEST OUTAGE EVER

Ticker Security Last Change Change % FB FACEBOOK, INC. 332.96 +6.73 +2.06%

The outage that knocked down the social media giant for hours Monday contributed to investor skittish for large-cap tech names shaving off over 2% for the Nasdaq Composite which is also rebounding. 

It also dented CEO Mark Zuckerberg's net worth reducing it by about $6 billion. He is the second-largest individual shareholder with 0.12% shares outstanding. 

CLICK HERE TO READ MORE ON FOX BUSINESS

Ticker Security Last Change Change % I:COMP NASDAQ COMPOSITE INDEX 14433.830112 +178.35 +1.25%

The company said in a blog post that its engineering teams found that "configuration changes on the backbone routers that coordinate network traffic between our data centers caused issues that interrupted this communication. This disruption to network traffic had a cascading effect on the way our data centers communicate, bringing our services to a halt."

Shares of Facebook are up 22% this year, outperforming the S&P 500's 16% rise. 

Source Link:
https://www.foxbusiness.com/markets/facebook-stock-price-zuckerberg-whistleblower

[]

Comments

comments

Advertisement