Meta’s share price fell by 1.5 percent amidst reports of outages on Facebook and Instagram.
The issues appeared around 10:20am ET and are impacting all social media sites’ apps and website.
As of this morning, shares had fallen 1.55 percent but they have since recovered to 0.94 pecent.
DownDetector, which monitors online outages, shows hundreds of thousands of Americans are having problems with Facebook and tens of thousands reported the same with Instagram – Messenger has a few thousand issue reports.
Along with the US, the outage has reached the UK, parts of Europe, China, Australia and Mexico.
The issues appeared around 10:20am ET and are impacting all social media sites’ apps and website
DownDetector, which monitors online outages, shows more than 200,000 Americans are having problems with Facebook (pictured is the outage map), but over 30,000 reported the same with Instagram – Messenger has a little over 8,000
Facebook’s and Messenger’s glitches surfaced when users noticed they were kicked out of their accounts and unable to log back in – even with the right credentials.
While the News Feed on Instagram is showing an error message.
Today’s share slump is minor given the scale of the outage. If the issue persists, it is likely to fall further.
US stocks as a whole fell by 1.7 percent thanks to a weak morning from several tech firms.
Apple’s share price slid almost 3 percent off the back of a report by Counterpoint Research which found iPhone sales plunged in China in the first six weeks of 2024.
Meanwhile Tesla shares were down 4.92 percent as of this morning as the electric car maker after its sales also slumped in China.
The drop caused Elon Musk to lose his title as the richest person in the world to Amazon founder Jeff Bezos.
Netflix and Microsoft similarly shed more than 2 percent.
The S&P 500’s impressive gains over the last 12 months have largely been attributed to the success of the ‘Magnificent Seven’ – a nickname given to key tech stocks.
The group is made up of: Microsoft, Alphabet, Amazon, Nvidia, Apple, Meta and Tesla.
Last year the S&P 500 ended the year up 24 percent, with the ‘Magnificent Seven’ accounting for two-thirds of those gains.
