Users are getting disillusioned with Facebook
On 4 February 2004, Mark Zuckerberg started Facebook and now after 18 years at the heights, in February this year itself, for the first time, daily active users were reduced. Not only this, the company also had to bear a loss of more than $ 230 billion. Let us know some interesting things related to the company and the reason for the recent loss.
Facebook is a name that is special for all children, old and young. Its user is of almost every age and this is the reason that this social networking site had remained the first choice of users for more than a decade and a half, but suddenly what happened that its users decreased and the company has become one of the biggest ever. The day suffered. Let us know why Facebook, which reached the heights of the sky, had to bear such a big loss, due to which its founder Mark Zuckerberg was out of the list of top 10 billionaires of the world.
Facebook was started in 2004
Facebook was started on 4 February 2004. In fact, while studying at Harvard University, Mark Zuckerberg along with some of his friends created Facebook to stay connected with each other in college. At launch, it was named ‘The Facebook’, which was later changed to just Facebook. Facebook has completed 18 years. But this company, which started in February, suffered the most in the month of February of this year itself. From user base to profits, February proved to be a dark month.
Facebook on the heights as soon as it was launched
It is worth noting that on 28 October 2003, Mark Zuckerberg launched a website called ‘Facemas’ before Facebook to keep students connected with each other at Harvard. Facemas was what inspired Zuckerberg to create Facebook and launched Facebook in 2004. It reached great heights in no time after its launch. According to a report, after starting in February, the number of its users crossed 1 billion in 11 months till December 2004. Then Zuckerberg never looked back.
Zuckerberg became a billionaire at the age of 23
The user base of Facebook is increasing day by day and it has emerged as the most popular social networking site in the world. Facebook’s popularity drew a line of investors, and its founder and CEO Zuckerberg joined the list of billionaires at the age of just 23. This journey of popularity of Facebook has continued from the beginning till now, although the day of February 3 has been recorded as a dark day in the history of Facebook, when both its user numbers and profits fell drastically.
Facebook becomes meta in October 2021
Mark Zuckerberg changed the name of the parent company to Meta on October 29 last year. With this Facebook became meta. The purpose of this was in fact that the company wanted to focus its full attention on building the metaverse. The term metaverse is used to explain virtual and interactive space in the digital world. The metaverse is actually a virtual world where a man can exist even though he is not physically present. The names of Facebook, WhatsApp and Instagram under Facebook Inc. will remain the same. Zuckerberg says that even after the company’s name is changed, our mission will remain the same, that is, to bring people together. Our apps and their brands are not changing.
Users decreased for the first time in 18 years
Zuckerberg doesn’t see much benefit from renaming Facebook. After the name change, the company had to bear the biggest loss on February 3-4. According to the quarterly report released by Meta, Facebook lost nearly one million global daily users on a quarterly basis. This is the first time since its inception in 2004 that the number of Daily Active Users (DAUs) of the social networking site has declined. Not just Facebook, but Zuckerberg’s Meta-owned WhatsApp and Instagram also saw little to no user growth. According to the report, the number of daily active global users of Facebook has come down to 1.929 billion from 1.930 billion a quarter ago.
Market cap dropped by over 200 billion
On the one hand, for the first time in the history of Facebook, the number of daily active users declined, on the other hand the company’s profits were also affected. Its market value declined by approximately $230 billion. This was the second biggest loss in a single day due to fall in shares of a company. It is worth noting that earlier in November 2021, the world’s richest person Elon Musk lost $ 35 billion in a single day due to the breakdown of Tesla Inc.
Zuckerberg out of top 10 list
Facebook founder Mark Zuckerberg’s wealth fell by more than $31 billion in one day due to a sharp drop in the company’s market value. With this, he was also out of the list of top 10 billionaires in the world. Due to his exclusion from this list, Indian industrialist Gautam Adani joined it. After this fall, not only Gautam Adani, but Mukesh Ambani, chairman of Reliance Industries, also overtook Mark Zuckerberg in terms of net worth.
