Facebook malfunction loses Zuckerberg $7 billion of his fortune and oil jumps over $80

2021-10-05T17:38:25
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Facebook malfunction loses Zuckerberg $7 billion of his fortune nd oil jumps over $80

Facebook malfunction loses Zuckerberg $7 billion of his fortune and oil  jumps over $80:All the US Facebook-owned services and apps broke down yesterday for more than 6 hours,

causing the stock to decline by 5%, as well as the wealth of its owner, Mark Zuckerberg, to fall by more than $7 billion. 

Evest follows the details in the following report:

Topics:

Biden calls on Republicans to agree to raise the debt ceiling as soon as possible

Negative trading in Asia and Wall Street

A big Decline in Technology Stocks

Zuckerberg loses $7 billion because of Facebook shutdown

A new oil jump of more than 80 dollars

Biden calls on Republicans to agree to raise the debt ceiling as soon as possible

US President Joe Biden called on Republican congressmen on Monday to “allow the Democrats to vote to raise the debt ceiling this week”

as the October 18 deadline for the decision approaches.

“If you do not want to help save the country, do not hinder its efforts to get out of the crisis so as not to destroy it,”

Biden said, addressing Republican representatives in Congress.

The United States President was unable to ensure that the United States would not reach the national debt ceiling,

saying that it depended on Republican Senate Minority Leader Mitch McConnell.

Axios recalls that last week,

Treasury Secretary Janet Yellen warned members of Congress about the need to raise the national debt ceiling or suspend the borrowing limit by October 18,

otherwise the United States would be forced to default on its national debt for the first time in history.

Republicans, led by Minority Leader McConnell, said they would not vote to raise the national debt ceiling, as it would boost government spending.

According to CNN, if the national debt limit is not increased by October 18, the authorities will be forced to freeze federal employee benefits,

medical care benefits, military salaries, tax refunds, social security checks and more, potentially affecting millions of Americans.

Negative trading in Asia and Wall Street

Stock indices in the Asia-Pacific region on Tuesday mostly show negative dynamics, in particular, particularly the Japanese Nikkei 225 index lost 1.89%.

While the US S&P 500 index’s futures are rising by 0.11%. 0.43%.

US stock indices declined on the basis of Monday’s trading, including falling stock prices for large technology companies.

The market has come under pressure by concerns about the future policy of the largest central banks and the state of the world economy

The Dow Jones Industrial Index declined 323.54 points (0.94%) to 34002.92. Standard & Poor’s 500 fell by 56.58 points (1.3%) to 4300.46.

The Nasdaq Composite Index lost 311.21 points (2.14%) to 1425.48.

The financial problems of Chinese developer China Evergrande remain in focus. 

Traders fear that the company’s inability to pay its debts could have a detrimental effect on the Chinese economy.

According to analysts, this fact, combined with problems related to global logistics and rising energy prices, limits investors’ appetite for risk and may boost the US dollar.

In the meantime, it has been reported that pharmaceutical company Merck & Co. has developed a drug for Covid-19 capable of mitigating the course of the disease.

This can reduce the number of hospitalizations and deaths due to the disease.

Experiments showed that patients who received the drug were less likely to be admitted to the hospital than those who received other drugs,

according to representatives from Merck.

There were also fewer deaths, among those who used the drug, than in the group that received the conventional drugs.

A big Decline in Technology Stocks

Apple stocks fell by 1.5%, Nvidia by 4.9%, Amazon by 2.9%, and Microsoft by 2.1%.

Stocks of American Airlines declined by 1.2 percent. According to the Associated Press,

one of the largest United States airlines has decided to require its employees to be vaccinated against Covid- 19, citing a letter from CEO Doug Parker to employees.

Tesla’s stock price fell by 0.81%.

The manufacturer stated that the company’s deliveries in the third quarter amounted to 241.3 thousand electric cars and production amounted to 238 thousand.

Analysts estimated the shipments, on average, at 227,000 vehicles, according to FactSet.

 

Honeywell International’s stocks fell by 0.7%, although the US company raised its annual profit by 5.4% to $3.92 from $3.72 per stock.

Zuckerberg loses $7 billion because of Facebook shutdown

Bloomberg said that Facebook founder Mark Zuckerberg lost $7 billion in net capital on Monday

due to the global turmoil in the social networks Facebook and Instagram,

as well as WhatsApp (all three services are owned by Facebook).

According to the Agency, Zuckerberg’s wealth declined in a few hours to $120.9 billion,

thus Zuckerberg fell from third to fifth place in the list of the world’s richest people,

which was previously occupied by businessman Bill Gates.

Bloomberg reports that due to global problems in the operation of Facebook-owned social networks, the company’s stock price fell by 5%.

On Monday, there was a global interruption in all Facebook services.

Services were interrupted for almost six hours in all countries of the world, including the United States of America. 

A new oil jump of more than 80 dollars

Oil prices continued to rise on Tuesday after a jump of more than 2% the previous day due to the OPEC + countries’

decision to maintain the previously approved plan to increase oil production,

despite the growth in demand amid a sharp rise in the cost of oil. 

According to this plan, OPEC + will raise its oil production in November by 400 thousand barrels per day. 

Before the meeting, and during informal meetings,

consideration was given to the option of increasing production more strongly next month – by 800 thousand barrels per day,

while maintaining the plan before December.

The December futures cost for Brent oil on the London Stock Exchange ICE Futures is $$81.47 per barrel,

which is $0.21 (0.26%) higher than the closing price of the previous session. 

As a result of Monday’s trading, these futures rose by $1.98 (2.5٪) – to $81.26 per barrel, the highest since October 16, 2018.

The price of West Texas Intermediate crude futures for November in electronic trading on the New York Mercantile Exchange (NMX) is $77.72 per barrel,

$0.1 (0.13%) higher than the final value of the previous session. 

The previous day, these futures’ value rose by $1.74 (2.3%) – to $77.62 per barrel,

the highest value at market close since November 11, 2014.

Saudi Aramco, the Saudi oil company,

estimates that the jump in gas prices has already driven up oil demand by 500 thousand barrels per day

as consumers seek to shift from more expensive gas to slightly cheaper oil.

 

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