The social media giant makes most of its money from advertising on its platform, so a “technical issue” that brought down its system would also reduce its overall revenue.

Financial expert Dan Ives, director of Wedbush Securities, estimated the damage would be around $100 million after the Meta ecosystem (including: Facebook, Instagram, Messenger) had a global access error.

Also in the trading session on March 5, shares of technology giant Meta fell about 1.5%.

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Netizens "edited" a photo of Mark Zuckerberg watching users move to rival platforms to find out why Facebook and Instagram crashed.

Meta is unlikely to disclose financial losses from the incident, but the $100 million figure is “insignificant” compared to its total revenue of $134 billion (2023).

In an official statement, Meta communications director Andy Stone confirmed that the company's platform experienced technical issues and was quickly fixed by engineers.

DailyMail's anonymous source said Meta's internal systems also crashed overnight, which may have been the cause of the known user account logout issue.

According to statistics, the majority of error reports appeared on the application, specifically 72% on Facebook, 64% on Instagram and 50% on Messenger. On social network X (formerly Twitter), there were more than 80,000 posts about Facebook social networks being down at the time of the incident.

“You’re reading this because our servers are still up and running.” Elon Musk, the billionaire owner of X, did not forget to “troll” his competitors.

Conspiracy theories have also been circulating on the Internet that the incident was the result of a cyber attack that occurred on Super Tuesday, when US states vote to elect delegates to their party conventions, where the 2024 presidential candidates of the Democratic and Republican parties will be chosen.

Jake Moore, a technology expert and security advisor at ESET, said the Meta incident was unlikely to be the result of a hack, but it was not impossible. “Facebook has been down in the past, so hacking cannot be ruled out, but it is more likely to be due to an internal network issue.”

Meanwhile, Kerri Lisenbigler, editor at TheRevOpsTeam, said “the incident is nothing serious.”

“Large platforms like Facebook and Instagram handle massive amounts of data and traffic every hour, and a single human error in a server room can cause an outage that affects millions of users,” Kerri said. “The possibility of a hack only comes up if Meta can’t recover from the outage within a few hours.”

Meta confirms Facebook suffered a technical error that logged users out of their accounts . Meta's communications director confirmed that the social network Facebook suffered an access error that logged users out of their accounts and the issue was resolved quickly.