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How Mark Zuckerberg Lost $6bn To Facebook, Whatsapp, And Instagram Shut Down

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How Mark Zuckerberg Lost $6bn To Facebook Shut Down

Facebook owner Mark Zuckerberg’s personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the world’s richest people.

The drastic reduction in his net worth was largely due to a revelation by a whistleblower and also outages that affected Facebook Inc.’s flagship products.

The flagship products include Facebook, Facebook Messenger, Instagram, and WhatsApp.

According to a report by Yahoo Finance, a selloff sent the social-media giant’s stock plummeting 4.9% on Monday, October 3, 2021, adding to a drop of about 15% since mid-September.

The stock slide on Monday sent Zuckerberg’s worth down to $121.6 billion, dropping him below Bill Gates to No. 5 on the Bloomberg Billionaires Index. He’s down from almost $140 billion in a matter of weeks, according to the index.

How WhatsApp, Facebook, And Instagram Became Inaccessible For Users

There was an uproar among social media users on Monday, as WhatsApp, Facebook, and Instagram became inaccessible in a rare outage.

Going by the experiences of many of the users, Newsrand learned that the social media platforms stopped working in many regions on either web or smartphones.

A number of people have reported that the instant messaging platform and the social media applications are not working for them on Android, iOS, and web platforms.

According to outage tracking website Downdetector.com, more than 20,000 incidents of people reporting issues with Facebook and Instagram.

The servers continue to remain down at the time of writing this article and Facebook, WhatsApp and Instagram are currently inaccessible. Users are requested to use alternate methods of messaging like Signal and Telegram until the apps start working again.

This is however not the first time apps like WhatsApp crashed. A similar outage was observed back in March 2021.

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Elon Musk Projected To Becoming A Trillionaire

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Elon Musk Projected To Becoming A Trillionaire

World Richest Man, Elon Musk is is set to becoming the first trilloniare on earth, according to Guradian analyst, Morgan Stanley.

According to Bloomberg Billoniare Index, The Tesla’s CEO already have an estimated networt of $242 Billion.

Musk is set to arrive be the first man to have four-commas in his networth, largely thanks to his aerospace company SpaceX, People.com reports.

READ ALSO: 2021: Dangote emerges Most Valuable brand in Nigeria for the fourth time

“More than one client has told us that if Elon Musk were to become the first trillionaire… it won’t be because of Tesla,” analyst Adam Jones told the newspaper, referring to the electric car company behind the majority of his wealth to date.

“Others have said SpaceX may eventually be the most highly valued company in the world — in any industry,” Jones added.

The world number one richest have goals for human to reeach Mars, via SpaceX’s Starship, the advanced launch system already has high expectations following the success of SpaceX’s Crew Dragon.

“As one client put it, ‘talking about space before Starship is like talking about the internet before Google,’ ” explains Jones.

According to CNBC, Musk’s SpaceX was valued at $74 Billion in February and shot up to $100.3 billion this month.

Spacex became the world’s second-biggest privately held company with Musk owning 48% of the company shares.

SpaceX has celebrated a number of milestones this year, including successfully launching and landing a Starship rocket for the first time. Last month, SpaceX sent the first all-civilian crew into orbit.

Tesla still remains Elon Musk biggest asset

Back in January, Musk overtook Jeff Bezos to become the world’s richest person, only to briefly lose the title back to the Amazon billionaire the following month. Musk went on to reclaim his spot days later, following the completion of a SpaceX funding round, according to Fortune.

Bezos — currently the second-richest person in the world, per Bloomberg — is estimated to have a net worth of $197 billion, followed by Bernard Arnault ($163 billion), Bill Gates ($133 billion) and Mark Zuckberg ($127 billion).

Musk’s fortunes have rapidly increased since the start of last year.

Back in January 2020, Musk was ranked 35th on their list of billionaires, but that year his net worth rose by $100.3 billion, according to Bloomberg. He became the second-richest person in the world that November.

Bloomberg reported at the time that Musk’s financial surge came as Tesla’s market share hit $500 billion, which was an all-time high for the electric automaker company.

So far this year, the billionaire has increased his fortune by $72 billion, a 42.4% increase from this time last year, per Bloomberg.

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Appzone Launches next Generation Payment Infrastructure for Africa on Blockchain

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Appzone

Appzone Group, sub-Saharan Africa’s leading fintech software company has announced the launch of Zone, the continent’s first blockchain platform for payment processing that facilitates local and Intra-African payments in fiat and digital currencies. Developed by Appzone Switch, a subsidiary of Appzone Group, Zone forms the foundation of Appzone’s plans to build out Africa’s first decentralised payment network, which will allow inter-bank transactions to be processed directly between banks without the involvement of any intermediary.

Fintechs and banks within countries across Africa have traditionally performed inter-bank payments through centralized Electronic Financial Transaction (EFT) switches which serve as single points of contact between financial institution and handle settlement at defined intervals although they usually cause major downtime when they fail and generate reconciliation issues in certain situations. Zone enhances this by providing a decentralized architecture where each participating institution connects directly with all others so that there is no need for central infrastructure and no single failure can affect the entire network.

Zone significantly reduces transaction processing costs and improves the customer experience for end-users while ensuring that beneficiaries always get instant value for each transaction and that settlement can happen in real-time. For Intra-African payments, Zone provides a real-time settlement layer with a fiat-backed digital token for settlement that allows Banks and payment companies to process transactions across countries without worrying about how, and in which currency, to effect settlement.

Read Also: Oando Share Price Jumps by 10% Following Oando’s Settlement with Regulator

With 10 commercial Banks in Nigeria already connected to the network, Zone provides Banks and Fintechs with simple APIs for various types of transactions including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations. The platform’s architecture achieves high through-put and record transaction success rates, while eliminating typical reconciliation issues that delay refunds to customers where necessary.

According to Uche Elendu, CEO of Appzone Switch ‘’Zone Switch represents the cashless and borderless future of payments in Africa. With an unprecedented level of network redundancy and security, the platform will eliminate the systemic risk associated with centralized payment systems while delivering the uptime and throughput required in a truly cashless society.’’

In addition to core functionality like payments authorization, and real-time settlement, the team at Appzone Switch are looking to evolve the platform’s digital token for settlement into a stable Pan-African digital currency that is fully compliant, approved by central Banks, and backed by a basket of fiat currencies in Africa. The idea will be for Zone to manage stablecoin wallets for regular individuals on the same distributed ledger that currently facilitates payment authorization and settlement.

By connecting every financial service provider to this decentralized payment network, Appzone Switch envisions a future beyond cash where payments are frictionless and instantaneous within and between every African country so that Africa can accelerate trade and economic prosperity.

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Truth Social: Trump To Launch New Social Media App

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Truth Social: Trump To Launch New Social Media App

Donald Trump has announced the launching of his own chat platform called “Truth Social”, after being banned from Twitter, Facebook, Others.

The former US President discloses as his media company, Trump Media & Technology Group (TMTG) merged with Digital World Acquisition Corp. to become a publicly listed company with a potential valuation of up to $1.7 billion.

The Truth Social is set to be launched in early 2022, according to Trump, to rival likes of Facebook and Twitter.

READ ALSO: 2021: Dangote emerges Most Valuable brand in Nigeria for the fourth time

He also added that he will create a rival ”subscription video-on-demand service” to compete with Google’s YouTube.

”I created TRUTH Social and TMTG to stand up to the tyranny of Big Tech,” Trump wrote in the announcement Wednesday night, October 20.

We live in a world where the Taliban has a huge presence on Twitter, yet your favorite American President has been silenced.

”This is unacceptable.”

The move is a fulfillment of a promise to create a conservative media competitor to combat the liberal activism against his administration and in the 2020 presidential campaign.

”I am excited to send out my first TRUTH on TRUTH Social very soon,” Trump added. ”TMTG was founded with a mission to give a voice to all. I’m excited to soon begin sharing my thoughts on TRUTH Social and to fight back against Big Tech.

Everyone asks me why doesn’t someone stand up to Big Tech? Well, we will be soon!”

The subscription video-on-demand service will be called TMTG+.

”TMTG+ will feature ‘non-woke’ entertainment programming, news, podcasts, and more,” according to the news release.

Trump has already launched lawsuits against Twitter and Facebook for their responses to conservative views and speech.

”Truth Social is America’s ‘Big Tent’ social media platform that encourages an open, free, and honest global conversation without discriminating against political ideology,” the Truth Social website reads, allowing future users to register early for the initial waitlist.

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