Facebook loses $6bn in 6 hours

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What’s inside:

  • Facebook loses $6billion in 6 hours

  • Vedanta investing $20 billion

  • Paytm worth less than $20 billion


Facebook loses $6billion in 6 hours

Zuckerburg said — “Sorry! "😕…after an internal technical issue took Facebook, Messenger, Whatsapp and Instagram offline at about 16:00 GMT on Monday.

The scramble to bring it back online eventually succeeded at around 22:00.

But it is likely to increase scrutiny of the social media giant's reach.

For hours, potentially billions of people found themselves without the social media tools they relied upon to keep in touch with friends and family. Others reportedly found they could not access services which required a Facebook login.

Meanwhile, businesses around the world, which use social media to connect with customers, were faced with the prospect of an unexpected financial hit. Panagariya, in an interview to PTI, however also emphasised that the country needs to conquer Covid-19 as quickly and decisively as possible.
"Here the news on vaccination front is excellent. I only wish that we as citizens do our bit and religiously wear masks when coming in contact with others," he said.

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Vedanta investing $20 billion

Vedanta group chairman Anil Agarwal says his companies are looking to invest around $20 billion in India, including in the privatisation of BPCL, Shipping Corporation and Hindustan Copper.


In an interview to TOI on the sidelines of the Dubai Expo, he suggests there is pressure from foreign entities to block manufacturing in India, including through concerns over environment and other issues.

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Paytm worth less than $20 billion

Paytm's rightful valuation, once it lists on Indian stock exchanges, should be less than $20 billion given its inability to generate profits despite spending heavily to expand its product suite over the past 10 years, globally acclaimed equity valuation

“In making my assessment, I fully understand that there is substantial operating and execution risk in this story, since this value presupposes that Paytm will remain a dominant player in the Indian mobile payment space as it grows, and that Paytm's management will pivot from growing users to growing revenues and from growing revenues to growing profits, over time, with nothing in their history to back that up,” said Aswath Damodaram.

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