iWorld
Mark Zuckerberg, Facebook boss, loses $16.8 bn in just 2 hours
MUMBAI: After a trembling quarter which was full of controversies regarding data security, Facebook faced the hit on stocks too. Following the Cambridge Analytica scandal, the social media giant lost the faith of users and faced backlash from policymakers. Now, after a poor Q2 result with a weaker-than-expected revenue growth, the company lost about $130 billion in market value in just two hours. CEO Mark Zuckerberg, the third richest man according to the Bloomberg Billionaires Index, lost $16.8 billion in extended trading.
If Zuckerberg’s loss holds through Thursday, he will slide to sixth place in the Bloomberg Billionaires Index.
In Q2, Facebook could not reach the Wall Street-projections for growth in revenue as well as daily users. Moreover, the company also told the numbers won’t get better this year. The stock slide started right after Facebook posted the result which was later triggered by chief financial officer David Wehner’s comment on slow growth throughout the year. Shares plunged as much as 24 per cent afterwards.
Facebook had 1.47 billion daily active users in June, compared with the 1.48 billion average of analysts’ estimation. In Europe, the implementation of strict new data regulations led to 1 per cent decline in daily visitors. Even in its biggest markets, the US and Canada, the user base did not grow. The company added 22 million daily active users, lower than the 41 million it added in the same quarter a year earlier. While analysts projected $13.3 billion, the revenue increased 42 per cent to $13.2 billion in the quarter.
“I think many investors are having a hard time reconciling that deceleration,” an analyst at Jefferies LLC Brent Thill told Facebook executives. “It just seems like the magnitude is beyond anything we’ve seen, especially across a number of the tech (companies) we cover,” he added. However, some analysts think the harsh truth is that the platform can’t grow forever. “The core Facebook platform is declining,” an analyst at Pivotal Research Group Brian Wieser said.
Facebook will increase spending to make investments in video content, artificial intelligence, and virtual reality. The company is growing its video play with new sports broadcasting rights and content deal for news. However amid all new plans also, it could not live up to expectation. Since 2015 Q1, this is the first time it could not meet revenue growth.
e-commerce
Instamart partners with Kalyan Jewellers for Gold Rate Protection this Akshaya Tritiya
Quick commerce platform lets customers lock in gold prices and pay the lower rate on delivery day.
MUMBAI: Instamart has found a golden way to take the stress out of festive buying by letting customers lock today’s rate and still benefit if prices fall. India’s pioneering quick commerce platform has teamed up with Kalyan Jewellers to introduce Gold Rate Protection, a first-of-its-kind feature for Akshaya Tritiya. Customers can now pre-book BIS hallmarked gold coins on the Instamart app between 10 and 16 April 2026 by paying just 5 per cent advance (starting from Rs 500 for a 0.5 gm coin) and take delivery on 19 April.
On the delivery day (between 8:00 AM and 12:00 PM IST), buyers will pay the lower of the two prices, the rate locked at pre-booking or the market rate on delivery day. As an added festive bonus, all pre-book customers will receive a free silver coin from Kalyan Jewellers.
Arjun Choudhary, VP Growth at Instamart, said the feature was designed to give consumers greater confidence during the auspicious occasion. “By allowing users to secure a price in advance while still benefiting from any price drops, we strive to offer strong overall value,” he noted.
Kalyan Jewellers, executive director Ramesh Kalyanaraman added, “Gold rate protection has been a preferred feature across our retail showrooms. With Instamart, we are extending this convenience for the first time to a quick commerce platform.”
Last year, Instamart witnessed a surge of over 500 per cent in gold and silver coin sales on Akshaya Tritiya compared to Dhanteras, highlighting the growing trust in quick commerce for culturally significant purchases.
This initiative underscores Instamart’s continued push beyond everyday essentials, positioning the platform as a reliable destination for meaningful, occasion-led buys delivered with speed and trust.
This Akshaya Tritiya, Instamart and Kalyan Jewellers have made buying gold not just auspicious, but also refreshingly smart proving that even in the world of quick commerce, some things are worth the wait (and the protection).
