Hi, I'm Nailabudu, and welcome to Axios Recap, where we dig into one big story.

It's Tuesday, October 5th.

Today, Facebook shares are down 15% from an all-time high on September 7th.

That's the biggest drop since the beginning of the pandemic.

And yesterday, Facebook's global outage may have prevented 54 billion Facebook messages from being sent, and 3.75 billion fewer calling minutes on WhatsApp.

That's according to marketing firm ABCD agency.

Of course, this outage comes after whistleblower Francis Hogan appeared on 60 minutes for the first time on Sunday

and testified before lawmakers in Congress today. After this, Axios is Sarah Fisher on how we got to

this moment. And we're joined now by Axios's media reporter Sarah Fisher, who's been reporting

on Facebook. Hi, Sarah. Hey, Nyla.

Sarah, first off, let's just start with Facebook stock, which took a dive over all of those

things that I just mentioned.

What's going on there?

Yeah, Naila, so Facebook stock hit a record high of $382 for its share price in early

September, September 7.

But ever since, it's been on this sort of slow, steady decline, but Facebook stock took a

dive Monday in response to a whistleblower interview with CBS, as well as a worldwide outage

across its main app, Facebook, as well as Instagram and WhatsApp.

And it's problematic, Naila, because Facebook stock doesn't normally

tank like this unless there's some sort of major business news, like they announce that they're

going to face big headwinds next quarter, or there's a start of a new rule that makes it

harder for them to target users like GDPR in 2018. It doesn't normally slide in response to sort of scandals and leaks the way it has with this whistleblower situation.

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