slack stock price
Slack stock plunged as the app succumbed to a 64-minute outage. The company’s market cap fell $550 million – or $8.6 million per minute. | Source: REUTERS / Brendan McDermid

When Slack suffered a crippling 64-minute outage this morning, the downtime did more than just enrage users and resurrect the #Slackdown hashtag. It also ignited a $550 million plunge in Slack stock (NYSE: WORK).

64 Minutes of Virtual Office Pain

The outage, as CCN reported, began at roughly 10:50 am ET and lingered for more than an hour. Initially, the communications app struggled with slow loading times and messages that refused to send, though users later reported an inability to access their workspaces at all.

https://twitter.com/beet_keeper/status/1155853303022051328

Slack had resolved the issue by the time most East Coast users had gone on their lunch breaks, but there’s one place the problem hasn’t disappeared: the New York Stock Exchange.

Slack Stock Tumbles, Market Cap Evaporates

Slack shares had already stumbled out of the gate, and the decline worsened as word of the outage spread. WORK ultimately slipped as low as $32.51 – a 4.7% decline from Monday’s open at $34.10.

Heading toward the closing bell, Slack stock trades at $33.00 for a decline of 3.2%.

slack stock tumbles after outage
WORK shares shed more than 3% on Monday. | Source: Yahoo Finance

While not severe from a per-share standpoint, that translates into a $550 million market cap wipeout for the Silicon Valley darling. That’s nearly $8.6 million for every minute that Slack was down.

The outage and corresponding valuation plunge are emblematic of what has been a painful month for Slack, which had been one of the year’s most highly-anticipated IPOs prior to its NYSE debut a month ago.

Though technically trading well above their $26 IPO price, WORK shares have plummeted 15% from their initial close at $38.62. They’ve also crashed more than 21% since peaking at $42 on that same day.

You May Also Like

Elon Musk’s Inspiration for the Lame Cybertruck Was a James Bond Movie

The Tesla Cybertruck may have been inspired by some cool vehicles, but that doesn’t mean truck-owners will get on board with the design.

New Trump Tariffs Could Send Beer Prices Soaring

Another round of surprise Trump tariffs are the president’s remedy for weaker foreign currencies, but it could be bitter news for beer prices.

5 Reasons McDonald’s Chicken Sandwich Won’t Be a Chick-fil-A Killer

McDonald’s joins the chicken sandwich wars with the Crispy Chicken Sandwich, but it will be no match for Chick-fil-A’s product or brand.

Billionaire Ray Dalio: US Empire Fading as Shanghai Becomes World Financial Hub

Ray Dalio believes that the U.S. empire is losing steam. China is on the rise, and if the trade war goes awry, it will lead to chaos.

Hey Larry Page & Sergey Brin, You Forgot to Sign the Giving Pledge on Your Way Out

Larry Page and Sergey Brin’s fans will be disappointed as they leave Google. So will Bill Gates and Warren Buffett, but for different reasons.

YouTube Rewind 2019 Is the Blandest Thing on the Face of the Planet

YouTube Rewind 2019 is here, and it is the blandest video that has ever existed.