The major Bloomberg outage was fixed by effectively switching it off and on again

Bloomberg has finally put out a statement over the root cause of why terminals went down for nearly two and half hours on Friday.

It said in a statement sent to Business Insider (emphasis ours):

"Service has been fully restored. We experienced a combination of hardware and software failures in the network, which caused an excessive volume of network traffic. This led to customer disconnections as a result of the machines being overwhelmed. We discovered the root cause quickly, isolated the faulty hardware, and restarted the software. We are reviewing our multiple redundant systems, which failed to prevent this disruption."

So effectively, to fix the problem, Bloomberg switched it off and on again.

Sadly, they didn't address whether the rumours that have circulated around Bloomberg's London office that a spilled can of coke was the cause of the problem, but it looks like its back to "business as usual."