Boycott Some companies lift Facebook ads, Zuckerberg threatened to lose $ 7.2 billion – Mark Zuckerberg became $ 7.2 billion poorer after a number of companies pulled ads from the Facebook Inc. network.
Shares of social media companies fell 8.3% on Friday, the biggest in three months, after Unilever, one of the world’s biggest advertisers, joined other brands in boycotting ads on social networks. Unilever said it would stop spending money with Facebook properties this year.
The fall in stock prices removed $ 56 billion from Facebook’s market value and pushed Zuckerberg’s net worth fell to $ 82.3 billion, according to the Bloomberg Billionaires Index. It also made Facebook’s CEO go down one level to fourth, followed by Louis Vuitton boss Bernard Arnault, who was named one of the three richest people in the world along with Jeff Bezos and Bill Gates.
Companies from Verizon Communications Inc. to Hershey Co. has also stopped social media advertising after critics say that Facebook has failed to adequately hate hate speech and misinformation on the platform. Coca-Cola Co. said it would stop all paid advertising on all social media platforms for at least 30 days.
Zuckerberg responded Friday to growing criticism about misinformation on the site, announcing the company would label all posts related to voting with links that encourage users to see the new voter information center. Facebook also expanded the definition of banned hate speech, adding a clause that said no advertisements would be allowed if they labeled other demographics as dangerous.
“There are no exceptions for politicians in whatever policies I announce here today,” Zuckerberg said.
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