“Facebook“The wealth of manager Mark Zakerberg has shrunk sharply by seven billion ASV dollars as the company’s share price falls, after more and more companies announce the cessation of advertising on Facebook, Bloomberg reports.
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Facebook shares fell 8.3% on Friday, the biggest drop in three months. It happened after one of the world’s largest advertisers, Unilever, announced that it would follow the example of other companies and boycott advertising on an influential social network.
The fall in stock prices reduced Facebook’s market value by $ 56 billion and reduced Zakberg’s assets to $ 82.3 billion. As a result, Zakerberg has fallen one place to fourth place in the World Billionaires Index of the Bloomberg Billionaires Index.
In the past, companies such as Verizon Communications, Hershey and others have announced a halt to advertising on Facebook following widespread criticism of the lack of action against hate speech and misinformation on social networking platforms. Coca-Cola also announced that it will stop all advertising on all social networking platforms for at least 30 days.
Zakerberg responded to the avalanche of criticism on Friday by announcing that the company will add a link to a new website containing information relevant to voters to all election-related materials. At the same time, Facebook has also announced that it has expanded the scope of what is considered a hate speech to be banned, with the proviso that ads that describe a demographic group as dangerous will not be allowed on the network.
The BBC reports that Facebook is also committed to specifically identifying potentially dangerous information that will not be deleted due to the value of the news.
In all, more than 90 advertisers have joined the boycott over concerns about the situation ahead of the US presidential election in the fall and the unrest that followed the assassination of African American George Floid.
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