Mark Zuckerberg has just become poorer by $ 7.2 billion after a rush of companies pulled advertising from Facebook Inc.
The company’s shares on social media fell 8.3% on Friday, the most in three months after Unilever, one of the world’s largest advertisers, joined other brands in boycotting social media ads. Unilever said it will stop spending money with Facebook real estate this year.
The fall in stock prices eliminated $ 56 billion from Facebook’s market value and pushed Zuckerberg’s net worth to $ 82.3 billion, according to the Bloomberg Billionaires Index. It also shifted Facebook’s CEO by one place to fourth, overtaken by Louis Vuitton boss Bernard Arnault, who, along with Jeff Bezos and Bill Gates, has been elevated to one of the three richest worlds in the world.
Companies from Verizon Communications Inc. to Hershey Co. they also stopped ads on social media after critics said Facebook had failed to hate speech and misinformation on the platform enough. Coca-Cola Co. she said she would stop paid advertising on all social media platforms for at least 30 days.
Zuckerberg responded to growing criticism for disinformation on the website on Friday, announcing that the company would mark all voting-related posts with a link that encourages users to look at its new voter data center. Facebook has also expanded its definition of banned hate speech, adding a clause that says ads will not be allowed if others demographically mark it as dangerous.
“There are no exceptions for politicians in any of the policies I am announcing today,” Zuckerberg said.