Mark Zuckerberg loses $7 billion as companies boycott Facebook ads

published 27.06.2020 16:53

by Internal Submission from japantimes.co.jp
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Companies from Verizon Communications Inc. to Hershey Co. have also stopped social media ads after critics said that Facebook has failed to sufficiently police hate speech and disinformation on the platform.

The share-price drop eliminated $56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3 billion, according to the Bloomberg Billionaires Index.

Shares of the social media company fell 8.3 percent Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network.

Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

Facebook also expanded its definition of prohibited hate speech, adding a clause saying no adverts will be allowed if they label another demographic as dangerous.