Mark Zuckerberg loses $7 billion as companies boycott Facebook ads!
On Friday, The social media giant, Facebook shares fell by 8.3% ,the most in three months, which resulted in $7 billion loss in personal wealth of mark zuckerberg, as companies stopped advertising on the social media platform, according to Bloomberg’s Billionaire Index.
WHAT’S THE ESTIMATED LOSS?
Facebook co-founder and CEO just became $7.2 billion poorer after a bunch of companies pulled out ads from Facebook Inc.’s network.
Facebook shares dropped 8.3% , eliminating $56 billion from the company’s market value, after one of the world’s largest advertisers, Unilever joined the other brands in boycotting advertisements on the social network.
WHAT REALLY HAPPENED?
Bunch of companies ranging form Verizon to ben&jerry’s to coca-cola are pulling advertisements from Facebook and Instagram as a part of #StopHate4Profit campaign led by flurry of civil rights groups, which includes Anti-Defamation League and NAACP.
This campaign encourages companies to pull advertisements from Facebook. Because they claim that the company amplifies white supremacist voices. Above all, Facebook does not do enough to stop spread of hate speech.
VERIZON JOINS FACEBOOK, INSTAGRAM AD BOYCOTT!
“Every day, we see ads from companies placed adjacent to hateful content. Occupying the same space as extremist recruitment groups and harmful disinformation campaigns.” ADL CEO and National Director Jonathan Greenblatt said. “Your ad buying dollars are being used by the platform to increase its dominance in the industry at the expense of vulnerable and marginalized communities who are often targets of hate groups on Facebook.”
HOW THEY RESPONDED?
Mark Zuckerberg responded to the growing criticism about the misinformation on the Facebook. In response, he announced some changes to the way the website handles voter misinformation and posts from politicians. All because of the backslash over not taking action against posts from president Trump. It also said that it’s artificial intelligence tools and human moderators catch and remove 90 percent of hate speech. Before anyone reports it to the site.