Mark Zuckerberg had $7 billion wiped off his fortune as advertisers boycott Facebook. He’s going to be just fine.
Following a major advertising boycott on Facebook, Mark Zuckerberg has now lost over $7.2 billion USD in net worth, according to reports.
The social media platform’s share fell by 8.3 percent, the largest drop in three months, after the world’s largest advertisers, Unilever, noted that it will be removing ads from the site.
Other companies like Verizon Communications, Inc., Hershey Co., Honda Motors and Coca-Cola Co. have also stopped spending money for ads on Facebook due to its inadequate policing of hateful and misleading content.
Reports go on to note that the boycott has removed $56 billion USD from Facebook’s market value and dropping Zuckerberg’s net worth to $82.3 billion USD. The $7.2 billion USD drop drops Zuckerberg from his spot as the third richest person in the world. Taking over his spot in the top three listing is chairman and chief executive of Louis Vuitton, Bernard Arnault.
Zuckerberg responded Friday to the growing criticism about misinformation on the site, announcing the company would label all voting-related posts with a link encouraging users to look at its new voter information hub.
Facebook also expanded its definition of prohibited hate speech, adding a clause saying no ads will be allowed if they label another demographic as dangerous.
“There are no exceptions for politicians in any of the policies I’m announcing here today,” Zuckerberg said.