Mark Zuckerberg
Mark Zuckerberg just became US$7.2-billion (R124-billion) poorer after a flurry of companies pulled advertising from Facebook’s network.
Shares of the social media company fell 8.3% on 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.
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.
The share price drop eliminated $56-billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3-billion
Companies from Verizon Communications to Hershey have also stopped social media ads after critics said that Facebook has failed to sufficiently police hate speech and disinformation on the platform.
Zuckerberg responded on 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.
