Mark Zuckerberg Loses $7Bn As Top Companies Stop Facebook, Instagram Ads

  • Facebook shares on Friday fell by 8.3% after consumer goods giant Unilever joined other brands in boycotting ads on the social network to protest The #StopHate4Profit campaign.
  • The 8.3% share-price drop eliminated $56 billion from Facebook’s market value and pushed Mark Zuckerberg’s net worth down to $82.3 billion
  • The #StopHate4Profit campaign encourages companies to stop ads from Facebook specifically because they allege the company amplifies white supremacist voices and does not do enough to stop hate speech from spreading.

Facebook owner Mark Zuckerberg has lost well over $7 billion in personal wealth as several multinational companies unite against running ads on the social media platform, in support of the #StopHate4Profit campaign that claims that Facebook has failed to sufficiently police hate speech and disinformation on the platform.

The #StopHate4Profit campaign encourages companies to stop ads from Facebook specifically because they allege the company amplifies white supremacist voices and does not do enough to stop hate speech from spreading.

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Facebook shares on Friday fell by 8.3% after consumer goods giant Unilever joined other brands in boycotting ads on the social network. Unilever followed up with a statement saying that it would not be spending money with Facebook’s properties this year.

The 8.3% share-price drop eliminated $56 billion from Facebook’s market value and pushed Mark Zuckerberg’s net worth down to $82.3 billion, according to the Bloomberg Billionaires Index.

That meant Zuckerberg fell to No. 4 on the index with a net worth of $82.3 billion, behind Jeff Bezos, Bill Gates and LVMH Moët Hennessy – Louis Vuitton CEO Bernard Arnault.

Other companies including Coca-Cola Co. Verizon Communications Inc., Hershey Co. have also stopped social media ads with Coca-Cola Co. saying it would pause all paid advertising on all social media platforms for at least 30 days.

In response, Facebook on Friday announced that it had made some changes to the way the platform handles voter misinformation and posts from politicians amid backlash over not taking action against posts from President Trump.

Facebook also reported that its artificial intelligence tools and human moderators catch and remove “90 per cent” of hate speech “before anyone even reports it” to the site.

“There are no exceptions for politicians in any of the policies I’m announcing here today,” Zuckerberg said.

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