Mark Zuckerberg loses $7 billion after companies boycott Facebook ads

CEO and founder of Facebook, Mark Zuckerberg has lost $7.2 billion after several companies pulled out of Facebook ads.  companies which have boycotted promotion on social media platform include Unilever which said that it would stop spending money on Facebook this year. In addition, major brands like Verizon communication, Hershey’s which accounted for a large shared in company's revenue have also backed off. Meanwhile, Coca Cola has also anunced pausing all its social media ads for 30 days.

Shares plunged by 8.3 per cent

All this is has led to a plunge in market value of company with its shares falling by 8.3 per cent on June 26. Louise Vuitton's Bernard Arnault who overtook Zuckerberg to become third richest man on net is only behind Amazon’s Jeff Bezos and Microsoft's Bill Gates. 

Read: Verizon Joins Ad Boycott Of Facebook Over Hateful Content

Read: Facebook Cites EU Report To Claim It Tackles Hate Speech Better Than Google & Twitter

In recent months, demands for boycotting Facebook has grown with rights group slamming social media platform for t taking effective action against hate speech, racist posts, paid political advertisements with hyper targetting users. In addition, Facebook has also been pulled up after Cambridge Analytica, a political consulting firm based in London, used user data to target voters during 2016 US Presidential elections.

In response to that, Facebook on Friday, June 26 anunced new measures and a change in its policy to deal with hate speech and voter suppression in lead up to 2020 US Presidential elections. To fight voter suppression, firm said, "During a pandemic when people may be afraid of going to polls, sharing authoritative information on voting by mail will be especially important. We'll be showing Voting Information Center at top of Facebook and Instagram apps over coming months." This will allow voters to discuss information around voting and will offer links to discuss issue.

Read: Facebook To Flag Posts That Break Its Rules

Read: Facebook Anunces Measures To Deal With Hate Speech, Misinformation And Voter Suppression