Mark Zuckerberg loses $7 billion as companies drop ads
From WWW.FOXBUSINESS.COM
Facebook founder and CEO Mark Zuckerberg has lost more than $7 billion in personal wealth as companies stopped advertising on the social media platform, according to Bloomberg's Billionaire Index.
Facebook shares dropped 8.3 percent on Friday, eliminating $56 billion from the company's market value, after British-Dutch consumer goods company Unilever joined a number of other big brands in pulling its advertisements from the site, according to Bloomberg.
Zuckerberg now ranks at No. 4 on the index with a net worth of $82.3 billion, behind Amazon founder Jeff Bezos, Microsoft founder Bill Gates and LVMH Moët Hennessy – Louis Vuitton CEO Bernard Arnault.
Companies ranging from Verizon to Ben & Jerry's to The North Face are pulling ads from Facebook and Instagram as part of the #StopHate4Profit campaign led by a number of civil rights groups including the Anti-Defamation League and the NAACP. Some companies have also pulled advertising from Twitter.
The #StopHate4Profit campaign encourages companies to pull ads from Facebook specifically because they allege the company amplifies white supremacist voices and does not do enough to stop hate speech from spreading.
The ADL on Thursday sent an open letter to Facebook advertisers saying the social media platform "continues to come up short" in its effor... (Read more)
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Submitted 1392 days ago
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