Facebook founder and CEO Mark Zuckerberg lost $ 7.2 billion on Friday, or $ 6.4 billion, as several companies pulled their ads from the social media service. According to Bloomberg news agency, Zuckerberg now has to make ends meet with $ 82.3 billion, or € 73.4 billion in assets.
Facebook’s market capitalization fell $ 50 billion on Friday when big company Unilever joined an anti-Facebook advertising boycott, dropping Facebook’s share price by 8.3 percent. Unilever said it will stop using the money in Facebook products this year.
The reason for the boycott is the intervention of hate speech and the dissemination of false information, which is considered to be deficient in the community service. For some advertisers, the boycott may only be temporary, but on the other hand broader than Facebook. For example, Coca-Cola said it will suspend all paid advertising on all social media for at least 30 days.
Facebook and Zuckerberg have been angry with many people recently after the service allowed an update interpreted by U.S. President Donald Trump as a hate speech to stay on the service.
Read more: Zuckerberg had to explain why Facebook allows Trump’s lies
Advocating the retention of the update, Zuckerberg introduced several possible changes to the service in early June. He said ways to deal with infringing or potentially infringing content are being looked at.
Read more: Zuckerberg bowed under pressure, promises changes to Facebook - still didn't touch on Trump's threat
The CEO later said Americans can opt out of election ads if they wish. However, lying in political advertisements was still allowed.
Read more: Facebook reveals plans for US election - still doesn't require politicians to tell the truth
Now Zuckerberg has announced further changes, stating that all voting-related updates will be provided with a link to a Facebook polling center. In addition, he said, Facebook no longer allows ads that label a certain group of people as dangerous. Zuckerberg stressed that politicians are not immune to this change.
With its write-down, Mark Zuckerberg is now the fourth richest man on the Bloomberg list, as Bernard Arnault, director of fashion house Louis Vuitton, wedged past him. At the forefront is Amazon CEO Jeff Bezos, followed by Microsoft founder and former CEO Bill Gates.