Facebook has been boycotted by advertisers. Zuckerberg’s assets have plummeted by $7 billion


Sina science and technology news in the morning of June 28, Beijing time, according to foreign media reports, Mark Zuckerberg’s assets were reduced by $7.2 billion after a number of enterprises withdrew advertisements from Facebook’s network.
The social media giant’s share price fell 8.3% on Friday, its biggest drop in nearly three months, after Unilever and other brands withdrew ads from Facebook, including the world’s largest ad. Unilever said it would stop advertising on Facebook this year.
Bloomberg’s billionaire Index said the fall cost the company $56 billion in value and reduced Zuckerberg’s personal assets to $82.3 billion. It also lowered Zuckerberg’s ranking on the rich list, which currently ranks fourth. Currently before Zuckerberg are Louis Vuitton CEO Bernard Arnault, Bill Gates and Amazon founder and CEO Jeff Bezos.
After critics said Facebook failed to fully regulate hate speech and discriminatory speech on its platform, several companies began to stop advertising on the social media platform. In addition to Unilever, other companies that canceled Facebook ads include Verizon and Hershey. Coca Cola also said it would suspend all paid ads on Facebook for at least 30 days.
On Friday, Zuckerberg responded to growing criticism of Facebook by announcing that the company would tag all election related posts and encourage users to view its new voting information center. Facebook also explained their definition of hate speech and what it would ban. “None of the policies I announced today will be exceptional for politicians,” Zuckerberg said (Xingyun)