Facebook's value plummets $56 billion, Mark Zuckerberg loses $7 billion
- IndiaGlitz, [Monday,June 29 2020]
With several MNC giants stopping ads on Facebook, the social networking site and its founder-CEO Mark Zuckerberg have suffered huge valuation losses recently.
Bloomberg and other publications have reported that Zuckerberg has become $7.2 billion poorer because of this collective decision by several companies. Shares of Facebook fell 8.3% on Friday after Unilever and other brands boycotted ads on the social network, a report says. Coca-Cola is another global giant to stop advertising for 30 days.
Economic Times writes that the share-price drop eliminated as much as $56 billion from FB’s market value. As a result, Zuckerberg’s net worth depleted to $82.3 billion.
The boycott campaign is ostensibly because Facebook has failed to sufficiently police hate speech and disinformation.
Following the bloodbath, the CEO of Facebook said that the network is going to expand its definition of prohibited hate speech.