Zuckerberg lost billions amid scandal

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Companies continue to join Facebook ads boycott

Photo: NYTimes

Mark Zuckerberg became poorer than $ 7.2 billion after several companies announced a boycott of social media advertisements. Facebook shares fell 8.3% on Friday, the highest level in three months. This happened after one of the world’s largest advertisers, Unilever, joined other brands in boycotting Facebook ads.

According to the Bloomberg Billionaires Index, the fall in share prices reduced Facebook’s market value by $ 56 billion and Zuckerberg’s fortune at $ 82.3 billion, leaving Facebook’s three richest people.

On June 17, activists of several public organizations once urged brands to stop advertising on Facebook. The social network is accused of failing to protect users from hateful rhetoric. Facebook is reportedly not fighting enough for the upcoming presidential election to incite protesters, racism, hatred and misinformation.

More than 10 major brands have already joined Facebook’s boycott: Unilever, Coca-Cola, Honda Motor, PepsiCo, Verizon, Levi Strauss, Viber and others. Not only are brands boycotting Facebook itself, but there are agencies that work with them.

In return, Facebook reports on steps taken to combat hateful content. Notably, the social network has already removed a series of advertising publications advertising Donald Trump’s campaign, believing they are hated. Facebook will also accompany all posts in the US elections with a link to a new voter information center.

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Earlier it was reported that Facebook has allowed users to completely remove impressions in taped political advertisements that they do not like. The new feature will be available to share on the Apple social network Facebook and company-owned photo Instagram.

Read: Viber breaks all business ties with Facebook: what’s the reason

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