According to Bloomberg, Mark Zuckerberg loses $7 billion after firms FB ad boycott. Many companies have signaled FB ad boycott. The company faced a huge drop in the share price of 8.3%, the most in three months.
The company suffered a huge loss when Unilever which is the world’s largest advertiser announced the boycott of social media ads. Unilever announced to stop spending money on FB ads. According to the Bloomberg Billionaire Index, the net worth of the Zuckergeg is now $82.3 billion.
The FB CEO now moves to 4th position in the world’s richest people Index. Bernard Arnault overtakes Mark Zuckerberg. The companies claim that Facebook has failed to sufficiently police hate speech and disinformation on the platform. Coca Cola also stopped paid advertising on all social media for at least 30 days.
Some companies have even stopped paid advertising from Twitter.
We will pause all paid advertising on Facebook and Instagram in the US in support of the #StopHateForProfit campaign. Facebook, Inc. must take the clear and unequivocal actions to stop its platform from being used to spread and amplify racism and hate. >>>https://t.co/7OpxtcbDGg pic.twitter.com/I989Uk9V3h— Ben & Jerry's (@benandjerrys) June 23, 2020
The boycott movement is under the umbrella of the #StopHateForProfit campaign. The #StopHateForProfi motivates firms to pull ads from Facebook specifically because they claim that the company supports white supremacy.
Facebook in response to these allegations announced some changes the way it handles voter misinformation.
Facebook also claimed that its Artificial Intelligence tools are efficient enough to catch the hateful content right in time and remove 90% of such posts before anyone can report it to the website.