Mark Zuckerberg loses $7.2 billion amid ad boycott
Facebook founder and CEO Mark Zuckerberg saw his personal wealth drop by $7.2 billion in just one day as a flurry of large companies, including Instagram, pulled advertising from Facebook social media platform.
Facebook shares nosedived after the news that many influential and reputable companies suspended advertising contracts with the social network's giant. However, the decision of Unilever, whose brands include Dove, Ben & Jerry’s, and Hellmann’s, to halt advertising on Facebook delivered a final blow to the company's already falling shares. Its stocks plunged by 8.3%, losing $56 billion from the company's market value. In addition, telecommunications giant Verizon and world-famous confectionery manufacturer Hershey, the legendary Coca-Cola and Pepsi have also stopped social media ads after Facebook has failed to sufficiently control hate speech and disinformation on the platform during the protests.
As a result, Zuckerberg's total wealth shrank to $82.3 billion, according to the Bloomberg Billionaire Index. Now Facebook CEO takes fourth place on the list of the richest people.