Mark Zuckerberg has been hit with 7 billion dollars after some companies pulled ads from the Facebook Inc. network. Shares of Unilever, one of the world’s largest advertising companies, plunged 8.3 percent on Friday after boycotting advertising on social media networks with other brands. Unilever said it would stop spending money on Facebook assets this year.
According to the Bloomberg Billionaires Index, Zuckerberg’s fortune fell to 82.3 billion after his share price fell by 56 billion from Facebook’s market value. At the same time, Mark Zuckerberg’s place in the list of the richest people in the world has dropped one place to fourth, with Bernard Arnault’s Louis Vuitton taking his place. Louis Vuitton is now the third richest person in the world after Jeff Bezos and Bill Gates. Companies ranging from Verizon Communications Inc. to Hershey’s have stopped advertising on social media after Facebook failed to stop misinformation and police hate speech on the Facebook platform.
Accused of divisive discussion
Unilever, the European maker of brands such as Band & Jerry & Dove, has announced a boycott of advertising on Facebook, Twitter, and Instagram by the end of this year, accusing Facebook of actually spreading hate speech and divisive talk.