This weekend Mark Zuckenberg was the fourth richest man in the world and now he will be sixth or seventh. This happened when all the companies starting from one of the largest advertisers Unilever was joined by the other brands in boycotting Ads on social networks. Unilever said that it will stop spending money with Facebook now.
The shares had fallen from 8.3% on Friday which is the most in three months of the social media companies.
According to the Bloomberg Billionaire Index for Facebook specifically, the shares price drop has removed $56 billion from their market value and bought Mark Zuckenberg’s net value worth down to $82.3 Billion.
Facebook the social network with 2.23 billion active monthly users can’t grow forever. “The core Facebook platform is declining,” said Brian Wieser an analyst at Pivotal Research Group.
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From the top-notch, the Facebook Chief Executive Officer has come down to the fourth place which is covered up by Bernard Arnault, Louis Vitton’s boss. Arnault was hoisted to one of the world’s three richest people also with Bill Gates and Jeff Bezos.
After the hearings like Facebook has not been able to avoid hate propaganda and disinformation on their platform, companies like Hersley CO. and Verizon Communications INC. have also stopped ads on social media.
The impact has been a lot on the social media as the big firms are stepping back from providing any sort of commitments or financial deals regarding advertisements of their products or brands with the Facebook or other social media.
Mark Zuckerberg said, “There are no exceptions for politicians in any of the policies I am announcing here today”. Also, he responded to the critics with a word that company would label all voting-related posts with the addition of a link that encourages the users to look at its new information hub.
