Mark Zuckerberg loses $7 billion as companies boycott Facebook ads
Mark Zuckerberg just lost $7.2 billion after a handful of companies stopped advertising from Facebook Inc.’s network. Mark Zuckerberg loses $7 billion as companies boycott Facebook ads.
On Friday, the company’s shares fell down by 8.3%. Unilever, one of the world’s largest advertisers, joined other brands against advertisement on Facebook and boycotted it. Unilever says that it would stop spending money on Facebook’s advertisements this year.
The share-price drop wiped out $56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3 billion. This moved the Facebook’s chief executive officer down one move fourth place, engulfed by Louis Vuitton’s Bernard Arnault, who was elated to one of the world’s three richest people.
Companies from Verizon Communications Inc. to Hershey Co. have also stopped social media ads after critics said that Facebook has failed to sufficiently manage hate speech and disinformation on the platform. Coca-Cola Co. said it would cease all paid advertising on all social media platforms for at least 30 days.
On Friday, Zuckerberg responded to the growing criticism about fake news on the site, declaring the company would label all voting-related posts with a link encouraging users to look at its new voter information hub.
Facebook expanded its definition of prohibited hate speech, adding a provision saying no advertisements will be allowed if they label another demographic as dangerous. “There are no exceptions for politicians in any of the policies I’m announcing here today,” Zuckerberg said.
Here is a List of companies who banned Facebook
Unilever is a British-Dutch mega-corporation consumer commodity enterprise. Their goods involve tea, food, cleaning agents, energy drinks, personal care products and beauty products. It was formed on 2nd September 1929 by William Lever and James Darcy Lever.
Its headquarters are in London, England. It owns more than 400 brands, some of them being Hellmann’s, Lynx, Surf, Lux, Dove, Sunsilk, Magnum, Knorr, Omo, Lipton, Rexona and Heartbrand ice cream. Its Chairperson is Nils Anderson and their CEO is Alan Jope. Unilever stated advertising at this point of time, on these platforms, will not append merit and worth to the society and its people.
Patagonia Inc. is an American garment company. It was established in 1973 by Yvon Chouinard. It is situated in Ventura, California. Its CEO is Rose Marcario. Patagonia banned Facebook and Instagram as a result of uniting with the Stop Hate for Profit Campaign.
Rakuten Viber is a programme VoIP (voice over IP) and IM program functioned by the Japanese
aggregate enterprise Rakuten. It is delivered as freeware for Microsoft Windows, Android, Linux,
macOS and iOS. It is stationed in Luxemburg. Their offices are sited in Paris, Barcelona, Manila, Tokyo, Kyiv, Singapore, Moscow, Tel Aviv, San Francisco, Brest, Sofia, Amsterdam, London and Minsk.
Viber said, “Facebook’s data violation and failure to combat violence rhetoric have crossed the line, and Viber is taking relevant measures to cease and spending, as well as remove product touchpoints, to protect its 1 billion users.”
Verizon Communications Inc. is an American international telecommunications agglomerate. Its
headquarters is in 1095 Avenue of the Americas in Midtown Manhattan, New York City. It was founded on 7th October 1983. Previously, it was known as the Bell Atlantic Corporation (1983-2000.) The Chairman and CEO of Verizon are Hans Vestberg.
Verizon stated, “Our brand safety standards have not changed. We have zero-tolerance when they are breached, we take action. We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we’ve done with YouTube and other partners.”
Coca Cola or Coke is an aerated soft drink forged by the Coca Cola Company. The company has
developed other drinks under the label name. The familiar one is Diet Coke. Caffeine-Free Coca Cola, Diet Coke Caffeine Free, Coca Cola Zero Sugar, Coca Cola Cherry, Coca Cola Vanilla are the other drinks.
It was created in the 19th century by John Stith Pemberton and was launched on 8th May 1886.
The Chairman and CEO of Coca Cola said, “There is no place for racism in the world and there is no place for racism on social media.” He also imposed on “greater accountability and transparency” from social media.
Here Are Some More Companies who boycotted Facebook for the Stop Hate for Profit campaign:-
- The North Face
- REI (Recreational Equipment Inc)
- Eddie Bauer
- Magnolia Pictures
- Ben & Jerry’s
- Goodby Silverstein
Read Further How FaceBook is Facing Heat for Allowing Misleading Content –https://bit.ly/31rxPBt
–Namrata Samtani, Leading Author at EarthlySpeaks.
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