Facebook founder Mark Zuckerberg lost $ 7,2 billion in one day as giant companies announced they were withdrawing their ads from Facebook.
Shares of social media fell 8,3 percent on Friday, the biggest drop in three months, following Unilever's decision to follow the example of other companies and boycott Facebook ads on December 31, 2020. He announced that he would stop spending money this year on advertising on Facebook, Twitter and Instagram in the US.
The fall in the stock price eliminated $ 56 billion from Facebook's market value and reduced Zuckerberg's net worth to $ 82,3 billion, while his position on the list of billionaires declined as he is now 4th after Bernard. Deny of Louis Vuitton, Jeff Bezos and Bill Gates.
In the same vein as Unilever and Coca Cola, which has announced that it will suspend for at least 30 days any promotional action on all Facebook social media, but also on Twitter and YouTube, because "there is no place for racism in the world" .
It is worth noting that these platforms - which many other large companies have also decided to boycott to deprive them of advertising revenue to force them to do more to eliminate hate content - have shown more "transparency and responsibility".
Coca-Cola will take advantage of this pause to "evaluate (its) advertising strategies and see if revisions are necessary," Quincy explained.
The giant soft drink company told CNBC that the "shutdown" did not mean joining the movement, which began last week by African-American and civil society groups.
Named #StopHateForProfit, the Facebook ad boycott campaign in July is backed mainly by NAACP, the most important organization for the defense of African Americans, ColorOfChange, ADL (Anti-Defamation League, Jewish organization Sleeping), FreePress and Giants.
It aims to provide better regulations for organizations that incite hatred, racism or violence on the Internet.
Under pressure from Facebook, its founder, Mark Zuckerberg, announced the strengthening of the rules of the social networking site against hate messages.
In particular, Zuckerberg argued that Facebook would do more to protect immigrants, refugees and asylum seekers from advertisements suggesting that they were inferior to other groups of people or from contemptuous advertisements. Source: Tanea.gr