Mark Zuckerberg loses $7 billion as companies boycott Facebook ads

[Lock him up.]

Source: Bloomgerg

Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would stop spending money with Facebook’s properties this year.

The share-price drop eliminated $56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3 billion, according to the Bloomberg Billionaires Index. That also moved the Facebook chief executive officer down one notch to fourth place, overtaken by Louis Vuitton boss Bernard Arnault, who was elevated to one of the world’s three richest people along with Jeff Bezos and Bill Gates.

Companies from Verizon Communications Inc. to Hershey Co. have also stopped social media ads after critics said that Facebook has failed to sufficiently police hate speech and disinformation on the platform. Coca-Cola Co. said it would pause all paid advertising on all social media platforms for at least 30 days.

Read more: https://www.bloomberg.com/news/articles/2020-06-27/mark-zuckerberg-loses-7-billion-as-companies-drop-facebook-ads

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[BigmanPigman]

1. Whomp, whomp

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

[forgotmylogin]

28. I really don't care, do u? n/t

[C Moon]

2. Zuckerberg lives in a billionaire bubble, that is bursting.

Him with that whole stupid-as-frock Emperor Augustus hair cut thing—what a disturbing individual.
This is going to make him change his diapers.

[Sucha NastyWoman]

10. You are so right about that ridiculous haircut

It looks like a pandemic cut - do it yourself.

[FakeNoose]

16. Ha! I suggested it was a rug and got laughed at

I think he's got the premature balding genes, and he's trying to hide it. In a few more years it won't matter any more but for now, I'm guessing it's plugs or a rug.

[truthisfreedom]

3. That's nothing to him unless they keep it up for an extended period.

[get the red out]

6. Sometimes these things catch on

And other companies join the bandwagon. For large company FB is a drop in the bucket for their advertising also. Might as well look responsible to a lot of consumers, hopping for this trend to grow.

[John Ludi]

4. It's not even a drop in the bucket...

more like an atom of said drop...but I had had plans to market my new album on FB as it seemed like the best platform to reach end users directly.

Nope. Not gonna.

[get the red out]

5. Free market Suckerberg

And Freedom of Speech!

[empedocles]

7. Moscow mark has got to be pretty conflicted now. I wonder what his real options are?

[Cha]

8. zucker hoisted on his own petard.

[AZ8theist]

9. Thoughts and prayers....

Thoughts and prayers, jerkoff, thoughts and prayers...

[ResistantAmerican17]

11. You....... have a divine way with words

(Playing off of your name).

[AZ8theist]

18. Why, THANK YOU!!

[Hiawatha Pete]

12. Good. n/t

[bucolic_frolic]

13. $82 billion to go!

Have at it!

[Miguelito Loveless]

14. Anyone advertising on FB is supporting fascism

And I am sorry, as I know this will upset people, but the whole platform needs to be abandoned. You cannot have a FB account without being tainted by The Evil­™ that such participation tacitly supports.

[RussBLib]

23. is there a good alternative to Facebook?

That is not populated by rightwingnuts or has not already been bought by Facebook?

[Miguelito Loveless]

29. Never really saw a need for it in the first place

We got along without it for the last 11,000 years and it has demonstrably made humanity less humane, and it profits by selling people’s privacy

[klook]

34. +1. Still getting along just fine without Facebook.

I know people who’ve convinced themselves there can be no social life without Zuckerberg’s platform. Bizarre, really.

[BumRushDaShow]

15. Good.

That's the only thing people like this listen too -

[Scalded Nun]

17. Once again, decisions driven by the wallet

This is not him finding a moral compass, this is him not wanting to lose money...period

[johnnyknj]

19. Get rid of your Facebook account...

...if you haven't already. No excuses.

[DownriverDem]

21. Don't want to

get rid of it. I want it to change.

[DownriverDem]

20. Hope he changes

I have found like minded friends on Facebook and got rid of righties too.

[DBoon]

24. When facebook is no longer "cool" it will vanish

Anyone remember MySpace?

[Skittles]

37. wanting to put as little effort as possible into "keeping up with friends and family"

that's the secret to FB's "success"

[Guy Whitey Corngood]

25. Quick! Someone flip his emotion chip to the "sad" setting. nt

[yaesu]

26. I sure putin can loan him 7 bill for "favors" nt

[flying_wahini]

27. I was just on FB to see who is still running ads... AMAZON is everywhere!

[BigmanPigman]

33. Amazon is another one I am boycotting.

I see TV ads all the time now...it is overkill since Bezos knows we know he doesn't care about his workers and their safety.

[marlakay]

35. I saw a bunch of Life is Good

Tshirts, kind of surprised because they are very pro social distancing, very environmental, etc.

Maybe its just till end of month with them?

[llashram]

30. may the hemorrhaging

continue unabateted.

[Mosby]

31. It would be great If FB was a non profit

Then it could be funded thru tax deductible donations and could eliminate all the ads.

[Faux pas]

32. HA HA

Ha ha ha ha

[Initech]

36. Hit 'em where it hurts!

[live love laugh]

38. More good news nt