Mark Zuckerberg loses $7 billion as firms boycott Facebook ads
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.
Comments
Post a Comment