Mark Zuckerberg has seen his fortune of more than $7 billion melt away because several companies, including Unilever and Coca-Cola, have decided to suspend their advertising investments from Facebook, Bloomberg reports.
Facebook founder Mark Zuckerberg lost nearly $7.2 billion in one day after several companies decided to stop using the social network for advertising until further notice, Bloomberg said. The company’s shares fell by 8.3 percent on June 26 when giant Unilever said it would stop spending money on advertising Facebook products, including Instagram, until the end of the year.
The move dropped Mark Zuckerberg’s fortune to $82.3 billion, according to the Bloomberg Billionaires Index, and moved the Facebook CEO to fourth place on the list of the world’s richest people, behind Bernard Arnault, Jeff Bezos, and Bill Gates.
“No room for racism”
Several companies have suspended the dissemination of their advertising spots on the network. Critics believe that Facebook had not sufficiently controlled hate speech and disinformation on the platform as part of the wave of demonstrations that swept over many cities, before all Americans, after the death of the African-American George Floyd, during a muscular arrest.
Another giant in the food industry, Coca-Cola, which invests large sums in advertising, also announced on June 26 that it would suspend all promotion on all social networks for at least 30 days because “There is no room for racism”.