Facebook boycotted, Mark Zuckerberg lost IDR 103 trillion

KOMPAS.com – CEO and founder of Facebook, Mark Zuckerberg, it might be difficult to sleep well lately.

The reason is, he just lost 7.2 billion US dollars or around Rp 103 trillion because various companies launched an advertisement boycott on Facebook.

According to Bloomberg, social media platform shares were down 8.3 percent on Friday (06/26/2020), marking the biggest decline in shares in the last three months.

Also read: The North Face Pull Ads from Facebook as a Form of Protest

It is not without reason. One of the biggest advertisers in the world, Unilever, pulls its ads from Facebook.

Facebook’s market value has dropped to 56 billion US dollars (equivalent to Rp 804 trillion), while Zuckerberg’s net worth is at 82.3 billion US dollars or around Rp 1.1 quadrillion.

As a result, Zuckerberg’s position as the third richest person in the world dropped to fourth position. While his position was replaced by Chairman and chief executive Louis Vuitton, Bernard Arnault.

Unilever joined other companies in boycotting ads on Facebook because social media received many negative responses due to its failure to deal with hate speech and misleading content.

Other companies that pull advertisements from Facebook include Coca-Cola Co., Verizon Communications Inc., Honda Motors, Hershey Co., Arc’teryx, The North Face, Patagonia, Eddie Bauer, JanSport, Levi Strauss, Starbucks, Ben & Jerry’s, REI, as well as many more.

An ad-boycott on Facebook arose when civil rights organizations, including the NAACP and the Anti-Defamation League, had issued the “#StopHateForProfit” campaign, asking big companies to remove advertisements on Facebook during July.

“Facebook and CEO Mark Zuckerberg are not only negligent, but satisfied in spreading misinformation, despite irreparable damage to our democracy,” the NAACP said in a statement.

The #StopHateforProfit campaign was launched on June 9, 2020 after the death of George Floyd by Minneapolis, US police officers and caused a wave of protests around the world.

Also read: Starbucks Turn Unplug Ads on Social Media, Including Facebook

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