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Mark Zuckerberg, the CEO of Facebook, tumbles to place four of the richest people in the world. The company is suffering from an advertiser boycott.
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Numerous companies have announced in recent weeks that they no longer wish to advertise via Facebook. These include Unilever, The North Face, Patagonia, Coca Cola and Verizon.
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In doing so, they respond to the Stop Hate for Profit campaign of American civil rights movements. They believe that social media does not do enough to act against racism and hateful messages on their platforms. In the wake of George Floyd’s death, ultra-right-wing groups are calling out on Facebook and Twitter for violence against Black Lives Matter protesters.
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The boycott has a significant impact on Facebook’s share, as the social media group collects approximately $ 70 billion in advertising revenue every year. The stock market capitalization had already fallen by $ 56 billion, which caused Zuckerberg’s personal assets to shrink to $ 82 billion, the Bloomberg news agency calculated. As a result, Zuckerberg falls out of the top three richest people in the world. He must lead Bernard Arnault, Louis Vuitton’s chief executive. Jeff Bezos and Bill Gates are number one and two.
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Bend
To mitigate the impact, Zuckerberg meanwhile took a 180 degree turn. Last Friday, he announced that Facebook will crack down on hate messages on its platforms.
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