LAST UPDATED: June 29, 2020, 011:00 A.m. EST: On Friday Facebook CEO Mark Zuckerberg drops out of his position of world’s third-richest man. This happened after the personal fortune of Mark Zuckerberg hit hard by the #stophateforprofit campaign. Mark Zuckerberg’s personal net worth decreased by $7.2 billion in just a single day after the boycott of coca-cola from their advertising spent on Facebook.
The shares of Facebook Inc. went down by $56 billion on Friday after several big and medium scaled industries joined the #stophateforprofit campaign. Facebook is being targeted by American civil activists for not doing anything meaningful to stop the hate, and racism of its platform. After Gaining momentum of this campaign against Facebook, more than 100 companies announced boycott Facebook ads for 30 days including, Verizon, Unilever, Coca-Cola, and The North Face.
Facebook CEO Mark Zuckerberg addressed employees via town hall on this issue. After slipping one space down from third to fourth, Louis Vuitton chief Bernard Arnault became the world’s, third-richest man. Jeff Bezos remains at the first place with $161 billion of wealth whereas Microsoft CEO Bill gates is on the second place with $111 billion fortune.
Mark Zukerberg lost due to boycott of Facebook ads by big MNC’s. Earlier Facebook didn’t take any necessary action on president Donald trump’s post where he was threatening protestors with the line: “when the looting starts, the shooting starts” in one of his Facebook posts.
Zuckerberg wrote a lengthy post on Facebook explaining the whole situation and his plan to introduce changes to the Facebook platform. Zuckerberg said:
“We will soon start labeling some of the content we leave up because it is deemed newsworthy, so people can know when this is the case. We’ll allow people to share this content to condemn it, just like we do with other problematic content, because this is an important part of how we discuss what’s acceptable in our society — but we’ll add a prompt to tell people that the content they’re sharing may violate our policies,”
Facebook has been targeted for being biased in the favour of Donald Trump by not taking any action against him. The Democrat presidential candidate Joe Biden also accused Facebook for not stopping the hate and racism of its platform.