Mark Zuckerberg loses $7 billion as advertisers boycott Facebook ads

Mark Zuckerberg loses $7 billion as advertisers boycott Facebook ads

- High-profile advertisers say they will not be placing ads on Facebook in July due to the social media giant's inaction on hate speech

- Facebook's stock fell by 8% on Friday and wiped $7 billion off of Mark Zuckerberg's nett worth

- The "Stop Hate for Profit" campaign will begin calling on companies in Europe to boycott Facebook adverts

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly.co.za News on your News Feed!

High-profile advertisers have announced that they will boycott advertising on Facebook in July as a response to the social media giant's inaction on hate speech.

The company's stock fell by 8% on Friday and wiped $7 billion off of CEO Mark Zuckerberg's nett worth, Pulse reports.

Briefly.co.za gathers that Facebook sent a memo to advertisers and promised them an external audit of its safety tools and practices.

READ ALSO: Eskom technicians held hostage by community members for cutting power

Mark Zuckerberg loses N2.7 trillion as advertisers boycott Facebook ads

Mark Zuckerberg. Photo credit: BBC
Source: UGC

READ ALSO: Covid-19 update: Gauteng to overtake Western Cape in infections

Facebook also said it is going to start labelling posts from politicians that break its rules but are "newsworthy" enough to remain on the platform.

According to Reuters, the “Stop Hate for Profit” campaign will begin calling on major companies in Europe to join the boycott.

The disclosure was made on Saturday, June 27 by the chief executive of Common Sense Media, Jim Steyer.

This comes as the world stands up to racism and inequality in a way which has seldom - if ever - been seen before.

2020 might go down in history as the year in which the coronavirus enveloped the world but it might also be remembered as the year when humanity embraced all of its people as one.

Enjoyed reading our story? Download BRIEFLY's news app on Google Play now and stay up-to-date with major South African news!

Source: Briefly.co.za

Mailfire view pixel