00:15 GMT05 August 2020
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    Facebook's shares dropped 8.3 percent on Friday, pushing its market value down to $82.3, after one of the world's largest advertising companies, Unilever, pulled its advertisements from the social media platform along with several other companies.

    Facebook CEO Mark Zuckerberg has lost at least $7.2 billion, according to Bloomberg's billionaire index.

    Zuckerberg is now placed number four on the index, preceded by Amazon CEO Jeff Bezos, Microsoft founder Bill Gates and Luis Vuitton CEO Bernard Arnault as the world's richest people.

    Multiple companies now, including Unilever and The North Face, are pulling their ads from Facebook and Twitter as part of the #StopHate4Profit campaign, initiated by the US National Association for the Advancement of Colored People and other minority rights groups. They say Facebook is not doing enough to stop hate speech online.

    On Friday, Zuckerberg announced his social media platform will ban hateful content in ads as well as label newsworthy posts that are violating the rules company's rules to better protect immigrants, migrants, refugees, and asylum seekers from discriminatory ads.

    Tags:
    United States, Mark Zuckerberg, social media platform
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