Facebook Founder and CEO Mark Zuckerberg has lost more than $7 billion in personal wealth as big brands pulled out their advertisements on the social media platform.

Mark Zuckerberg
(Photo : Reuters Connect)

Big firms and companies are pulling out their paid advertisements on Facebook. This led the shares of Facebook fell to 8.3 percent on Friday.

According to the Bloomberg Billionaires Index, this resulted in a decrease of Zuckerberg's net worth down to $82.3 billion. This also put him to be the fourth richest person in the world, and he was overtaken by Bernard Arnault of Louis Vuitton and leading at the 1st and 2nd spot are Jeff Bezos and Bill Gates subsequently.

The decision of big firms to pull out their paid advertisements on Facebook has eliminated $56 billion. This means that the market value of Facebook has reduced. 

Why are Big Firms Pulling-Out their Paid Advertisements?  

Big companies from Verizon Communications, Ben & Jerry's, The North Face, to Hershey Co. are pulling ads from Facebook and Instagram after these social media platforms have failed to stop hate speech and disinformation in the social media sites. 

Recently, Unilever joined other big brands in pulling out their paid advertisements on Facebook, according to a published report in Fox News.

The boycott of big firms and companies to pull out their paid advertisements on Facebook and Instagram is also a part of the #StopHate4Profit campaign, which is led by numerous civil rights groups. These groups include the Anti-Defamation League and the National Association for the Advancement of Colored People.

Moreover, Ben and Jerry's posted on their social media account, stating that they will pause all their paid advertisements on Facebook and Instagram to support the #StopHate4Profit campaign. Meanwhile, the Coca-Cola Co. also said that they are pausing for 30 days all their paid advertisements on all social media. 

What does the #StopHate4Profit campaign all about? 

This is a campaign in the U.S. that encourages companies and firms to pull out their paid ads specifically on Facebook because the social media was alleged of amplifying white supremacist voices and does not stop spreading hate speech. 

The Anti-Defamation League sent an open letter on Thursday that is addressed to all Facebook advertisers. It stated that social media has come up short in stopping to block and prevent hate speech and harassment. 

According to Jonathan Greenblatt, ADL CEO and National Director, "Every day, we see ads from companies placed adjacent to hateful content, occupying the same space as extremist recruitment groups and harmful disinformation campaigns." 

He also added that the ads are being used by social media to increase its dominance in the industry and target the most vulnerable and marginalized groups who are often the target as well of hate groups and hate speeches. 

Meanwhile, Facebook Founder and CEO Mark Zuckerberg said that they expand the definition of hate speech and that no ads will be allowed to be posted if they pose a danger or racial attacks to other groups.  

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