Facebook shares have dropped a staggering $56 billion after major companies including Unilever and Coca-Cola pulled their advertisements from the social media giant, despite CEO Mark Zuckerberg promising action on hate speech and putting a warning label on a Republican National Committee (RNC) video.
Shares in the platform went crashing 8.3 percent to $216.08 by the closing bell Friday – its lowest in three months – after more than 100 advertisers boycotted the firm for its failure to stop hate speech and misinformation being posted on its platform.
This wiped $56 billion off Facebook’s market value and dealt a hefty $7.2 billion blow to Zuckerberg’s personal fortune, pushing him down from third to fourth place on Bloomberg Billionaires Index and leaving him with a new net worth of $82.3 billion.
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