Insta
Zuckerberg Loses $7.2 Billion In Net Worth: Facebook Suffers $56 Billion In Value As Top Advertisers Announce Boycott
Swarajya Staff
Jun 28, 2020, 03:12 PM | Updated 03:12 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
One of the world's richest men, Mark Zuckerberg lost $7.2 billionn off his net worth as a streak of companies announced a boycott of advertising on social networking site Facebook, pushing down the Zuckerberg led company's shares down by 8.3 per cent, reports Economic Times.
Zuckerberg's net worth now stands at $82.3 billion, as per Bloomberg Billionaires Index. With the fall in his net worth, he now has gone down by a position on the list of richest people with Louis Vuitton boss Bernard Arnault, Amazon's Jeff Bezos and Microsoft founder Bill Gates topping the charts.
The dip in shares value accelerated as one of the world's largest advertisers, Unilever Group joined other brands on the boycott. Following the drop, Facebook's market value was reduced by a whopping $56 billion in a single day.
Other major companies to have announced boycott incluide Verizon Communications Inc and The Hershey Company. Meanwhile, Coca Cola Company has also announced that it would pause all paid advertising on Facebook for at least 30 days.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.