Zuckerberg Loses $7.2 Billion In Net Worth: Facebook Suffers $56 Billion In Value As Top Advertisers Announce BoycottFacebook CEO Mark Zuckerberg (Justin Sullivan/Getty Images)

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.

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber
Advertisement