Mark Zuckerberg loses N2.7 trillion as advertisers boycott Facebook ads

Mark Zuckerberg loses N2.7 trillion as advertisers boycott Facebook ads

- High-profile advertisers say they will not be placing ads on Facebook in July due to the social media giant's inaction on hate speech

- Facebook's stock fell by 8% on Friday, June 26, and wiped $7 billion (N2,711,730,000,000) off of Mark Zuckerberg's net worth

- "Stop Hate for Profit" campaign will begin calling on companies in Europe to boycott Facebook adverts

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High-profile advertisers have announced that they will boycott advertising on Facebook in July as a response to the social media giant's inaction on hate speech.

The company's stock fell by 8% on Friday, June 26, and wiped $7 billion (N2,711,730,000,000) off of CEO Mark Zuckerberg's net worth, Pulse reports.

Legit.ng gathers that Facebook sent a memo to advertisers and promised them an external audit of its safety tools and practices.

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Facebook also said it is going to start labeling posts from politicians that break its rules but are "newsworthy" enough to remain on the platform.

According to Reuters, the “Stop Hate for Profit” campaign will begin calling on major companies in Europe to join the boycott.

Mark Zuckerberg loses N2.7 trillion as advertisers boycott Facebook ads

Mark Zuckerberg. Photo credit: BBC
Source: UGC

The disclosure was made on Saturday, June 27, by the chief executive of Common Sense Media, Jim Steyer.

Recall that some weeks back, Zuckerberg criticised Twitter for fact-checking some tweets posted by the president of the United States, Donald Trump.

Twitter had tagged two of President Trump’s tweets about mail-in voting with fact-check links.

Zuckerberg, however, berated Twitter, saying private companies “shouldn't be the arbiter of truth.”

In other news, a transgender man identified as Kayden Coleman has announced that he is pregnant with his second child six years after he had his first baby.

Kayden said he found out in January that he was seven weeks pregnant with current boyfriend, 29-year-old Dominique.

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Recall that the expecting couple faced backlash from trolls online when they were pregnant with their first daughter Azaelia. Kayden was described by trolls as a monster at the time.

Kayden said: “When Azaelia was born there were a lot of people who said they felt sorry for her and that she would grow up and be confused."

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