Facebook CEO Mark Zuckerberg dropped out as one of the three richest people in the world this week, after the social media platform founder lost $7.2 billion as a result of a concerted advertising pullout from the company.
The value of Facebook Inc. fell by $56 billion Friday, amid a growing list of advertisers both large and small announced they would boycott the social network throughout the month of July.
Zuckerberg personally addressed employees via town hall Friday following reports of the massive withdrawal of ad revenue from companies including Verizon, Unilever, Coca-Cola and The North Face. About 100 brands have joined the “#StopHateForProfit” campaign, which protests “Facebook’s repeated failure to meaningfully address the vast proliferation of hate on its platforms.”
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