Mark Zuckerburg Loses $7 Billion as Ad Companies Boycott

Mark Zuckerburg, internationally known as the father of Facebook. The reason behind mark Zuckerburg’s success as the self-made billionaire was facebook. As Facebook was meant to be giving an advantage to billions of people around the globe to connect, to do business, to advertise, to promote themselves and a lot of other ways to give strength to Facebook users, on the other hand, Facebook also has several drawbacks which dragged Mr. Zuckerburg in legal controversies such as connectU lawsuit against Zuckerberg in 2004.

Criminal investigation General Muhammad Azhar Sidiqque on Mark Zuckerburg and Facebook co-founder Mr.Dustin Moskovitz and Mr.Chris Hughes for a contest held on Facebook to draw Hazrat Muhammad PBUH in 2010 further this case were raised in united nation general assembly, Palestine terror attacks in which Facebook didn’t take any action to ban posts which were promoting violence against Israelis and a lot of other legal controversies in which most them ended in his favor, but some of them didn’t.

In 2020 a new controversy took place in the name of racism in which international companies banned their advertisement on Facebook as Facebook didn’t take any action against racism.

Mark Zuckerburg Lost 7 Million

Father of Facebook, Mark Zuckerburg, lost 7 million from his wealth as internationally known companies boycott advertisement on Facebook and Instagram due to lack of action taken against hate speech and racism. 

The most popular companies, like Unilever, Hershey, and coca-cola, have temporarily boycotted their advertisements on Facebook and its secondary Instagram. Facebook didn’t take any action for hate speech as twitter took action and removed some of the inappropriate posts that were promoting hate speech.

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The ad boycott campaign against Facebook was first started due to a natural conversation on racism because of the murder of George Floyd, an unarmed man brutally killed by the US police. Organizers further added that Facebook provided a platform to the racist to freely promote racism through violent militia groups who were planning to attack the protestors. They also told that some of the members of these types of groups were also arrested for carrying an illegal weapon in the protestors crowd whose main plan was to commit a violent act in the rally. 

Due to the boycott of ads on Facebook, Mark Zuckerburg lossed 7 billion till now. Facebook shares dropped 8.3 percent after Unilever joined the campaign and pulled over their ads from Facebook. According to Bloomberg, Mark Zuckerberg currently holds 4th position on the index of the wealthiest person in the whole world, with the net worth of $82.3 billion.

The #stophate4profitcampaign got harder and more durable when Unilever joined the campaign and stated that they would stop spending on Facebook ads this year. Well-known companies like coca-cola and Hershey also joined hands to stand for # stophate4profitcampaign and paused their ad advertisement on Facebook and Instagram for 30 days. 

Mark Zuckerberg on Friday in a meeting said that they are doing advancement in facebook system to stop hate, he further announced that the company would label all the posts with an option which will encourage users at the new voting option so that they can report the job if it is spreading hate speech. Facebook has further expanded its policy to prohibit hate speech. the below statement of Mark Zuckerburg states,

“There are no exceptions for politicians in any of the policies I’m announcing here today,” Zuckerberg said.- Bloomberg

Facebook COO Sheryl Sandberg stated in her blog that the company would get better and faster at censoring hate and bullying posts.

Moreover, a Facebook spokesperson told the news channels that Facebook spends millions of dollars every year to keep the Facebook community safe.

BY: KIRAN EJAZ

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