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Mark Zuckerberg loses US$7 bil; shares fall 8.3% as firms boycott Facebook ads

Bloomberg
Bloomberg6/29/2020 09:49 AM GMT+08  • 2 min read
Mark Zuckerberg loses US$7 bil; shares fall 8.3% as firms boycott Facebook ads
Mark Zuckerberg became US$7.2 billion ($10.03 billion) poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.
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SINGAPORE (June 29): Mark Zuckerberg became US$7.2 billion ($10.03 billion) poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

Shares of the social media company fell 8.3% on Friday, the most in three months, after Unilever, one of the world’s largest advertisers, joined other brands in boycotting ads on the social network. Unilever said it would stop spending money with Facebook’s properties this year.

The share-price drop eliminated US$56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to US$82.3 billion, according to the Bloomberg Billionaires Index. That also moved the Facebook chief executive officer down one notch to fourth place, overtaken by Louis Vuitton boss Bernard Arnault, who was elevated to one of the world’s three richest people along with Jeff Bezos and Bill Gates.

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