Popular social platform Facebook is going to suffer huge financial losses in the current financial year. Because many popular Ads companies in the current market have stopped showing their ads on Facebook.
There are not many days left to vote for the presidential election in America. So, all the political leaders have started campaigning and propaganda for their votes. In the current Covid19 pandemic situation everyone is emphasizing on digital platform. And all social media is what they have chosen as a unique medium. Facebook is one on them.
However, #StopHateForProfit campaign is used to stop various political propaganda and fake news. As a result, large companies such as Verizon, Hershey and Coca-Cola have taken their advertising broadcasts from various popular social media such as Facebook and Twitter. Popular American company Coca-Cola has announced its decision to completely shut down their paid ads from Facebook for the next 30 days. And many other companies are also decided to boycott their ads on FB.
As a result, Facebook has suffered huge financial losses. Of which, Facebook founder Mark Zuckerberg is personally suffering a financial loss of 7.2 billion. The stock market crashed 8.3% in the last Friday, with a market value of about 56 billion, which is the lowest in the current financial year.
It is estimated that Facebook will have a total deficit of 8.3 billion. This will bring Mark Zuckerberg one step down from the third richest person in the world. The top three richest people on the list are the province Jeff Bezos, Bill Gates and Arnault Joins.
In addition to Facebook, various ad companies have decided to remove their ads from Twitter also.
However, as a result of this decision, Mark Zuckerberg has decided to tighten the various policies of Facebook. He also said that new additions and updates will be made in the case of Level Post.
He further explaining his statement that Facebook will not include any advertisement in any post or level of Hate Speech. In addition, if anyone tries to share or message such a post, Facebook will send him a warning notice.
Mark Zuckerberg said “There are no exceptions for politicians in any of the policies I’m announcing here today,”
However, it is thought that despite doing so much, Facebook will bear this huge financial loss.
