There has been a big financial setback😣 for Facebook founder & CEO Mark Zuckerberg.
He has lost $7.2 billion out of his personal fortune, following last Friday’s 8% fall📉 in Facebook’s share price.
As a result, he has slipped to 4th spot in the world’s richest persons list😎 with a net worth of $82.3 billion.
Significantly, this share price drop also eroded $56 billion😳 from Facebook’s market value.
What brought this?
This slide in Facebook’s stock follows the decision of some of the world’s biggest companies🏢 to stop advertising through Facebook’s platform.
These include Unilever, Verizon, Hershey etc.
They have taken this step after taking into note, the rising concerns from civil rights groups over Facebook’s alleged failure to stop hate speech👿 and disinformation on its platform.
They have also pointed out towards Facebook being used as ☝️a propaganda tool by white supremacist groups.
Swings into action
As per Facebook, it is taking firm steps to deal with the issue of hate speeches.
It has expanded its definition of ‘prohibited hate speech’ by adding a clause📃 as per which, no adverts will be allowed✋ if they label another ethnic group as dangerous.
In response to the growing criticism about misinformation on its site, it would start labelling all voting-related posts with a link that would encourage users👨💻 to look at its new voter information hub.
Notably, Facebook has claimed that its artificial intelligence tools🤖 and human moderators trace🔍 and remove 90% of the hate speeches even before anyone reports it to the site.