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28 Jun 2020

Matt Turner, Business Insider

Mark Zuckerberg had $7 billion wiped off his fortune as advertisers boycott Facebook. He's going to be just fine.

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A flood of high-profile advertisers announced this week that they would boycott advertising on Facebook through July, responding to criticism of Facebook's inaction on hate speech. Facebook's stock fell 8% on Friday, wiping $7 billion off of CEO Mark Zuckerberg's net worth. The boycott has sent Facebook execs scrambling, with the social media giant's top ad exec on Friday sending a memo to advertisers promising an external audit of its safety tools and practices. Facebook also said Friday that it is going to start labeling posts from politicians that break its rules but are "newsworthy" enough to remain on the platform.

... [M]any of these advertisers didn't spend much with Facebook, and the boycott statements are temporary and vaguely written, which could make it easier to resume spending after July while winning goodwill in the meantime... Most of Facebook's advertising comes from small companies that can't afford to turn off the channel.