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Thursday, 9th July, 2020
 Nigeria   ::   News
Facebook, Twitter Shares Suffer Losses
Jun 30, 2020
By: Cletus Ilobanafor

On 26 June, its stock had tumbled by 8.3 percent to $216.08 per share at closing time on Nasdaq after Unilever, one of the world’s largest advertisers, announced it would cease spending on the social media platform’s properties this year, wiping out US$56 billion in Facebook market value.

Starbucks and Diageo subsequently announced that they were joining Unilever, Coca-Cola Co, Dove, Honda, Ben & Jerry and several other companies in an ads pullback from Facebook in support of the #StopHateForProfit campaign.

Earlier, Mark Zuckerberg, co-founder and chief executive of Facebook, the company behind the world’s largest social-network, lost at least $7.2 billion, dropping to fourth place on Bloomberg’s billionaire index.

On the list of the world’s richest people Zuckerberg is now preceded by Amazon CEO Jeff Bezos, Microsoft founder Bill Gates and Luis Vuitton CEO Bernard Arnault.

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