Facebook Loses Third of Bitcoin's Market Cap in No Time. Here's What Happened

u.today 2020-06-29 16:00
Reading time: ~2 m

More than $56 bln has been wiped off Facebook’s market capitalization Friday, with more advertisers joining the ongoing boycott against the social media juggernaut, CNBC reports. 

To put this into perspective, this is almost a third of Bitcoin’s entire market cap that currently stands at $167 bln. 

Advertisers are abandoning Facebook 

London-headquartered consumer goods behemoth Unilever, which has more than 400 brands under its belt, delivered a major blow to Facebook and Twitter by pulling its ads from both of these platforms until the end of 2020.   

Close to 90 advertisers, including Coca-Cola and Verizon, have already fled Facebook over its failure to clamp down on harmful content. 

Facebook CEO Mark Zuckerberg defended the platform’s content policing effort, pointing to ‘billions of dollars’ that are invested to keep it safe.  

In addition, Zuckerberg announced that it would start labeling harmful and abusive posts from all of its users, including politicians. 

We will soon start labelling some of the content we leave up because it is deemed newsworthy, so people can know when this is the case.

Cozying up to Trump 

Earlier, the billionaire claimed that social media shouldn’t be ‘the arbiter of truth’ after Twitter flagged the tweet posted by U.S. President Donald Trump back in May.

Facebook enjoys cozier relationships with the Trump administration compared to other tech giants that constantly appear in its crosshairs. 

As reported by U.Today, Zuckerberg had a secretive dinner with the Trump family the night before his congressional testimony about the Libra cryptocurrency last October.