Mark Zuckerberg’s decision to prioritize posts from family and friends over brand-driven content on Facebook’s News Feed has cost him a small fortune.
The CEO of the world’s largest social media network lost $3.3billion off his net worth on Friday, Bloomberg News reported.
Facebook shares fell 4.5 percent on Friday after the closing bell on Wall Street. Zuckerberg, who began the day worth $77.8billion, is now worth $74billion, according to Bloomberg. The Facebook CEO also disclosed a new trustworthy news sources.
According to Daily Mail Online, that means Spanish retail billionaire Amancio Ortega has now leapfrogged Zuckerberg to take fourth place on the list of the world’s richest people.
Both Zuckerberg and Ortega have a ways to go to catch the world’s wealthiest human, Amazon CEO Jeff Bezos.
On Thursday, Zuckerberg disclosed the social media app would change the filter for the News Feed to prioritize what friends and family share, while reducing the amount of non-advertising content from publishers and brands.
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Image Credits: Mark Zuckerberg, Entrepreneur