Why Facebook could lose up to $23 billion

Top Stories

Why Facebook could lose up to $23 billion
The planned change to Facebook's News Feed feature sparked fears people will spend less time on the site, leading to its share stock suddenly dropping.

san francisco - Zuckerberg announced social media platform was making changes to its News Feed feature

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 14 Jan 2018, 5:20 PM

Last updated: Sun 14 Jan 2018, 7:23 PM

Facebook was on course to lose £17 billion ($23 billion) of its value after it announced it was making changes to its News Feed feature that will allow users to see more updates from family and friends than posts from businesses, brands and media.

Facebook share fell four per cent within hours after Facebook CEO Mark Zuckerberg announced the changes to make the social network more meaningful, The Sun reported.

This could also result in lining them up for its worst financial position in more than three months - and Zuckerberg losing $3.3 billion of his own personal net worth.

"One of our big focus areas for 2018 is making sure the time we all spend on Facebook is time well-spent. We built Facebook to help people stay connected and bring us closer together with the people that matter to us," Zuckerberg posted on Facebook on Thursday.

The CEO said Facebook has got a feedback from the community that public content - posts from businesses, brands and media - is crowding out the personal moments that lead us to connect more with each other.

"I'm changing the goal I give our product teams from focusing on helping you find relevant content to helping you have more meaningful social interactions," he said.

"As we roll this out, you will see less public content like posts from businesses, brands and media. And the public content you see more will be held to the same standard - it should encourage meaningful interactions between people," Zuckerberg added.

This planned change sparked fears people will spend less time on the site, leading to its share stock suddenly dropping.

Zuckerberg admitted that the new changes might not pay off at first, but believes it is important users have more meaningful social interactions, The Sun said. - IANS



More news from