Facebook co-founder Mark Zuckerberg is paying the price for the latest changes to the social networking site, losing almost $3.3 billion of his personal net worth, according to a Forbes calculation.
According to Fortune, shares of Facebook fell 4% Friday after Mark Zuckerberg announced it would change the filter for hte news feed to prioritize what family and friends share, while reducing the amount of non-advertising content from both publishers and brands.
"By making these changes, I expect the time people spend on Facebook and some measures of engagement will go down", Zuckerberg wrote.
In a post Thursday, Chief Executive Officer Mark Zuckerberg said community feedback has shown that public content has been "crowding out the personal moments that lead us to connect more with each other". Be it brilliant news or the absolute worst, Facebook is aiming to make it easier to provide support to those who need it. Zuckerberg's vision for Facebook has always been a platform for giving people a voice and a place to make meaningful connections, though he spent much of past year on the defensive. "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. According to Facebook, here are four types of posts you can expect to see a whole lot more of in your News Feed going forward.
Instead of seeing what's going on in the world without any tether to the people you know, you're going to begin to see more of what people are grappling with on a daily basis.
The leading social networking site had gone public with the news feed change on Thursday, and the website's share value dropped by almost four percent before USA markets opened on Friday, reports the Independent.
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.
Analysts Sights: Hecla Mining Company (HL)
The basic materials company reported $0.04 EPS for the quarter, topping the Thomson Reuters' consensus estimate of $0.02 by $0.02. The Merriman Wealth Management Llc holds 776,754 shares with $3.90 million value, down from 867,405 last quarter.