Mark Zuckerberg has announced major changes to the content that Facebook users will see in their News Feed.
In a Facebook post last Sunday, Zuckerberg outlined the plans for users to see more content from their friends and family and less from businesses and brands, in an attempt to "help users have more meaningful social interactions." This will no doubt come as a blow to businesses who rely on social media to gain new clientele. Currently, many companies pay for advertising in order to be visible in the news feeds of users who "like" their pages. Skeptics have argued that this is merely a way for the social media giant to extract even more money for advertising.
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According to the Daily Mail, Zuckerberg stated, "As we roll this out, you'll 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." For the past few years, Facebook's complex programming has shown users content they think they will like, based on previous likes and comments on similar material but the goal has changed. "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," Zuckerberg said. On Friday, Bloomberg Technology reported that since the announcement shares in the site had dropped by 4.5 percent, costing an estimated $3.3 billion dollars.
The Harvard University graduate co-founded Facebook with several of his college roommates in 2004. As of November 2017, Zuckerberg is worth an estimated $74.2 billion dollars, although in 2015 himself and his wife Priscilla Chan vowed that over the course of their lives they would gift 99 percent of their wealth to the Chan Zuckerberg Initiative. The initiative aims to advance human potential and promote equality in areas such as health, education, scientific research, and energy.