Facebook was on course to lose 17 billion pounds ($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 4 percent 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 late on Thursday.
The CEO said that 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.
“We’re making a major change to how we build Facebook. 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.