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By Siraj Datoo

Mark Zuckerberg
Mark Zuckerberg Photographer: George Frey/Bloomberg

Mark Zuckerberg just became $7.2 billion poorer after a flurry of companies pulled advertising from Facebook Inc.’s network.

The share-price drop eliminated $56 billion from Facebook’s market value and pushed Zuckerberg’s net worth down to $82.3 billion, according to the Bloomberg Billionaires Index. That also moved the Facebook chief executive officer down one notch to fourth place, overtaken by Louis Vuitton boss Bernard Arnault, who was elevated to one of the world’s three richest people along with Jeff Bezos and Bill Gates.

Zuckerberg responded Friday to the growing criticism about misinformation on the site, announcing the company would label all voting-related posts with a link encouraging users to look at its new voter information hub. Facebook also expanded its definition of prohibited hate speech, adding a clause saying no ads will be allowed if they label another demographic as dangerous.

“There are no exceptions for politicians in any of the policies I’m announcing here today,” Zuckerberg said.

BLOOMBERG

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