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Zuckerberg's Change of Heart Cost Facebook CEO $3.3 Billion

Zuckerberg's Change of Heart Cost Facebook CEO $3.3 Billion

In a dramatic shake-up, Facebook will start playing up status updates from friends and family in people's news feeds, effectively deprioritizing content from media publishers and brands. Connecting with dear ones can make users feel better and less lonely, adds the CEO, and this, in turn, contributes to long-term happiness.

Admitting that its changes will likely reduce the time people spend on Facebook less was a big deal for the company.

The changes come as the company faces criticism that social media can make people feel depressed and isolated.

Last week, Zuckerberg said his "personal challenge" for 2018 (something he's done every year since 2009), will be to fix Facebook.

David Chavern, the head of the News Media Alliance, a trade group representing outlets across the country, said that Facebook does little outreach to the media despite having huge amounts of influence over news outlets' traffic.

Shares of Facebook slid more than 5 percent to $177.31 in premarket trading Friday after the change was unveiled.

Later, the company expanded these tools to let you choose the friends and brands whose posts you want to see first.

Facebook is once again tweaking what you see to focus more on personal connections and take the spotlight off brands and news articles.

It is a known fact that public content has exploded on Facebook.

Conversation is at the centre of Facebook's new approach, according to the organization's explanation for the change.

"There is too much uncertainty relating to the economic impact of Facebook's pending News Feed changes for us to be comfortable retaining a Buy rating on the stock", wrote Stifel analyst Scott Devitt in a research note, cutting his recommendation to "hold" from "buy".

The company says that's similar to how people make friends and interact with each other offline. "Sometimes, I have to visit their profile to know what's happening".

The changes come after a tough year for Facebook that included congressional hearings on how Russian Federation used it to influence the 2016 US elections.

"Without that - as the large majority of all new online advertising spend continues to go to the search and social media platforms - quality content will no longer be a choice or an option", he continued.

"Facebook was built to bring people together", says Hegeman.

Facebook CEO Mark ZuckerbergMark Elliot ZuckerbergFacebook profit soars amid new pressure from lawmakers Zuckerberg asks for forgiveness amid reports of Facebook's role in elections Interior Department canceled climate expert meeting with Zuckerberg: report MORE said in the post announcing the change that the new changes are meant to make Facebook's user experience "more valuable".

The 1-year-old Dotface has 110,000 fans on its Facebook page, its primary channel for reaching viewers.

"And, so, the theme of all the people in the world, that's what this step and move is today". But those views, comments or share generated no revenue for Dotface.

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