Social media platform Facebook was on the verge of losing 17 billion pound ($23 billion) of its value after its announcement of making changes to its News Feed.
The new update on the News Feed will allow the users to see more updates from family and friends rather than posts from business, brands and media. This means that now the user will get more news from known relatives and friends rather than advertising of a brand or business.
According to reports, the company’s share fell 4 per cent within hours of the official announcement by CEO Mark Zuckerberg.
Zuckerberg, who took to Facebook to clarify why the amendments were justified, said, “One of our big focus areas for 2018 is making sure the time we all spend on Facebook is time well spent.”
“Research shows that strengthening our relationships improves our well-being and happiness,” he added.
He also said, “We feel a responsibility to make sure our services aren’t just fun to use, but also good for people's well-being. So we've studied this trend carefully by looking at the academic research and doing our own research with leading experts at universities.”
“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,” he confessed.
Zuckerberg also admitted that the new changes might not be welcomed easily by the users and can result in a downfall, but believes that meaningful social interactions are important for the users.