San Francisco/Bengaluru — Facebook said it’s making major changes to its flagship social network, shifting users’ news feeds back toward posts from friends and family and away from businesses and media outlets — a transition that is likely to mean people spend less time on the site. In a post on Thursday, CEO Mark Zuckerberg said community feedback has shown that public content has been "crowding out the personal moments that lead us to connect more with each other". "Facebook is already experiencing declines in consumption and the company is responding with these changes today," Wieser said. "Good on Facebook — they are doing the right thing, long term. It may not be good for the business in the short term." Shares of Facebook fell 4% on Friday after Zuckerberg announced the changes. If the pre-market declines in shares hold, Facebook stands to lose nearly $23bn from its market capitalisation on Friday as a result of the move. Pivotal Research Group said its analysis of Nielsen’s d...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.