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Facebook loses US$23 biliion after Mark Zuckerberg announces changes

Facebook could see $23 billion wiped off the company's value after changes were announced which will see people spend less time on it. Shares in the social networking giant, Facebook Inc, fell by more than 4% on Friday - placing the company on track for its worst financial position in more than three months.
The dip comes hours after chief executive Mark Zuckerberg declared changes that he said would hit user engagement in the short-term. Facebook would adjust its news feed for users to prioritise what family and friends are sharing while reducing non-advertising content.
The planned change has sparked fears people would spend less time on Facebook, which has seen its stock $8.29 lower to $179.47. If the stock closed at that level the company's market value will have shrunk by $23 billion. 
The change was announced amid criticism Facebook's algorithms may have prioritised misleading news and misinformation in users' feeds.
Facebook admitted its plans may mean people spend less time on the social networking site and that its engagement would decrease in the short term but Mr Zuckerberg said the adjustment would be a better long term changes for both users and businesses.
Facebook will be expecting to be less public content like posts from businesses, brands, and media. It should encourage meaningful interactions between people. This changes focusing on helping people find relevant content for more meaningful social interactions.

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