October 5, (THEWILL) – Reports say that Mark Zuckerberg’s wealth grew on Tuesday, October 4, 2022 by 2.08 percent amid a faceoff between his company, Meta Platforms and the Nigerian government over unapproved advertisements targeting Nigerian audiences.
Zuckerberg’s net worth rose to $51.2 billion after making over N437 billion ($1 billion) in last Tuesday’s trading, suggesting that Meta Platforms were unaffected by the lawsuit from the Nigerian government.
Meta stock increased in value by 1.67 percent on the New York Stock Exchange as investors were unbothered by the lawsuit which might cost Meta N30 billion.
High demands from equity market investors led to Meta stock rising to $140.92 from $138.61.
There were reports that Meta had been sued by the Nigerian government on Tuesday over unapproved advertisements targeting Nigerian audience.
The lawsuit was filed by the Advertising Regulatory Council of Nigeria (ARCON) against its social media companies, Facebook, Instagram, and WhatsApp, which are products under Meta.
It was gathered that AT3 Resources Limited, an agent of Meta, was mentioned in the suit.
The Advertising Regulatory Council said the advert by Meta’s products is illegal, unlawful and a violation of the extant advertising Law in Nigeria.
The regulator said, “that the continued publication and exposure of various advertisements directed at the Nigerian market through Facebook and Instagram platforms by Meta Platforms Incorporated without ensuring same is vetted and approved before exposure is illegal, unlawful and a violation of the extant advertising Law in Nigeria.”
ARCON requested for N30 billion as penalty for the unapproved advert, which the regulator said has caused loss of revenue to the Nigerian government.
A statement by the regulator reads, “ARCON reiterates that it would not permit unethical and irresponsible advertising on Nigeria’s advertising space.
“ARCON further states that it is not regulating the online media space but rather advertising and marketing communications on the online platforms in line with its establishment Act.”
About the Author
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
