Former Google CEO Eric Schmidt steps down from parent firm Alphabet just a day after $66billion was wiped off its value amid advertiser revolt over ‘harmful content’ on YouTube

Ex-Google CEO Eric Schmidt is set to leave the board of the tech giant’s parent firm Alphabet later this year.

It comes just one day after a historically poor day for Alphabet where the firm – which runs Google, YouTube and Boston Dynamics – saw its share prices plunge.

Alphabet shares dropped by as much as 8.6 per cent yesterday, wiping more than $66billion from the company’s value and marking the steepest drop since October 2012.

Google founders Larry Page, Sergey Brin and Eric Schmidt had about $9 billion wiped from their collective net worth as the stock plunged in early trading yesterday.

The financial turmoil was principally caused by slowing revenue growth at YouTube as advertisers pulled out over fears of ‘harmful content’.

YouTube has recently come under fire amid concern that it does not effectively control videos posted and promoted on the site.

It has faced pressure from advertisers to tighten regulations so that they do not appear to be sponsoring adult or offensive content.

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