Mark Zuckerberg just lost $3 billion from his personal fortune

Facebook CEO Mark Zuckerberg

Facebook CEO Mark Zuckerberg. Justin Sullivan Getty Images

That is bad news for publishers relying on Facebook to deliver eyeballs. But business was good.

The US election in 2016 saw a string of adverts making misleading or factually inaccurate statements about political candidates gain traction on the site.

The idea is to help users to connect with people they care about, not make them feel depressed and isolated. If Zuckerberg's statement on Friday is to be believed, he's chose to de-emphasise some of the business strategies that make Facebook mountains of cash and reimagine Facebook as a place for friends once again.

"As we roll this out, you'll see less public content like posts from businesses, brands, and media", Zuckerberg said in a post on his Facebook page.

Facebook and companies from Twitter to Apple have been confronting a mounting public backlash against technology and social media, as the public grapples with a constantly connected life in which they are exposed to fake or biased news, cyber bullying and even internet addiction.

The company has been criticized for what it's showing to its users as some of the content can negatively affect millions of users.

When Mark Zuckerberg says "engagement will go down", investors read "ad impressions will go down". In that case, you'll see more photos of your friends' dogs or cats or the status update that your friends have liked, regardless of how amusing, interesting they are.

The trend away from business posts is not new, he said.

Those changes mean fewer posts from businesses and publications, and more posts from friends and family.

The changes might make it harder to get messaging to people about a short-term sale, Taylor said.

Zuckerberg goes on to write, "By making these changes, I expect the time people spend on Facebook and some measures of engagement will go down".

Once again, Zuckerberg is pointing towards some sort of return to the old Facebook.

News feed changes mean users are likely to spend less time on Facebook.

But Facebook won't be going back to the old linear timeline or anything.

There are many tight-knit communities around TV shows and sports teams. For example, live videos often lead to discussion among viewers on Facebook - in fact, live videos on average get six times as many interactions as regular videos.

Conversation is at the centre of Facebook's new approach, according to the organization's explanation for the change.

He cited academic research indicating that interacting with loved ones is crucial to a person's wellbeing, while reading news articles or watching shared videos may not be. CEO Mark Zuckerberg said in a post, "We feel a responsibility to make sure our services aren't just fun to use, but also good for people's well-being". The last part just sounds like news and videos that make people argue more, but OK.

Facebook said its algorithm would punish publishers if the headlines withhold information necessary to understand the article, or if the headline is exaggerated and misleading.

Facebook has trained individuals, brands and publishers to rewire their brains towards an instinctual pursuit of what they believe will capture that satisfying like or lucrative share.

Facebook Inc (NASDAQ:FB) will soon roll out its first major change to its signature News Feed in several years, and many investors and analysts are anxious that the revamp could damage its business.

Furthermore, the changes won't stop the spread of bogus news.

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