NEW YORK (REUTERS) - Facebook users will be seeing more from their families and friends on their News Feeds, and less from publishers and brands.

That's what Facebook's CEO Mark Zuckerberg said in a post.

He said the company is trying to help users develop more meaningful social interactions.

Zuckerberg also said the changes will hurt engagement in the near term.

Facebook stock tanked on the news. At some point, the company lost nearly US$23 billion (S$30.5 billion) from its market cap.

Loup Ventures' Gene Munster said: "Great move by Facebook. Going back to its core. I think, it's important to understand is that successful companies longer term stick religiously to their mission statement. And, in Facebook's case, their mission statement is to connect all the people in the world. It's not to build a big advertising business.

"And, so, the theme of all the people in the world, that's what this step and move is today. It's just to make it easier for Facebook users to do what Facebook wants you to, which is, actually, talk to your friends and communicate with your friends and family."