Facebook under massive pressure to crack down hate speech

The upcoming election is a major topic of offensive and hateful posts on Facebook and Instagram- Zuckerberg loses billions after Verizon and others pull ads over offensive posts

Steyer said they will urge global advertisers such as Unilever and Honda, which have only committed to pausing USA ads, to pull their Facebook ads globally.

Additionally, Starbucks confirmed to TIME that it would not be signing up for the #StopHateForProfit campaign and pledged its support to have conversations internally and with social media platforms about what parameters should look like regarding hate speech. However, the company will continue to post on social media, but not make paid advertisements. Diageo announced the decision on Twitter on June 27.

Founder Mark Zuckerberg also said the social media platform would ban adverts containing hate speech including content from politicians if it is deemed as inciting violence or suppressing voting.

"We have been down this road before with Facebook".

"There are no exceptions for politicians in any of the policies I'm announcing here today", he said. Its chief media officer John Nitti said in a statement that it was "pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with what we've done with YouTube and other partners".

Following the latest exit of Unilever from Facebook's advertising, the social media giant announced new content policies for the platform to curb the spread of unfettered content.

A statement on the campaign's website requested businesses to temporarily pause advertising on Facebook and Instagram in order to force CEO Mark Zuckerberg to address the effect that Facebook has had on the society. Shares for Facebook fell 8.3% at the end of last week after Unilever said it would halt advertising on Facebook's products for the rest of the year. Unilever had nearly $60 billion in revenue previous year and markets thousands of food, beverage, home care, beauty and personal care brands worldwide.

How altruistic is Facebook's move? "We're a tiny fish in a massive ocean, but we're happy to be joining the boycott", he wrote.

But like Coca-Cola, Starbucks said it was not joining that boycott.

While an advertiser boycott is unlikely to cause a sharp drop in Facebook's $17.7bn (£14.4bn) quarterly revenues, it did cause its share price to slump more than 8pc on Friday. The beverage giant has said that it would stop all paid ads on all social media platforms globally for at least 30 days.

Lots of people are unhappy with the way Facebook handles content on the site.

The nation's largest carrier on June 25 set off a cascade of boycotts from other brands after the Anti-Defamation League and NAACP published an open letter saying its ads were being placed next to hateful content on Facebook.

Still, while Facebook has largely avoided explicit Twitter-style hounding of "wrong" political opinions so far, the social-media platform has been frequently accused of censorship. In case of a breach, we take action. Now, huge advertisers like Verizon, Unilever and Starbucks are getting involved.

Like Coca-Cola, Starbucks is pulling social media spend on all platforms, not just Facebook.

Responding to demands for more action, Facebook on Sunday acknowledged it has more work to do and is teaming up with civil rights groups and experts to develop more tools to fight hate speech.