Mark Zuckerberg loses $7 billion as companies boycott Facebook ads
Jun 29 2020
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.
Shortly before Zuckerberg spoke, Unilever, the maker of household brands including Dove soap and Hellmann's mayonnaise, said it would stop advertising on Facebook, Instagram and Twitter in the USA through the end of the year. Color of Change, one of the boycott-backed groups, said it had joined almost 100 advertisers. Ben & Jerry's, an ice cream brand owned by the company, said Tuesday that it was joining the boycott. The labels will direct users to accurate voting information, the company said.
Sputnik quoted the company's CEO James Quincey saying that Coca Cola would pause paid advertising on all social media platforms globally for at least 30 days, adding that racism has no place on social media. "We also expect greater accountability and transparency from our social media partners", he said.
The Voting Information Center will also contain links to posts that discuss voting, including posts from politicians, with Zuckerberg adding that including these posts is not a judgment on their accuracy, but an attempt to share authoritative information.
"There are no exceptions for politicians in any of the policies I'm announcing here today", Zuckerberg said.
While there is no evidence that any deal was struck between Trump and Zuckerberg, and the Times added that "officials at Facebook and in the administration scoff at the notion that there is some kind of secret pact", Trump seems to have been softer toward Facebook than other social media platforms.
Honda has joined Coca Cola and Unilever, two of the largest advertisers across the world, as the latest companies to join the campaign against Facebook for failing to adequately police hateful and misleading content. He also noted that there is no "newsworthiness" exemption allowed for posts that break Facebook's rules against inciting violence or voter suppression. Often, seeing speech from politicians is in the public interest, and in the same way that news outlets will report what a politician says, we think people should generally be able to see it for themselves on our platforms.
Shares of Facebook and Twitter plummeted 7% on Friday following a decision from European consumer giant Unilever to pull United States advertisements until the end of the year. Companies including Verizon, Unilever, and Patagonia have pledged to halt advertising over the spread of hateful posts.
In addition, the campaign wants Facebook to submit to "regular third-party, independent audits of identity-based hate and misinformation with summary results published on a publicly accessible website". "We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change".
"We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies", a Facebook company spokesperson told Salon.
But the publicity around its hate speech policies have hurt its perception and stock.
eMarketer analyst Nicole Perrin said Friday in an emailed statement to The Mercury News that Unilever's announcement is notable because it carries enough influence to persuade other brand advertisers to follow and it's going beyond the goals of organizers by "pulling back spending for longer, on more platforms (including Twitter) and for more expansive reasons: Unilever's statement cites "divisiveness" as well as hate speech".