Unilever, & Coca-Cola joins a list of brands in boycotting Facebook Ads
Coca-cola joins the list of brands who are going to pause advertising on social media for at least 30 days.
The move is part of a broader boycott of Facebook and Instagram organized by the Anti-Defamation League, the NAACP, and other organizations called the “Stop Hate For Profit” campaign.
The civil right group is advocating for brands to stop spending on Facebook ads for the month of July. This move is to protest Facebook’s policies on hate speech and misinformation.
Unilever also stepped in the mix and said that they will stop advertising on Facebook and Twitter through the end of the year. These platforms need to improve “in the areas of divisiveness and hate speech during this polarized election period in the U.S.,” the company said in a statement.
- Companies that have joined in on the movement: The North Face, Verizon, Patagonia, REI, and Ben & Jerry’s.
Facebook CEO, Mark Zuckerberg, made a statement saying the company will start labelling posts that violate its policies that are deemed “newsworthy.” Zuckerberg never mentioned the boycott but the company will ban hate speech in it’s ads and prevent voter suppression.
Bigger Picture: Facebook shares fell more than 8% and Twitter stock dropped 7.4%. A majority of the company’s ad revenue comes from direct-response ads from small and medium-sized businesses. Major advertisers pausing ad spending for one month won’t have a substantial effect on Facebook’s bottom line.