Facebook's market value dropped Friday by more than 8 per cent, or
about $50 billion, as more companies said they would pause ads.
Starbucks
is the latest company to say it will pause social media ads after a campaign
led by civil rights organizations called for an ad boycott of Facebook, saying
it doesn't do enough to stop racist and violent content.
Starbucks said Sunday that its actions were not part of the #StopHateforProfit campaign, but that it is pausing its social ads while talking with civil rights organizations and its media partners about how to stop hate speech online.
The coffee chain's
announcement follows statements from Unilever, the European consumer-goods
giant behind Ben & Jerry's ice cream and Dove soap; Coca-Cola; cellphone
company Verizon and outdoors companies like Patagonia, Eddie Bauer and REI;
film company Magnolia Pictures; jeans maker Levi's and dozens of smaller
companies. Some of the companies will pause ads just on Facebook,
while others will refrain from advertising more broadly on social media.
In response to
companies halting advertising, Facebook executive Carolyn Everson said earlier
this week the social networking platform is committed to purging hateful
content from its services.
Our conversations
with marketers and civil rights organizations are about how, together, we can
be a force for good, said Everson, vice president of Facebook's global business
group.
Facebook's market
value dropped Friday by more than 8 per cent, or about $50 billion, as more
companies said they would pause ads.
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