Facebook shares are falling after Starbucks joins ad boycott

Facebook shares are falling after Starbucks joins ad boycott

Facebook shares are falling after Starbucks joins ad boycott

Facebook shares dropped roughly 1% on Monday as more advertisers joined the boycott of the social network.

On Sunday, the social media giant promised to work with rights groups and policy experts to target alleged hate speech more aggressively, with the company's AI systems already said to allow it to find and remove nine-tenths of hate speech before it is reported by users. "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".

Champions of the.StopHateForProfit boycott - led by civil rights and advocacy groups including the Anti-Defamation League and National Association for the Advancement of Colored People - say Facebook has not done enough to keep racist, false and unsafe content or white supremacists off its platform.

While the company is suspending its social media ads, it is not joining the #StopHateForProfit campaign bolstering the Facebook advertising boycott, according to CNBC.

Starbucks confirmed to TIME that this pause on social media advertising would not include YouTube. "Facebook needs to address this issue quickly and effectively in order to stop advertising exits from potentially spiralling out of control".

The coffee-selling giant added, "We will pause advertising on all social media platforms while we continue discussions internally, with our media partners and with civil rights organisations in the effort to stop the spread of hate speech".

The U.S. Facebook estimates for some of the other large advertisers that have implemented suspensions include $42.4 million for Unilever, $22.9 million for Verizon, and $22.1 million for Coca-Cola. Chairman and CEO James Quincey said there is no place for racism in the world and on social media. Some analysts have said the financial impact of recent exits will be limited, citing past advertiser revolts. The social-media giant makes almost all of its revenue from advertising.

Mark Zuckerberg had $US7 billion wiped off his fortune as advertisers boycott Facebook.

Speaking to Reuters, James Steyer, CEO of the San Francisco-based non-profit, said "the next frontier" following the successful lobbying of corporations in the U.S. is "global pressure", with major European and Asian companies including Unilever and Honda to be pressed to freeze their Facebook ads globally, not just those running in the US.

Facebook is in hot water for what critics say is a failure to police hate speech and content promoting violence, including posts from President Donald Trump. The campaign also alleged that Facebook had "turned a blind eye to blatant voter suppression" on its platform, adding that while Facebook could protect and support Black users as well as call out Holocaust denial as hate, it is "actively choosing not to do so".

Over the weekend, Zuckerberg responded to mounting criticism, explaining in a Facebook post that the company is expanding its ads policy to prohibit claims that people from a specific race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity or immigration status are a threat to the physical safety, health or survival of others.

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