Why companies are abandoning Facebook, explained.
A growing number of major advertisers (+500) are abandoning Facebook amid criticism the social media company is letting hateful or false posts go unchecked. Among the brands that have halted advertising on the platform are Adidas, Patagonia, The North Face, Coca Cola, Unilever, Starbucks, Puma, Disney…
The founder and CEO of Facebook, Mark Zuckerberg, defends free speech, even if the speech is false, racist or hate speech. Reminder: Zuckerberg faced a lot of criticism after his decision of not deleting a post by President Trump in which he threatened looters with the use of violence. (Twitter, instead, decided to hide it).
HOW BAD IS THIS BOYCOT FOR FACEBOOK?
The campaign appears to have dented Facebook’s stock. Its shares have dropped roughly 10% since the boycott started gaining steam, slashing $53 billion off the company’s stock market value. Reminder: 99% of Facebook’s revenue comes from advertising and Disney was its biggest advertiser. This year alone, Disney invested $210 million in Facebook ads.
WHAT IS FACEBOOK SAYING?
Facebook says it is investing billions of $ in keeping safe its platforms & that it has already banned 250 racist organizations from Facebook & Instagram.