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Article

29 Jun 2020

Author:
Theron Mohamed, Business Insider

Facebook sees $60 billion in market value erased in just 2 days as advertisers like Starbucks and PepsiCo halt social-media spending

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Starbucks, PepsiCo, Coca-Cola, Diageo, Unilever, and Verizon have all halted advertising on Facebook — and in some cases, on other social-media platforms too. Several high-profile executives have called for the social-media giant to do more to combat the spread of misinformation and hate speech on its platform. Facebook has responded with policy tweaks. It said it planned to label ads that discuss voting to direct viewers to accurate information, ban a wider range of hateful language, and tag posts by political figures that violate its standards as "newsworthy" to indicate why they haven't been taken down. However, the boycott is unlikely to do much damage to Facebook's revenue, as it has more than 8 million advertisers.

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