LAST UPDATED: June 28, 2020, 09:00 a.m. EST: Mark Zuckerberg lost almost $7 billion from his fortune as the shares of Facebook went down by 8% on Friday. This happened after Coca-Cola halts all their social media advertising for 30 days. Coca-cola joined the ad boycott after Facebook refused to remove a controversial post by President Donald Trump, which threatens protesters with violence
United States President Donald Trump posted on Facebook saying “when the looting starts, the shooting stars” and also called the demonstrator thug. Facebook refused to take any action on this post that appears to threaten protesters with shooting.
Facebook is continuously being alleged of promoting hate speech, racism, and violence. #Stophateforpofit campaign started against Facebook due to Facebook’s unaccountable behavior. Several big companies such as Hershey Co, the North Face, and Verizon, etc joined this campaign and stopped their ad spent on Facebook. Coca-cola is the latest big name, who joined this #stophateforprofit campaign run by American civil rights groups.
James Quincey wrote on Coca-cola’s official site about the Facebook ad spent:
“There is no place for racism in the world and there is no place for racism on social media. The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days. We will take this time to reassess our advertising policies to determine whether revisions are needed. We also expect greater accountability and transparency from our social media partners.” – James Quincey, Chairman, and CEO of The Coca-Cola Company.
In May, George Floyd was killed by the Minneapolis police officer. This incident started a worldwide discussion about racism and subsequently protest all over the united states. Facebook indirectly previously supported Donald trump’s statement against twitter of being biased. Facebook issued a statement that they don’ suppress anyone’s voice. The #stophateforprofit campaign started after this on June 19.
The pressure appears to be working as Facebook announced on Friday that they will label “newsworthy posts” by politicians as hate speech, violent and racist category.
The civil rights groups behind the #StopHateforProfit campaign, NAACP, Color of Change, and the Anti-Defamation League demanded Facebook to take stronger action.