Companies are boycotting social media giant Facebook (NASDAQ: FB) due to their weak stance against hate speech and racial policies. Big brands like Coca-Cola, Best Buy, Unilever, Adidas etc. have stopped running paid advertisements on Facebook's family of apps this July.
This week, Adidas and it's partner Reebok, PepsiCo among others joins the movement to boycott facebook and stop running ads on the platform. The social media giant makes nearly all itâs money from adverts, raking in more than $70 billion last year. Shares plunged by 8% on Friday as the boycott picked up steam. If this continues Facebook may loose billions of dollars in adverts.
The Campaign "Stop hate for profit" launched 2 weeks ago after it became obvious that Facebook have done nothing or too little to stop hate speech on its platform and Facebook alone has been singled out for its weak stance on racial issues.
More than 400 giant companies have stopped running ads on Facebook and small businesses are also called to stop running ads on Facebook until it does something about hate speech, racial issues and other harmful content on its platform.
Coming Up: Jeff Bezos networth has hit a record of $172 Billion, a new record for the world's richest man. According to Bloomberg Billionaire Index.
The FAA began the flight certification process of the Boeing 737 Max. Boeingâs best selling jetliner has been grounded since March 2019 after two fatal crashes killed 346 people. Boeingâs bottom line has been hurt by this and the Coronavirus fallout. The stock is at $183, down from $422 in March 2019 and $333 in January 2020. The news caused the stock to rally by 14% on Monday.