Sunday, June 28, 2020

Advertising Boycott, Zuckerberg Lost 7.2 Billions in One Day

More than 90 large organizations have decided to boycott advertisements on Facebook, a popular social media site, for making hate speech. As a result, the market value of Facebook worth about USD 5.6 billion is declining. As a result, Facebook CEO Mark Zuckerberg has suffered a financial loss of about

Advertising Boycott, Zuckerberg Lost 7.2 Billions in One Day

More than 90 large organizations have decided to boycott advertisements on Facebook, a popular social media site, for making hate speech. As a result, the market value of Facebook worth about USD 5.6 billion is declining. As a result, Facebook CEO Mark Zuckerberg has suffered a financial loss of about 7.2 billion USD.

Unilever says it will not spend any more money on Facebook. After this decision, the share of Facebook fell more than 8 percent last Friday. At the same time, Twitter's stock fell 7 percent.

Meanwhile, European companies Ben & Jerry, Lipton Tea and Dove announced the boycott of new ads on social media Facebook later this year. The European Union (EU) said in a statement that it had taken the step in response to an increase in hate speech. According to them, Facebook has failed to take necessary action against rumors and hate speech.

Coca-Cola then announced an ad boycott on Facebook for at least 30 days. "There is no place for racism in the world," Coca-Cola chairman and chief executive James Quincy said in a brief statement. There is no place for racism on social media either. '

He added that social media organizations need to be given 'accountability and transparency'.

American Honda says its ads on Facebook will be blocked from July to stay united against hateful racism.

Meanwhile, after the boycott and subsequent losses in the stock market, this huge social media company was forced to announce some changes in their filtering policy. Last Friday, Facebook said it would remove hateful comments from ads. Furthermore, we are further expanding our policies to protect against hateful advertisements about immigrants, refugees and asylum seekers.