Shares of social media giant Facebook (FB) continue to dive as global firms join the ad boycott organized by civil rights coalitions to increase pressure on the social media company to remove hate speech.
A movement started by civil rights non-government organizations including the Anti-Defamation League (ADL) and popularized through the #StopHateforProfit hashtag seems to have gained momentum among the business community, prompting more advertisers to pull out their budgets from the Menlo Park company.
The firm headed by Mark Zuckerberg (pictured) has seen a growing number of companies join the ‘Stop Hate for Profit’ campaign, including Coca Cola (KO) and Starbucks (SBUX), both of which have temporarily paused their ad campaigns with the tech giant.
Other companies that have halted their digital adverts on the platform include freelancing platform UpWork, telecom giant Verizon, clothing firm Levi Strauss, automaker Honda, candy producer Hershey’s, and spirits maker Diageo.
The list grows each day, even though Zuckerberg recently said that the company plans to strengthen its efforts to monitor, flag, and remove hateful content from its platforms.
Shares in the social media platform, which also owns Instagram and WhatsApp, nosedived on Friday, losing 8.3% by the end of the stock trading session to close at $216.08.
They are also losing nearly 4% during Monday’s pre-market session, as investors worry about the impact of this boycott on the business revenues and profits.
One of the first companies to join the boycott was consumer goods multinational Unilever (ULVR), a major account for Facebook. Unilever chief executive Luis Dicomo said that “continuing to advertise on these platforms at this time would not add value to people and society”.
Facebook VP of global affairs and communications Nick Clegg said: “People want to put pressure on Facebook to do more. That’s why we made those additional announcements on Friday. That’s why we’ll continue to redouble our efforts, because, you know, we have a zero tolerance approach to hate speech”.