Facebook’s (US:FB) shares tumbled on Friday, finishing the day down more than 8 per cent at $216. This came as telecommunications giant Verizon (US:VZ) and consumer goods group Unilever (ULVR) joined a growing list of more than 90 companies that have already, or plan to, temporarily stop advertising on the social network.
The exodus is being driven by the ‘Stop Hate For Profit’ campaign, organised by US civil rights groups including the National Association for the Advancement of Coloured People (NAACP). Insisting there is “hate and misinformation across Facebook's products, which are supported by paid advertisements”, it is urging corporations to pause ad spending on the platform in July to push Facebook to improve its policing of racist, hateful and violent material.