Facebook shares fell 8.3% after Unilever Plc, the largest advertiser, joined the social media ad boycott. This reduced the fortune of social network founder Mark Zuckerberg by $7.2 billion. Earlier, the businessman spoke out against the need for social networks to evaluate the reliability of user statements.
Since June 17, activists of several public organizations have urged brands to abandon advertising on Facebook. The social network was accused of not fighting enough to incite protesters, racism, hatred, and misinformation in the run-up to the upcoming presidential election. According to The Bell, activists demanded, among other things, that Facebook strengthened the moderation of harassment and harassment complaints, automatically remove hateful ads, and moderate closed extremist groups.
More than 10 major companies joined the Facebook boycott, writes Bloomberg:
Honda Motor Co.;
Hershey Co .;
Verizon Communications Inc.;
Levi Strauss & Co.;
Diamond Foundry Inc.;
Ben & JerryвЂ™s Homemade Inc.;
The north face;
Eileen Fisher Inc.
Not only the brands themselves are boycotting Facebook, but also the agencies that work with them. So, one of the major advertising agencies sent out more than 50 messages to its customers urging them to support the campaign and refuse to advertise on social networks. On June 26, Facebook's value fell 8.3%, or $56 billion. The state of Zuckerberg, which Bloomberg calculates online, automatically decreased to 82.3 billion dollars.
Facebook is trying to negotiate with advertisers: the largest of them, the company sent a letter in which it reported the steps taken to combat hateful content, writes The New York Times. So far, it has not had an effect, but many brands are ready to return to the platform if it revises its content policy, the publication adds.
Zuckerberg also announced that Facebook will accompany all posts on US elections with a link to a new voter information center.