Some of America’s biggest brands — Coca-Cola, The Hershey Company and the Levi Strauss & Co. — “are among the latest in pledging to halt advertising on Facebook as part of a growing boycott,” reports USA Today:
Despite Facebook CEO Mark Zuckerberg outlining several steps the social network will take to combat hate speech ahead of the 2020 presidential election Friday, the companies joined Unilever, Honda, Verizon and others in the protest… Jen Sey, chief marketing officer of Levi’s, said in a statement late Friday the company was pausing all paid Facebook and Instagram advertising globally at least through the end of July across all of its brands. “When we re-engage will depend on Facebook’s response,” Sey said. The ad boycott on Facebook focuses on advertising for the month of July and also includes Eddie Bauer and Ben & Jerry’s… Patagonia, REI, Mozilla and Upwork in addition to about 100 smaller companies also have said they are committed.
Nearly all of the social media company’s revenue comes from advertising on Facebook and Instagram. Shares of Facebook dropped more than 8% on Friday.
Business Insider notes that the 8% drop in Facebook’s stock price meant that Mark Zuckerberg’s fortune dropped $7.21 billion in a single day.
And then Sunday Starbucks announced they were also taking action, suspending advertising on all social media because “we believe both business leaders and policy makers need to come together to affect real change.”
UPDATE: It’s also now being reported that even Pepsi is joining the boycott.
Read more of this story at Slashdot.