FaceBook and Twitter stocks were down 7% by mid-day, mostly because Unilever decided to pull their advertisements from them, as well as from Instagram.
"Given our Responsibility Framework and the polarized atmosphere in the U.S., we have decided that starting now through at least the end of the year, we will not run brand advertising in social media newsfeed platforms Facebook, Instagram and Twitter in the U.S.," the company said in a statement. "Continuing to advertise on these platforms at this time would not add value to people and society. We will be monitoring ongoing and will revisit our current position if necessary."
[...]
"Based on the current polarization and the election that we are having in the US, there needs to be much more enforcement in the area of hate speech,"
Luis Di Como, Unilever's executive vice president of global media, told the Journal in an interview.
Meaning, Trump-speech.
And Unilever isn’t the only one……….
(CNN Business)Telecom giant Verizon said Thursday it is pulling its advertising from Facebook, in what may be the biggest brand yet to join the #StopHateForProfit boycott.
"We're pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with we've done with YouTube and other partners," said John Nitti, chief media officer for
Verizon (VZ), in a statement to CNN.
The announcement marks the first US telecom giant to join the boycott. Spokespeople for other major wireless carriers, including
AT&T (T) and
T-Mobile (TMUS), did not immediately respond to CNN's requests for comment. (CNN's parent company WarnerMedia is owned by AT&T.)