Ad companies are boycotting Facebook and Instagram ads as a part of the “#StopHateForProfit” campaign to point out that they’re not willing to support a corporation that puts profit over people. As a result, Facebook has lost quite $7 billion.
The social network’s shares dropped by 8.3% on Friday, which was the foremost in three months after Uniliver one among the world’s largest advertisers joined the boycott campaign. Unilever had said that it’ll stop spending on Facebook earlier this year.
The drop by share price brought down Facebook’s market price by $56 billion and reduced Mark Zuckerburg’s net worth by $82.3 billion. This also brought down the chief executive’s position right down to fourth place among the world’s richest people. Zuckerburg was overtaken by Louis Vuitton boss Bernard Arnault who joined the highest three that has Jeff Bezos and Gates .
The American telecommunication giant Verizon also pulled its ads from Facebook once they learned that one among their ads was found next to anti-Semitic content. As a response, Facebook vice-president Carolyn Everson said:
“We respect any brand’s decision, and remain focused on the important work of removing hate speech and providing critical voting information. Our conversations with marketers and civil rights organizations are about how, together, we will be a force permanently .”
Hopefully, Facebook can implement these changes sooner instead of later because the boycott is clearly arising to be a huge blow to the company’s finance and public reputation.