Over 90 global brands boycott Facebook advertising

MENLO PARK: More than 90 international companies have boycotted the advertisements on Facebook due to less concrete steps towards ending hate speech and the spread of misinformation on its platforms.

According to a foreign news agency, the movie caused the social platform to lost its more than $60 billion in just two days.

Multinational companies like Coca-Cola, Pepsi, and Unilever are also part of the ad boycott campaign. 

According to the companies, the management of Facebook has not taken any effective steps to combat hateful content based on racism. The Coca-Cola Company has suspended paid advertising on all social media platforms for at least 30 days.

Read more: Facebook will label newsworthy posts that break rules

Procter & Gamble, the world’s largest advertising company, has said it could block Facebook ads, while Procter & Gamble’s rival Unilever has already announced it will not advertise to Facebook until the end of this year. 

Facebook founder Mark Zuckerberg has a net worth of $82.3 billion, making him the fourth-richest person in the world. Facebook, on the other hand, claimed it has invested in artificial intelligence that allows 90 percent of hateful content to appear before the platform users complain.

Zuckerberg had said that Facebook would ban hate speech but that the ban would not apply to non-advertising posts.