Ad companies are boycotting Facebook and Instagram ads as part of the “#StopHateForProfit” campaign to show that they are not willing to support a company that puts profit over people. As a result, Facebook has lost more than $7 billion.
The social network’s shares dropped by 8.3% on Friday, which was the most in three months after Uniliver one of the world’s largest advertisers joined the boycott campaign. Unilever had said that it will stop spending on Facebook earlier this year.
The drop in share price brought down Facebook’s market value by $56 billion and reduced Mark Zuckerburg’s net worth by $82.3 billion. This also brought down the chief executive’s position down to fourth place among the world’s richest people. Zuckerburg was overtaken by Louis Vuitton boss Bernard Arnault who joined the top three that includes Jeff Bezos and Bill Gates.
The American telecommunication giant Verizon also pulled its ads from Facebook once they learned that one of 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 can be a force for good.
Hopefully, Facebook can implement these changes sooner rather than later as the boycott is clearly turning out to be a massive blow to the company’s finance and public reputation.