June 29, 2020: As the Facebook boycott list increased last week, the share value dropped by 8% last Friday. The major brands like Coca Cola, The Hershey Company, Levi Strauss are the recent companies to join the campaign. The demand for removing and controlling the hate speech within the platform has led these major brands to take action to stop advertising on the social media platform.
Facebook CEO, Mark Zuckerberg outlining several steps to overcome the current situation and how they are working on to stop the hate speech within the platform there were other major brands like Honda, Verizon, and Unilever joining the campaign.
The companies have announced to stop the social media advertisement until December this year. The campaign launched by the civil rights group on June 17th comes as a prominent aspect in the corporate environment with racial discrimination and the death of Floyd in the police custody.
Jen CMO of Levi’s stated they paused the social media advertisement till late July, and restarting will depend on how Facebook will take action to overcome the current situation. There were more than 100 start-up and small companies pledging to stop the social media advertisement.
“I’m optimistic that we can make progress on public health and racial justice while maintaining our democratic traditions around free expression and voting,” Zuckerberg said. “I’m committed to making sure Facebook is a force for good on this journey.”