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News Business Facebook reverses policies as ad boycott sends stock down (-8% Friday).

MaestroMike

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Sep 25, 2011
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Zuckerberg now says Facebook will hide or block content considered hateful or that could harm voting, with no exception for politicians

Facebook Inc. Chief Executive Mark Zuckerberg implemented policy changes during a virtual town hall meeting Friday as more major advertisers joined a boycott of the platform and shares sank sharply.

Facebook FB, +1.02% , which gleans nearly all of its revenue via advertising, saw its stock drop 8% in Friday trading after Unilever UL, -1.75% halted advertising on Facebook, Instagram and Twitter Inc. TWTR, +1.46% in the U.S. “through at least the end of the year.” Unilever’s brands include Dove and Ben & Jerry’s, and the London-based multinational spent more than $11.8 million in the U.S. this year on Facebook, according to marketing analytics firm Pathmatics.

“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,” Luis Di Como, Unilever’s executive vice president of global media, said in a statement, citing hate speech and divisive content on the platforms.

On Sunday, Starbucks Corp. SBUX, +2.06% joined the Facebook ad boycott.

Late Friday, it was Coca-Cola Co. KO, +1.35% . “Starting on July 1, The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days,” Coca-Cola CEO James Quincey said in a statement on the company’s website. “We will take this time to reassess our advertising standards and policies to determine whether revisions are needed internally, and what more we should expect of our social media partners to rid the platforms of hate, violence and inappropriate content. We will let them know we expect greater accountability, action and transparency from them.”

In a live town hall meeting broadcast on his Facebook profile page Friday, Zuckerberg announced several steps to eliminate hateful content in ads, tamp down on false claims leading to the 2020 elections, and make progress on racial justice. He added Facebook will hide or block content considered hateful or that could harm voting, with no exception for politicians, as Twitter has done to President Trump and others. Zuckerberg had previously spoken out against Twitter’s approach.

“We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies,” a Facebook spokesperson said in a statement emailed to MarketWatch.

“We’ve opened ourselves up to a civil rights audit, and we have banned 250 white supremacist organizations from Facebook and Instagram. The investments we have made in AI mean that we find nearly 90% of Hate Speech we action before users report it to us, while a recent EU report found Facebook assessed more hate speech reports in 24 hours than Twitter and YouTube. We know we have more work to do, and we’ll continue to work with civil rights groups, GARM, and other experts to develop even more tools, technology and policies to continue this fight.”

Nick Clegg, Facebook’s vice president of global affairs and communications, conceded Sunday on CNN that “people want to put pressure on Facebook to do more. That’s why we made those additional announcements on Friday. That’s why we’ll continue to redouble our efforts, because, you know, we have a zero tolerance approach to hate speech.”

Facebook has little choice. Unilever’s decision marked a significant escalation in Madison Avenue’s efforts to force changes by Facebook and others. More than 90 marketers — including Verizon Communications Inc. VZ, +2.29% , Recreational Equipment Inc., Honda Motor Co. HMC, +0.51% , Patagonia Inc., VF Corp., and The North Face — have announced their intention to pause advertising on Facebook since civil-rights groups including the Anti-Defamation League and NAACP called on brands to pull ad spending from Facebook for July.

Procter & Gamble Co. PG, +2.01% , which has been linked to joining the boycott, declined to comment. “We are not commenting further on individual networks, programs or platforms in reference to our plans,” a spokesperson told MarketWatch in a statement. “Our plan and path is broad and, as always, we work collaboratively and directly with our partners on our advertising decisions.”

Facebook’s change in policy highlights the increased pressure it faces in a nation roiled by pandemic and protests. “The decision by Unilever to join the boycott of Facebook illustrates that the pressure is likely to increase,” said Paul Barrett, deputy director of the NYU Stern Center for Business and Human Rights.


List of Companies in Boycott:

Arc’teryx
Ben & Jerry’s
Beam Suntory
Birchbox
Coca-Cola
Dashlane
Denny’s
Diageo
Eddie Bauer
Eileen Fisher
Hershey’s
Honda
JanSport
Levi Strauss
Magnolia Pictures
Patagonia
Patreon
The North Face
REI
Starbucks
Upwork
Unilever
Verizon

 

samporter

Banned
May 29, 2020
286
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I think this is a really poor business decision by Facebook. Facebook is around 8 times bigger than Twitter, and one of the reason they are that big is because a majority of Whites(in the US) are still using it. I am not sure if targetting and silencing conservative voices is a good move since Facebook may risk alienating White users.

These social media companies are convinced they can grow without conservative voices(older Whites), but they are in for a rude awaken. They are at near market satuation points, and the only new users will be the younger generation. America is still majority white, and the vast amount of the economy is still in that group's control. Are social media companies stupid enough to risk losing that group and hedging on diverse future demographics? Who knows what the future may hold, but if Myspace taught any lesson, it was that as more poor and stupid users move in, the rich and smart people move out.

One thing is for sure, the groups with the least resources(black and brown) aren't going to contribute much to these companies' bottom lines. It's simple a matter of math, if you don't have money, you aren't going to buy anything. Are social media going to begin advertising for 99cent store/walmart customers?
 

SentientStone

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Jun 6, 2004
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Trump is just a kayfabe heel for Corporate Yoda.



 

All Hail C-Webb

Hailing from the Chill-Web
Jun 6, 2004
2,340
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I think this is a really poor business decision by Facebook. Facebook is around 8 times bigger than Twitter, and one of the reason they are that big is because a majority of Whites(in the US) are still using it. I am not sure if targetting and silencing conservative voices is a good move since Facebook may risk alienating White users.

These social media companies are convinced they can grow without conservative voices(older Whites), but they are in for a rude awaken. They are at near market satuation points, and the only new users will be the younger generation. America is still majority white, and the vast amount of the economy is still in that group's control. Are social media companies stupid enough to risk losing that group and hedging on diverse future demographics? Who knows what the future may hold, but if Myspace taught any lesson, it was that as more poor and stupid users move in, the rich and smart people move out.

One thing is for sure, the groups with the least resources(black and brown) aren't going to contribute much to these companies' bottom lines. It's simple a matter of math, if you don't have money, you aren't going to buy anything. Are social media going to begin advertising for 99cent store/walmart customers?

You realize that not all white people are the same, right?

Do they want you to click through on the pet rock ad, or do they want me to click on the Blade ad to get to the Hamptons?
Do they want the realtor who advertises in my zip code and is routinely making $100k commissions, or do they want the realtor that's selling whole houses for less than that.

It's even more simple than that.
Nobody is stopping conservatives from doing anything. They're just no longer giving a voice to hateful bigots. Hateful bigots are a market that no one needs to cater to. Anyway, they can go to Gab, or use dissenter, or whatever the newest grift is.
 
  • LOL
Reactions: cryptoadam and Sign

LoV

Banned
Jan 8, 2015
1,053
2,095
525
Facebook and Twitter are filled with bots and are over valued.
 
Jun 28, 2012
1,977
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I think this is a really poor business decision by Facebook. Facebook is around 8 times bigger than Twitter, and one of the reason they are that big is because a majority of Whites(in the US) are still using it. I am not sure if targetting and silencing conservative voices is a good move since Facebook may risk alienating White users.

These social media companies are convinced they can grow without conservative voices(older Whites), but they are in for a rude awaken. They are at near market satuation points, and the only new users will be the younger generation. America is still majority white, and the vast amount of the economy is still in that group's control. Are social media companies stupid enough to risk losing that group and hedging on diverse future demographics? Who knows what the future may hold, but if Myspace taught any lesson, it was that as more poor and stupid users move in, the rich and smart people move out.

One thing is for sure, the groups with the least resources(black and brown) aren't going to contribute much to these companies' bottom lines. It's simple a matter of math, if you don't have money, you aren't going to buy anything. Are social media going to begin advertising for 99cent store/walmart customers?

Since when does censoring hate speech == no more conservative ads? Who says there can't still be conservative ads?

The only issue I see is what defines hate speech and whether Facebook will be able to properly distinguish between the two. Assuming that they are able to moderate it properly, how is that not a good thing?

Whether or not it's a good business decision remains to be seen. A one day drop means nothing. If people who purchase ads lose faith in the platform and stop purchasing ads, goodbye to their revenue
 
Last edited:

Dural

Member
Sep 18, 2006
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You realize that not all white people are the same, right?

Do they want you to click through on the pet rock ad, or do they want me to click on the Blade ad to get to the Hamptons?
Do they want the realtor who advertises in my zip code and is routinely making $100k commissions, or do they want the realtor that's selling whole houses for less than that.

It's even more simple than that.
Nobody is stopping conservatives from doing anything. They're just no longer giving a voice to hateful bigots. Hateful bigots are a market that no one needs to cater to. Anyway, they can go to Gab, or use dissenter, or whatever the newest grift is.
Since when does censoring hate speech == no more conservative ads? Who says there can't still be conservative ads?

The only issue I see is what defines hate speech and whether Facebook will be able to properly distinguish between the two. Assuming that they are able to moderate it properly, how is that not a good thing?

Whether or not it's a good business decision remains to be seen. A one day drop means nothing. If people who purchase ads lose faith in the platform and stop purchasing ads, goodbye to their revenue

So then who decides what’s hate speech? Saying there are only two genders is hate speech to some. Policing speech is a slippery slope.
 
Jun 28, 2012
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So then who decides what’s hate speech? Saying there are only two genders is hate speech to some. Policing speech is a slippery slope.

i agree with you, which is why i called that out.

it's a very slippery slope between defining actual hate speech vs something people disagree with. hopefully it isn't the twitter mobs making the decisions

ultimately, it is facebook's platform and they can moderate it however they see fit. having free speech does not entitle anyone the use of someone else's platform that they've invested billions into to broadcast it
 
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cryptoadam

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Come on this is nothing more then a thinly veiled deplatforming of the Trump campaign. Like FaceBook will ban any Biden ads. Lets be real. And FB will decide what is hateful. We already see reddit saying you can say anything against the majority or people who spread hate.

All these companies colluded together to financily terrorize facebook into pushing their corporate political agenda. They threw away all profit motivation and worked againts their and share holders interest to interfere in the election. DOJ should open an investigation right now.

Basically giving Zuckerberg the authority which political ads to play to 100s of millions of people in an election year.