Why are advertisers leaving Facebook? What's the Stop Hate for Profit campaign?

A Facebook boycott has gained huge momentum, with several companies choosing to longer advertise on social media platform. Are you wondering, ‘why are advertisers leaving Facebook?’. Facebook boycott was anunced on June 17, 2020. A coalition of advocacy groups led by NAACP, Colors of Change and Anti-Defamation League (ADL) launched a campaign called #StopHateforProfit. campaign accused Facebook of allowing racist, violent and verifiably false content on its portal. coalition group furr requested companies to pause Facebook advertising in July.

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Companies leaving Facebook are dissatisfied with its permissive approach to problematic posts by U.S President Donald Trump. Due to this, Facebook anunced that it would label political speech that violates its rules. Furr, Facebook will also adopt or measures to prevent suppression of voters and abuse of mirities. 

This campaign has come amidst protests of George Floyd’s death in America. George Floyd was a 46-year-old black American who was killed in Minneapolis by a group of racist police officers. Corporates in United States of America are w facing immense pressure to reaffirm commitment through racial justice initiatives.

As per reports, Facebook shares fell by 8.3% after news of Facebook boycott was released. This has cut market share of Facebook by $56B.  Furr Mark Zuckerberg’s net worth was also slashed by $7B.

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Companies leaving Facebook:

Here is a list of some of biggest advertisers who left Facebook following anuncement of Facebook boycott:

• Starbucks
•  Verizon
• Unilever
• Coca-Cola
•  Honda America
• Dio

Starbucks:

leading coffee giant Starbucks is one of largest contributors to Facebook ads. As per reports, coffee giant had spent about $95 million last year on Facebook ads.

Dio

British multinational bever alcohol company, Dio has also withdrawn its advertisements from Facebook. As per reports, multinational bever alcohol company spent about $23 million on Facebook ads last year.

Some or companies who have boycotted Facebook advertisements are Levi Strauss and Patagonia.

world’s largest advertiser, Procter & Gamble said that it would t boycott Facebook advertisements.

What does this mean for Facebook?

Stop Hate for Profit campaign has cost Facebook some of its leading advertisers. If boycott movement continues to persist, it will cost Facebook some of its most high-profile users as well. As per reports, Facebook earned more than $17 billion in advertising revenue in its first quarter. Since social media portal has lost some of its biggest advertisers, it w relies on millions of smaller businesses who are mainly responsible for sales of this social media giant.  

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