A growing number of major advertisers are abandoning Facebook amid criticism the social media company is letting hateful or false posts go unchecked.
Adidas, Clorox, Conagra Denny’s, Ford and Starbucks on Monday joined a range of other big companies, and scores of smaller businesses, in pulling their ads from the platform. A pledge by Mark Zuckerberg on Friday to label rule-breaking posts has done little to mollify advertisers.
In all, more than 100 brands have pledged to boycott the social media giant, while prominent critics including Prince Harry and Meghan Markle have also thrown their influential weight behind the boycott, according to reports.
The campaign also appears to have dented Facebook’s stock. Its shares have dropped roughly 8% since the boycott started gaining steam last week, slashing $53 billion off the company’s stock market value.
Although Facebook has faced plenty of boycotts in the past, the latest campaign — spearheaded by leading civil rights groups such as the NAACP and the Anti-Defamation League — could have more staying power, analysts say.
“What’s different this time is we have a bunch of significant large brands that are getting on board, and we have a number of large brands that are not getting