Coca-Cola joins boycott and pauses advertising on Facebook

Coca-Cola is one of many companies who have decided to pause advertising on social media to show their support for #StopHateforProfit campaign. The campaign accuses Facebook of not doing enough to stop hate speeches. They say Facebook allows incitement to violence against protestors, so they've asked companies to put a halt on advertising for the month of July. Advertising is almost Facebook's complete source of income, an estimate of $70 billion dollars is thanks to ads.

  • More than 90 companies have already adhered to this campaign. The names that stand out are Levi Strauss & Co who also accused Facebook of not going far enough, US phone company Verizon, ice cream company Ben & Jerry's, The North Face and Patagonia.
  • However, Coca-Cola CEO James Quincey told CNBC Network they are not joining in support but to reassess their advertising policies. Nonetheless, he added: "There is no place for racism in the world and there is no place for racism on social media".

The campaign started after Facebook founder, Mark Zuckerberg said they would implement more measures to control harmful or misleading posts even on those posts they used to leave up for their news value.

The #StopHateforProfit campaign organizers said the "small number of small changes" would not "make a dent in the problem". The boycott has already cost Zuckerberg a lot of money. His total net worth went down by $7.2 billion and the company's market value decreased by $56 billion. 

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