Facebook has seen a growing number of retailers pull their advertising spend leading its shares to divebomb and Mark Zuckerberg to lose $7.2 billion in personal wealth.
Levi’s, Unilever, The North Face, Patagonia, Starbucks and REI are among the growing list of retailers who have pulled their advertising spend as part of a now global #StopHateforProfit campaign.
The campaign is targeting Facebook over its failure to tackle the spread of racist, hateful and misleading information on its platform.
“Could they protect and support Black users?” its website reads.
“Could they call out Holocaust denial as hate? Could they help get out the vote?… They absolutely could. But they are actively choosing not to do so.”
Facebook made $17.7 billion in advertising revenues in the last quarter alone, and it’s unlikely a single company could significantly impact it financially.
However, the growing list of companies boycotting Facebook is exerting pressure on other brands to follow suit, leading its stocks to drop from $242.24 on Tuesday to $216.08 on Friday, wiping $56 billion of its market value.
According to the chief executive of the Anti-Defamation League Jonathan Greenblatt, a leading voice in the boycott, “more are coming” and the boycott shows no signs of slowing any time soon.
Facebook’s handling of the crisis has also failed to stem the growing public anger directed at the platform.
On Friday Mark Zuckerberg announced that Facebook would expand its definition of hate speech and stop allowing any adverts which label another demographic as dangerous, but campaigners have called this reaction “small”.
Wedbush Securities analyst Bradley Gastwirth suggested that “Facebook needs to address this issue quickly and effectively in order to stop advertising exits from potentially spiraling out of control.”