Connect with us


Facebook loses 56 billion in value amid boycott



PHOTO: Newsweek

Social media giant Facebook saw 56 billion dollars (1.73 trillion baht) wiped off its market value when markets closed Friday, after a slew of major advertisers announced a boycott. Some of the biggest brands are showing their displeasure about Facebook’s reluctance to curate the hate speech, fake news and political propaganda from the hugely popular platform.

Facebook’s share price plunged by more than 8%, with shares expected to cost $212.50 when markets re-open Monday, down from $235 on Thursday. Bloomberg reports that the downturn took 7.2 billion off Mark Zuckerberg’s net value, removing him from the list of the world’s 3 richest.

The plunge is the largest the company has seen in several months, and appears to be triggered largely by Unilever and Coca-Cola’s moves to join an advertising boycott of the platform. Honda’s US operations also joined the embargo. Unilever says…

“We have decided that starting now through at least the end of the year, we will not run brand advertising in social media newsfeed platforms Facebook, Instagram and Twitter in the US. Continuing to advertise on these platforms at this time would not add value to people and society.”

Coke CEO James Quincey said the soda giant would be “pausing all of its social media advertising for at least 30 days,” adding that his firm “expected greater accountability and transparency from our social media partners.”

Honda, Unilever and Coca-Cola are just the latest to join the advertising boycott led by several civil rights groups, including the Anti-Defamation League, the NAACP and Sleeping Giants. The “Stop Hate for Profit” campaign urges businesses to stop advertising on Facebook in July, and is critical of Facebook’s record on policing its platform. Other major brands include the telecoms giant Verizon, outdoor clothing maker Patagonia, and Ben & Jerry’s. According to a list compiled by Sleeping Giants, Levi’s and Lululemon have also pledged not to advertise on Facebook in July.

Reacting to the ban, CEO Zuckerberg unveiled new measures for countering voter suppression, misinformation and other content considered harmful.

“We already restrict certain types of content in ads that we allow in regular posts, but we want to do more to prohibit the kind of divisive and inflammatory language that has been used to sow discord. So today we’re prohibiting a wider category of hateful content in ads.”

He says the company will specifically prohibit claims that people of specific races, nationalities religions and minority groups pose a threat to others under its advertising policy.

SOURCE: Newsweek | Newsweek


Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

Jack Burton is an American writer, broadcaster, linguist and journalist who has lived in Asia since 1987. A native of the state of Georgia, he attended the The University of Georgia's Henry Grady School of Journalism, which hands out journalism's prestigious Peabody Awards. His works have appeared in The China Post, The South China Morning Post, The International Herald Tribune and many magazines throughout Asia and the world. He is fluent in Mandarin and has appeared on television and radio for decades in Taiwan, Mainland China, Hong Kong and Macau.

Follow Thaiger by email:

Destination Guide8 hours ago

Best areas to live in Phuket (2022)

Video9 hours ago

Thailand News Today | Fears of shenanigans in Mountain B Pub fire investigation

Travel9 hours ago

5 vineyards and wineries in Thailand all wine lovers should know

Sponsored19 hours ago

Super luxury villas in Phuket with breathtaking ocean views

Thailand9 hours ago

Thai neitzens angry at SUV driver using a siren just to use toilet

Thailand10 hours ago

New poll says people from Thailand more relaxed about Covid-19

Thailand10 hours ago

Rama 2 Road guilty of being a repeat accident offender

Join the conversation on the Thaiger Talk forums today!
Thailand11 hours ago

Body of one teacher found in double suicide pact in SE Thailand

Thailand12 hours ago

Son who tried to starve mother to death dies of TB in NE Thailand

Crime13 hours ago

Mystery 911 emergency service call turns out to be a monkey

Thailand14 hours ago

Hot gran bowled over by Shane Warne before he died in Thailand

Thailand14 hours ago

Soi Dog Foundation pledges to neuter 1 million animals in 2 years

Thailand15 hours ago

EPL praises Thailand for crackdown on illegal footie sites

Pattaya15 hours ago

Sick German man fails in suicide attempt in Pattaya

Video15 hours ago

Thailand approves all time high electricity price | GMT

Economy16 hours ago

Instant noodles, a staple budget food, fighting to increase prices

Thailand11 months ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand1 year ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism1 year ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket1 year ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism1 year ago

Phuket Thai food treats you need to try | VIDEO

Thailand1 year ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism1 year ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11