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Facebook loses 56 billion in value amid boycott

Jack Burton

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Facebook loses 56 billion in value amid boycott | The Thaiger
PHOTO: Newsweek
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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

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5 Comments

5 Comments

  1. Avatar

    richard barker

    Sunday, June 28, 2020 at 6:59 pm

    corporate’s with a social concience or worried about results to their bottom line. Whichever, a move in the right direction but the politically correct movement needs to be regarded with caution also. Still, it seems there is a change on. We shall see.

  2. Avatar

    sparky

    Monday, June 29, 2020 at 11:57 am

    big business failed to listen, pay attention, or even take note of the little mans oppression, until of course it effected his $$$$. way to go NAACP!

  3. Avatar

    paul scott

    Tuesday, June 30, 2020 at 12:45 pm

    Go woke and go broke, and good, good, good. See the pathetic comment approving of facebook censorship by Richard Barket above. Richard belongs to the zombie politically correct set.

  4. Avatar

    Alex

    Wednesday, July 1, 2020 at 3:05 pm

    Fakebook run by a Facecrook!

  5. Avatar

    Rentaghost

    Thursday, July 2, 2020 at 11:57 am

    It’s just not a very interesting website any more. It has strange and inconsistent policies, and plenty of more interesting competitors.
    Perhaps it’s already passing through its cash cow phase of its business cycle, and it’s leadership might want to see the writing on the wall and think of something new, unless of course they’re too wealthy to care. Young people aren’t especially interested in his platform, they have many more dynamic platforms to engage with. When a social media platform deteriorates into being a ranty political mobfest and wonky developing world sales platform, it looks like it’s in terminal decline.

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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.

Politics

Japan may stop assistance projects to Myanmar in response to coup

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Japan may stop assistance projects to Myanmar in response to coup | The Thaiger

Japan may stop assistance projects to Myanmar in response to the military coup, which has received major international backlash. As a major donor to Myanmar, Japan joins other advanced nations in condemning the coup which has seen security forces using violence against peaceful protesters.

Foreign Minister Toshimitsu Motegi was quoted as saying in a phone call that “Japan will strongly urge the Myanmar military to release Suu Kyi and other detained individuals, and to swiftly restore democratic government.”

But it may not impose sanctions like the rest of the other developed countries as its longtime ties with the armed forces, ousted civilian leader Aung San Suu Kyi’s party, the National League for Democracy and investment promoting policy in the country may serve as a barrier in doing so. Britan and the United States have imposed sanctions in recent days which include the US freezing military funds.

A Japanese Foreign Ministry official says stopping its support of building projects would give China a chance to move in, increasing its clout in Myanmar. Around 450 Japanese companies operate in Myanmar with Japan being the 5th largest investor in the Southeast nation. Singapore has the most companies, followed by China, Hong Kong and Vietnam.

The Foreign Ministry says Japan spent about US $1.8 billion in official development assistance in the fiscal year of 2019, making it the largest among the Development Assistance Committee of the Organization for Economic Cooperation and Development. But it is unknown what China has poured into it as it has refused to disclose its expenditures.

The Japanese government plans to continue coronavirus emergency assistance to Myanmar through international organisations and non-governmental organisations. The World Bank, however, has stopped payments to projects in the nation indefinitely, after the coup on February 1, which disrupted the democratic elections last November and saw the arrest of top leaders including Aung San Suu Kyi, whose party, the National League for Democracy, won the elections in a landslide victory.

SOURCE: Bangkok Post

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Law

Australia sets worldwide precedent by passing pay‐to‐play legislation for social media giants

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Australia sets worldwide precedent by passing pay‐to‐play legislation for social media giants | The Thaiger

In a landmark decision, Australia is now requiring global digital giants, such as Facebook and Google, to pay for using local news content on their websites. The move sets a precedent that many global companies have been anticipating.

The law passed yesterday after Facebook and Google reached an agreement to pay local Australian news organisations for using their stories on their websites. 1 week ago, Australians woke up to a blackout after Facebook temporarily banned local news, which included emergency notifications. The blackout was in response to the legislation being put forth for approval, with Facebook spokespeople saying it seemed to be their only choice at the time.

The new law sets the stage for other countries worldwide to gain more revenue for local media companies by making such social media giants pay to use content. Google’s “Showcase” product will now feature paid local news with Facebook showing such paid news under its “News” category.

Companies like Google and Facebook pushed back against the legislation, saying such a law could threaten their companies’ business models, with Google saying it could make their search engine website “unworkable.”

But local news organisations have rebuked the reasoning, citing that social media giants claim a large percentage of online advertisin, leaving local news companies out of the revenue game. Citing that news is gathered by reporting and fieldwork, the companies say it is unfair for social media companies to profit largely off of the work of local, smaller companies.

The law, called the News Media and Digital Platforms Mandatory Bargaining Code, aims to protect such local companies and to sustain public interest journalism. Thousands of journalists have lost their jobs over the past decade as local media outlets have seen the bulk of their advertising revenues flow to digital companies’ sites after using their content.

Australia’s competition watchdog says that for every $100 invested by Australian advertisers, $49 is sent to Google and $24 to Facebook. Now, both online businesses say they will each invest around US $1 billion in local news content globally in the next 3 years. Facebook and Google now have 2 more months to reach solid agreements before being subjected to binding arbritations.

SOURCE: The Phuket News

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World

Lady Gaga offers US $500,000 reward for stolen bulldogs

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Lady Gaga offers US $500,000 reward for stolen bulldogs | The Thaiger
PHOTO: Instagram/Lady Gaga

Who knew that finding 2 french bulldogs would earn US $500,000? That is the case for the lucky person that finds Lady Gaga’s equally lucky stolen dogs. The dogs, Koji and Gustav, were stolen in Los Angeles, California while out on a walk with their dog walker.

But that’s not all. The employee in charge of keeping the dogs healthy was shot and wounded by a gunman who left the scene in a car, but not before allegedly shooting another man in this 30s. That man was hospitalised according to LA police.

Asia, Gaga’s 3rd dog was luckily found by police at the scene and was taken home by the singer’s staff. It isn’t clear if the frenchies were targeted due to their owner’s famous status or if they were taken simply because they were an expensive pedigree breed that can be sold for thousands of dollars.

Gaga, however, has offered the hefty reward for their return with “no questions asked.”

SOURCE: CNN

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