The social media giant Facebook is experiencing a big wave of boycotting ads on its platform. Until now, the number of brands that pull out ads on Facebook continues to increase, including the world’s big brands.
The big brands are Unilever, Coca-Cola, Verizon, Patagonia, REI, Lending Club, and The North Face. In addition to Unilever, there are also FMCG companies that have stopped advertising on Facebook such as Procter & Gamble (P&G), Dove, Ben & Jerry’s, and Hellmann, at least for the remainder of 2020.
Rakuten Technology Company Revokes Ads on Facebook
Recently, there are also technology companies Rakuten, owners of chat applications Viber, Levi’s, Dockers, Jansport, Honda, Starbucks and Hershey’s big chocolate brands who took similar steps. I do not know how long the wave of retracting ads on Facebook by these brands will stop.
Then, what is the real reason for the big brands in the world to stop advertising on Facebook? So the movement followed an open letter from the non-profit Anti-Defamation League (ADL) on June 17, 2020.
ADL asks big companies to stop doing business with Facebook
In the open letter, ADL asked big companies to stop doing business with Facebook because social media was accused of being a field of hatred and hoax. Unlike Twitter, Facebook does not label content of hate speech and hoaks on their platforms.
Encourage Facebook Activists and Employees to Criticize Company Policy
This even then prompted Facebook activists and employees themselves to criticize the company’s policies. The criticism was also even poured by several bosses on Facebook who decided to resign because of company policies that are considered not to pay attention to user unrest.
Facebook Shares Decline
Because of the removal of this ad, Facebook shares fell by 8.3 percent and corrected to 58 billion US dollars in stock trading on Friday (26/6), as well as marking the biggest loss in the last three months.
Wealth Founder and CEO of Facebook
The wealth of the founder and CEO of Facebook, Mark Zuckerberg, also declined by 7.21 billion US dollars or around Rp 103.5 trillion in the last 24 hours. This makes Zuckerberg must be willing to go down to fourth in the list of the richest people in the world, under Louis Vuitton boss Bernard Arnault, Microsoft founder Bill Gates, and Amazon CEO Jeff Bezos.
Facebook Will Immediately Conduct Platform Development
Accepting the boycott, Facebook will immediately make the platform. Mark Zuckerberg announced that he would label all posts related to the US election with a link that encouraged users to view the election information center.
Facebook will also expand the definition of prohibited hate speech
In addition, Facebook will also expand the definition of prohibited hate speech, and add a clause that there will be no advertisements displayed in posts that are labeled dangerous by Facebook.
“There are no exceptions for politicians in whatever policies I announce here today,” Zuckerberg said.