Listen Now: De-Friending Facebook: How To Lost $7B in A Few Days
Some of the biggest companies in the world are boycotting Facebook, and Mark Zuckerberg is losing a lot more than friends.
Ford, Denny’s, Adidas and Best Buy are just a few companies that have pulled their advertising from the social media giant. It all started on july seventeenth when civil rights groups launched the “Stop Hate For Profit” campaign.
The groups targeted Facebook after its founder and CEO, Mark Zuckerberg, announced it wasn’t the sites job to flag or remove what could be considered hate speech. Now more than three hundred and fifty brands that together spend hundreds of millions of dollars a year on advertising are pulling their money.
Some are making their decision to join the boycott public while others such as Microsoft and Pepsi are quietly ending their advertising. In the first few days, Zuckerberg reportedly lost about seven billion dollars. That’s when the company’s tune seemed to change.
Facebook released a statement that read it would begin labeling posts from politicians that violate its policies but are still newsworthy. That was good enough to give its stock a big boost.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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