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Starbucks Corporation (NASDAQ:SBUX) is putting all social media advertising on hold as the Facebook Inc (NASDAQ:FB) advertising boycott supported by the #StopHateForProfit campaign picks up pace.
What Happened
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Starbucks said on Sunday that it stands against hate speech, adding, “we believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change,” reported CNBC.
The Stop Hate For Profit campaign is calling on businesses to temporarily pause advertising on both Facebook and Instagram; it has made a series of demands from the social media firm revolving around curbing hate, violence, antisemitism, and violence.
Why It Matters
Facebook raked in $69.7 billion in ad revenue worldwide in 2019, according to CNBC.
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As on Friday, Facebook lost $7.2 billion in advertising as a result of the boycott, and the company’s shares tumbled 8.3%, eradicating $56 billion in its market value.
Last week, Verizon Communications Inc (NYSE:VZ) joined Unilever NV (NYSE:N) owned ice cream maker Ben and Jerry’s in suspending the advertising on Facebook.
According to CNBC, the boycott has grown in scale with companies such as Coca Cola Co (NYSE:KO) and Diageo plc (NYSE:DEO), a producer of spirits and beers halting social media advertising.
Starbucks decision will not include Alphabet Inc.’s (NASDAQ:GOOGL) (NASDAQ:GOOG) YouTube video streaming platform. The company also said it is not joining the #StopHateForProfit boycott backed by organizations such as the Anti-Defamation League, the NAACP, and the Color of Change.
Mark Zuckerberg, CEO of Facebook, said on Friday that some posts by politicians violating the company’s policies may not be removed in the public’s interest, but they will all be labeled without exception.
FB Price Action
Facebook shares traded 1.66% lower at $212.50 in the after-hours session on Friday. The shares had closed the regular Friday session 8.32% lower at $216.08.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.