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Mark Zuckerberg Losing Billions As Facebook Backlash Grows, Advertisers Cutting Ties

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By Ryan Naumann

A boycott against companies who place advertisements on Facebook is gaining momentum and causing Mark Zuckerberg to hemorrhage billions with no end in sight.

Earlier this month, a new boycott against Facebook started calling on advertisers to no longer work with the social media company. Many have issues with the platform allowing President Trump to rant about issues without being fact-checked, unlike Twitter who recently started putting disclaimers on his Tweets.

Many of the protestors call out Zuckerberg for not taking Trump’s posts seriously and allowing him to spread misinformation to his 29 million followers.

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The boycott, launched by Stop Hate for Profit, gained support from civil rights originations including the National Association for the Advancement of Colored People and the Anti-Defamation League. Facebook currently has over eight million advertisers, but they seem to be dropping quickly.

A ton of small businesses have stopped putting money into Facebook ads and the big guys are not following. Adidas and Rebook have pulled an estimated $12.4 million in ad buys, Best Buy will no longer spend $29 million on advertisements, Coca-Cola has stopped all paid ads on social media platforms, Hershey’s will no longer work with Facebook along with HP, Honda America, Levi Strauss & Company, Pfizer and the list keeps growing by the day.

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The NY Times reported the world’s largest advertisers, Procter & Gamble, said it is considering a pause on Facebook ads.

Sources with direct knowledge of the situation tell The Blast, the protestors have been consistent with their calling into corporations demanding they sever all ties with Facebook. Many feel companies have no choice but to take action based on the amount of pressure they are receiving from consumers.

According to Fortune, as a result of the boycott, Facebook shares fell 8.3% last week which cut $7.2 billion from Zuckerberg’s net worth.

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