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Facebook, Twitter stocks drop 7%
Shares of Facebook and Twitter dived by seven percent in mid-day trading Friday after Unilever said it would pull its advertising from the social media companies for the rest of the year, CNN reported.
“Given our Responsibility Framework and the polarized atmosphere in the U.S., 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 U.S.,” Unilever Company said in a statement. “Continuing to advertise on these platforms at this time would not add value to people and society. We will be monitoring ongoing and will revisit our current position if necessary.”
The household goods company’s decision was taken upon the concerns over hate speech and divisive content on the platforms, it said.
“Based on the current polarization and the election that we are having in the US, there needs to be much more enforcement in the area of hate speech,” Luis Di Como, Unilever’s executive vice president of global media, told Wall Street Journal in an interview.