Facebook which has seen its market cap eroded by at least $55 billion saw more big brands like adidas and Ford boycotting its platform against the unchecked spread of hateful and disinformation on its platforms.
adidas, cleaning supply firm Clorox, Conagra (the maker of Slim Jim, Duncan Hines and Pam), fast food chain Denny’s, Ford and Starbucks on Monday joined over 100 advertisers who have announced to pull their ads from the platform.
Prince Harry and Meghan Markle have also supported the ad boycott, according to media reports.
However, none of these brands are the biggest spenders on Facebook which has nearly 8 million advertisers on its platforms.
The growing ad boycott campaign “did not appear to trouble investors on Monday, as they sent Facebook shares up more than 2 per cent,” reports CNBC.
A pledge by Facebook CEO Mark Zuckerberg last week to put warning labels on all posts, including political ones, has not done enough to pacify advertisers.
Coca-Cola, Honda, Unilever, Verizon, Hersheys and others have also decided to boycott advertising on Facebook.
The social network makes about 98 per cent of its $70 billion annual revenue from advertising.
The decision, however, opens the door to label controversial posts by US President Donald Trump.
Twitter has already flagged a couple of his controversial tweets while Facebook is facing widespread criticism for its inaction over Trump posts that glorified violence in the aftermath of the death of African-American George Floyd.