A campaign group operating the hashtag "Stop Hate For Profit" has severely dented the market value Facebook and Twitter. The group is calling advertisers to suspend advertising the social media giants until they reform their practices. In particular, the group wants sites to be stricter their moderation posts the group deems to be hate speech and misinformation. The value Facebook's stock plummeted eight per cent last Friday as Unilever halted its advertising. A three per cent drop followed Monday as major brands such as Starbucks and Coca Cola said they would pause spending the social media platform. Facebook's value has nosedived around $60 billion.
The Stop Hate For Profit campaign got going June the 17th after several civil rights groups and non-profit watchdogs collaborated. They formulated a campaign to get social media platforms to address problems and biases the way they moderate content. They called an advertising boycott and asked advertisers to, "hit pause hate". They said: "We are asking all businesses to stand solidarity our most deeply held American values of freedom, equality and justice and not advertise [these] services in July." Facebook CEO Mark Zuckerberg responded announcing a series new policies, including a ban on hateful content and posts making false claims voting.
