Over 90 companies have pulled out of advertising with Facebook because of the company’s attitude to taking down hate speech.
Former advertisers which have pulled out include: PepsiCo, Honda, Levi Strauss, Bauer, Hershey’s, Coca Cola, Mozilla,Upwork, Dockers, lululemon, Magnolia Pictures, Birchbox, Ben & Jerry’s, REI, The North Face, Patagonia and Verizon.
Facebook attracts ad revenue of around $70 billion a year.
Since the ban started, Facebook’s market cap has dropped by $56 billion and Mark Zuckerberg’s wealth has fallen by $7 billion to $82 billion making him only the 4th richest man in the world, down from third (after Bezos and Gates).
Zuckerberg has voting control over Facebook and can’t be removed by shareholders.
The ban is being orchestrated by the #StopHateforProfit campaign.