Beverage makers Starbucks Corp. (NYSE: SBUX) and Diageo plc (NYSE: DEO) have become the latest to companies pause advertising spending on Facebook, Inc., (Nasdaq: FB) amid the social media platform’s failure to combat hate speech.
The two giants joined more than 150 firms, including PepsiCo, Inc (Nasdaq: PEP), and Verizon Communications Inc. (NYSE: VZ) that will boycott Facebook.
In a statement, Diageo said “From 1 July we will pause all paid advertising globally on major social media platforms,”
It added, “We will continue to discuss with media partners how they will deal with unacceptable content.”
As a result, the social network giant continued its slide, as its stock inched 1% lower from Friday’s close to $212.87 per share by midday Monday. Shares of Facebook are now down nearly 10% from Thursday’s close.
However, Facebook isn’t the only one, as Twitter is under scrutiny and is facing boycotts as well. Intraday, Twitter rose 1% to $29.34 per share from Friday’s close; but down 6% from Thursday.
On Sunday, the buffoon in chief Donald Trump retweeted and commented on a video, which includes a supporter saying "white power”—the post was deleted before noon on Sunday.
"Thank you to the great people of The Villages. The Radical Left Do Nothing Democrats will Fall in the Fall. Corrupt Joe [Biden] is shot. See you soon!!!,” Trump said.
Last month, Trump signed an executive order to regulate protections on social media platforms. Trump has accused social platforms of silencing conservative voices.
Despite the recent slide for Facebook Rohit Kulkarni, an executive director at MKM Partners, said in a note to clients that the company is still looking at less than a 5% drop in revenue.