Mark Zuckerberg loses $7 billion, FB shares drop

Mark Zuckerberg loses $7 billion, FB shares drop

More than 120 corporations, including Verizon, Dove, Lipton, Hershey's, and Honda joined the boycott organized by activists and civil-rights groups that demanded Facebook combat what they term hate speech and disinformation on its platform.

The new measures that Zuckerberg announced also include partnerships with local election authorities to determine the accuracy of information and what is potentially unsafe.

Zuckerberg has defended leaving the post untouched, saying Facebook should allow for as much free expression as possible. Just days later, Facebook contorted itself into an endless series of recursive thought loops to justify not removing a Trump post calling for the military to shoot protesters demonstrating against rampant racism in police departments and the police killing of Minneapolis man George Floyd. A similar post published to Twitter carried a warning the tweet was "glorifying violence".

"We know we have more work to do", the spokesperson said. "The policies that we're implementing today are created to address the reality and the challenges that our country is facing and how these challenges are showing up across our platform and our community".

To clarify one point: there is no newsworthiness exemption to content that incites violence or suppresses voting.

"Let's send Facebook a powerful message: Your profits will never be worth promoting hate, bigotry, racism, antisemitism and violence", the campaign's website says. Facebook brought in almost $70 billion in advertising revenue past year.

Last month, Zuckerberg took to Fox News to explain that he wouldn't intervene to stop Trump from posting baseless lies about Democratic voter fraud, proclaiming to conservatives that Facebook would not be the "arbiter of truth".

"Continuing to advertise on these platforms at this time would not add value to people and society", the company said in today's announcement.

Hours earlier, Unilever PLC announced it was pulling its ad spending from both Facebook and Twitter for the rest of the year.

Coca-Cola CEO and Chairman, James Quincey, said in his statement that the company was not joining the official boycott like other big brands, but was only pausing ads on all social media platforms globally for the month of July.

He said social media companies need to provide "greater accountability and transparency". It has focused on Facebook, which also owns Instagram; and WhatsApp and a year ago attracted advertising revenue of nearly $70bn (£56.7bn). The company says the goal is to establish a "higher quality" of content for its advertising and to ban divisive rhetoric. "We are respectful of our partners' decisions and will continue to work and communicate closely with them during this time".

Facebook said it would attach labels to all posts across its network that discuss the subject of voting, in a move meant to hamper any disenfranchisement of voters in the November election. And it will put labels on all posts discussing voting, linking to "authoritativeinformation".

The US media landscape has been deluged by a wave of calls for advertiser boycotts that came in the wake of the ongoing Black Lives Matter protests.

Among its objections, Stop Hate for Profit blames Facebook for turning a "blind eye to blatant voter suppression".

"None of this will be vetted or verified - or make a dent in the problem on the largest social media platform on the planet", they wrote.

"We're in. We're Out @Facebook".

Facebook executives have, nevertheless, been adamant that they will not be bullied into producing adjustments they do not want to make, according to the report. They have taken meagre steps after each catastrophe where their platform played a part.

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