Facebook and Twitter stocks falling due to advertisers leaving
Facebook and Twitter are undergoing a collapse in the stock market after advertisers on both portals shocked the marketplace by leaving the sites.
The US market pre-opening was tinted red by the news, and we see negative values in both Facebook and Twitter after the announcement of several key companies deciding not to continue their advertising campaigns on the platforms. Companies like Coca Cola, Verizon, NorthFace, Starbucks, Levis, and many others have determined not to continue working with both the social media giants due to a lack of control of racist, homophobic, and hate speech content.
The dissemination of content of this type on both platforms has no oversight, and many companies have voiced their complaints, which has been met by silence from both companies, and the consequences have been dramatic. The value of both companies fell about 10% on the stock market yesterday, and the fall is continuing further today.
More and more advertisers have joined this boycott, and are likewise continuing to halt their advertising with these companies.This boycott is reminiscent of the one that took place two years ago on YouTube, regarding ads that including or inciting hatred and racism.
We will be closely following developments in both companies in the short term, as this has been a shock to halt their current short-term increase in traffic and revenue during the time of the ongoing pandemic.
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