Posted on 06/26/2020 11:34:48 PM PDT by knighthawk
Facebook shares have dropped a staggering $56 billion after major companies including Unilever and Coca-Cola pulled their advertisements from the social media giant, despite CEO Mark Zuckerberg promising action on hate speech and putting a warning label on a Republican National Committee (RNC) video.
Shares in the platform went crashing 8.3 percent to $216.08 by the closing bell Friday - its lowest in three months - after more than 100 advertisers boycotted the firm for its failure to stop hate speech and misinformation being posted on its platform.
This wiped $56 billion off Facebook’s market value and dealt a hefty $7.2 billion blow to Zuckerberg's personal fortune, pushing him down from third to fourth place on Bloomberg Billionaires Index and leaving him with a new net worth of $82.3 billion.
(Excerpt) Read more at dailymail.co.uk ...
Does it matter much? Stocks will go back up. I cannot image Zuckerberg watching day-to-day stock prices that closely.
By “hate speech”, do these corporations mean INCONVENIENT TRUTH?
ONLY one reason anyone advertise- or don’t advertise...
Profits.
Didn’t several conservative posters pull their voices off facebook, to go to ... Parler this week?
That seems like the real issue. 500,000 users switched applications.
That is a LOT.
That was Twitter, not FB
Will Zuckerberg put up a white flag or flip them the bird? FB makes more money than UL and KO combined. And FB’s market cap is almost 2x that of UL and KO combined. FB is way more addictive than either KO’s or UL’s products.
This story should be about twitter NOT FB!!!
Oh, yeah. Oops.
Carry on. :)
I cannot image Zuckerberg watching day-to-day stock prices that closely
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8.3% drop is quite an attention grabber.
Twitter has 262 million users. I doubt they are too concerned with 500,000, none of them major influencers. When a significant number of people with millions of followers leave, they might take notice.
Facebook’s business model is dependent on advertising. If ten-percent of users just deleted their accounts...it might marginally hurt the stock. You’d have to have a quarter of all Facebook users to quit...to get advertising hurt in some serious way.
Long-term, they’ve got a problem in handling advertising and video-content.
Twitter might just be VERY surprized if it turns out that Parler, is actually taking their customers away.
500,000, in one day.
:)
I’m not a Facebooker, never have been, but this trend is starting to stink. If we get to a point where “woke” corporations can demand that social media sites censor or slapping disclaimers on political speech of the POTUS or other conservatives, that’s very troubling. A lot of low information voters get their news from social media, and if Unilever or Coca-Cola can demand that FB or Twitter or YouTube can officially brand the POTUS as a liar or purveyor of hate speech, we’re in a brave new world of controlled thought.
That should wipe the smile off of the little asswipe’s face. The Left is eating its own again, but they will vomit up Zuckerberg. He’s hard to digest on a good day.
Have never imagine in my lifetime that free speech would be under attack let alone our way of life.
Think what is happening you got China at India border, North Korea showing their muscle because China is forcing them, the craziness here in the USA. First the anarchists tried to impeach our President. Since that did not work, the riots, the tearing down statues, democrats sitting back letting this happen in their cities and states not caring about the people, many Republicans senators and congress also quiet, generals writing op eds, etc. Why all this insanity because of an election in November? The toppling of our government? I pray for our President and this country
To me, so's his asinine site, FARCEBOOK!!!
Facebook, Twitter, Google, etc. are hate speech.
This is just the latest problem with many large corporations; many have virtue-signaled by implementing affirmative action policies that don’t just mess with the bottom line - they make life hell for real workers. When companies reach a certain size, they become part of the government in terms of policies.
I think one of the reasons that companies are withdrawing their ad campaigns is they are afraid of having the mob turn on them and discover something non-PC in their campaigns. And then they’ll get cancelled. Better to cancel yourself and avoid the possibility of a raging attack campaign on your brand.
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