Facebook frustrates advertisers as boycott over hate speech kicks off

Facebook executives, including Carolyn Everson, Vice President of Global Business Solutions and Neil Potts, Public Policy Director, held at least two meetings with advertisers on Tuesday, the eve of the planned one-month boycott, three sources, who participated in the calls, told Reuters.Instead, they pointed back to recent press releases, frustrating advertisers on the calls who believe those plans do not go far enough.

Facebook said earlier this week it would submit to an audit of its hate speech controls, adding to plans to label newsworthy content that would otherwise violate its policies, following similar practices at other social media platforms such as Twitter Inc. Companies that run ads in order to promote their brand image rather than to make direct sales are less beholden to Facebook.

News of the boycott wiped away $56 billion from Facebook’s market capitalisation after an eight per cent drop in its stock on Friday.But shares recovered three per cent on Tuesday and are actually trading eight per cent higher year to date.

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