Organizers of a Facebook Inc advertising boycott campaign that has drawn support from a rapidly expanding list of major companies are now preparing to take the battle global to increase pressure on the social media company to remove hate speech.
"The next frontier is global pressure," Steyer said, adding the campaign hopes to embolden regulators in Europe to take a harder stance on Facebook. The European Commission in June announced new guidelines for tech companies including Facebook to submit monthly reports on how they are handling coronavirus misinformation.
Expanding the campaign outside the United States will take a bigger slice off of Facebook’s advertising revenue but is not likely have major financial impact. Unilever, for instance, on Friday committed to pausing its U.S. spending on Facebook for the rest of the year. That only accounts for about 10per cent of its overall estimated US$250 million it spends on Facebook advertising annually, according to Richard Greenfield of LightShed Partners, a media and tech research firm.
But the publicity around its hate speech policies have hurt its perception and stock. On Friday, Facebook's 8.3per cent decline in stock price wiped out US$56 billion in market capitalization. “If they think they are done based on Friday, they are sorely mistaken,” Gonzalez said. “We don't need a one-off policy here and there. We need comprehensive policy.”
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