Facebook Loses Billions During Ad Boycott

The advertising boycott battering Facebook is unlike anything the social-media giant has faced in its 16-year history: Three days in, 800 companies worldwide have pulled millions of dollars in advertising from the social network, with brands from Coca-Cola to Ford to global conglomerate Unilever demanding that Facebook monitor hate speech more aggressively.

With pullouts mounting and the company’s name constantly tied to racism and hate in the news coverage, CEO Mark Zuckerberg responded by live-streaming part of an employee meeting — one of the few times he’s done that in the company’s history.

Mark Zuckerberg said that he wouldn’t change the course on Facebook’s activities as advertisers said that they would be pausing their ads on the social media network. Now, a week later, Zuckerberg has changed his tune and is attempting to ease the fears of advertisers about the amount of hate that the network is allowing to be published on their pages. Zuckerberg has already lost $7 billion from this endeavor, while the advertisers haven’t lost a thing.

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