Coca Cola company’s Chairman and CEO James Quincey has announced to pause paid advertisements on all social media platforms for at least 30 days. The new decision will be effective globally starting on July 1.
The company has issued a statement on its website which states :
“There is no place for racism in the world and there is no place for racism on social media. The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days. We will take this time to reassess our advertising policies to determine whether revisions are needed. We also expect greater accountability and transparency from our social media partners.”
As many as hundred firms including Unilever, Dove, Honda, Hershey Co, the North Face, Verizon and ben & Jerry’s have already boycotted advertising in support of “StopHateForProfit campaign. Coca Cola is the latest to join the list.
The organizers of stop hate for profit believe that Facebook is not doing enough to stop spread of hate speech and disinformation. They also claim the small changes made by Facebook will not do much to resolve the issue of hate and racism.
The boycott has pushed the shares of Facebook down by 8.3% on Friday. It has eliminated $56 Billion from the company’s market value and knocked off Zuckerberg’s personal network by $7.2bn. As a result, Zuckerberg is now in fourth place on the Bloomberg Billionaires Index instead of third. His new net worth now is $82.3bn
As a result, Zuckerberg has announced new and revised policies on harmful and hate content.
The Stop Hate For Profit campaign was launched in the wake of George Floyd’s death and triggered when Facebook refused to remove the post by President Donald Trump which said; “when the looting starts, the shooting starts”. he also called the protestors ‘thugs”