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Facebook, Twitter shares drop as firm behind Dove, Ben & Jerry's pulls ads

The shares of Facebook and Twitter dropped sharply after the giant company behind brands like Ben & Jerry's ice cream and Dove soap said it would halt US advertising on Facebook, Twitter and Instagram

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AP  |  San Francisco 

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Shares of and dropped sharply Friday after the the giant company behind brands such as Ben & Jerry's ice cream and Dove soap said it will halt U.S. on Facebook, and through at least the end of the year.

That European consumer-product maker, Unilever, said it took the move to protest the amount of hate speech online. Unilever said the polarized atmosphere in the United States ahead of November's presidential election placed responsibility on brands to act. Shares of both and fell roughly 7% following Unilever's announcement.

The company, which is based in the Netherlands and Britain, joins a raft of other advertisers pulling back from online platforms. in particular has been the target of an escalating movement to withhold dollars to pressure it to do more to prevent racist and violent content from being shared on its platform.

We have decided that starting now through at least the end of the year, we will not run brand in social media newsfeed platforms Facebook, and Twitter in the U.S.," Unilever said. Continuing to advertise on these platforms at this time would not add value to people and society. Facebook did not immediately respond to a request for comment. On Thursday, Verizon joined others in the Facebook boycott.

Sarah Personette, vice president of global client solutions at Twitter, said the company's mission is to serve the public conversation and ensure Twitter is a place where people can make human connections, seek and receive authentic and credible information, and express themselves freely and safely.

She added that Twitter is "respectful of our partners' decisions and will continue to work and communicate closely with them during this time.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, June 27 2020. 00:52 IST