Around 3 hours ago Coca-Cola said that it will suspend advertising on social media especially on Facebook globally for at least 30 days, as pressure builds on platforms to crack down on hate speech which they don’t like.
The chairman of the drink maker said that there is no place for racism in the world and there is no place for racism on social media as well. He also demanded greater accountability and transparency from social media firms and a process of check and balance as well.
These statements came in the spotlight after Facebook said that it would label potentially harmful or misleading posts left up for their news value and that the great social media will automatically delete such posts and will block the accounts permanently those who are spreading hate speech and false content.
Founder of Facebook Mark Zuckerberg said that the social app Facebook would also ban advertising containing claims such as people of a specific race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity, or immigration status and especially those who are a threat to others by any means.
The organizers of the #StopHateforProfit campaign and those people who are accusing Facebook of not doing enough to stop hate speech and disinformation said that the small number of small changes would not make a dent in the problem and in order to address this issue, something big has to be done to with coca-cola is with them.
As a result of this for good boycott shares on Facebook fell drastically such as 8.3% on Friday which leads to eliminating $56bn (£45bn) from the company’s market value and knocking $7.2bn off of the founder of Facebook Mr. Zuckerberg’s personal net worth. As a result of the loss, Louis Vuitton boss Bernard Arnault replaced the Facebook founder as the world’s third-richest individual which is somehow a huge change in the world of richest people.