Facebook (NASDAQ:FB) is facing a 2020 boycott this month that will have companies pulling ads from the social media platform.
- Several companies are unhappy with Facebook’s position on hate speech.
- They plan to force the company to change its policies by pulling ads from its websites.
- The idea here is that this will hurt Facebook’s ad revenue and will force it to change its policies.
- Among the companies taking part in the Facebook 2020 boycott are Coca-Cola (NYSE:KO), Ford (NYSE:F), and Adidas (OTCMKTS:ADDYY).
- However, many of its largest advertisers, such as Procter & Gamble (NYSE:PG), aren’t taking part in the protest.
- It also doesn’t look like Facebook CEO Marck Zuckerberg is worried about the 2020 boycott.
- He told employees during a virtual meeting on Friday that the company won’t be changing policies over threats to its revenue.
- The Facebook CEO also noted that he expects many of the companies will come back shortly after the boycott ends.
- Facebook also points out that it already has a zero-tolerance policy in place for hate speech, but that doesn’t mean it never occurs.
- Adding to this are calls for the company to censor the speech of politicians that lie on the platform.
- Zuckerberg has previously stood against this idea, but FB has recently started placing warning labels on messages from President Donald Trump.
- The Facebook CEO has agreed to meet with representatives from Color of Change, the NAACP and the ADL, which are behind the boycott movement.
FB stock was down 1.2% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.