Facebook to Suffer as Hate Speech Ignites Outrage | Financial Buzz

Facebook to Suffer as Hate Speech Ignites Outrage

Over 400 brands may have to give up advertising on Facebook, Inc. (NASDAQ: FB) as users are boycotting the social media platform due to advertising on hate speech.  Civil rights groups have pressured the social media giant to block hate speech in light of the death of George Floyd amidst a national reckoning over racism. 

Organizers of the boycott will with Mark Zuckerberg.  The organizers have a total of 10 demands for Facebook, one of which allow individuals who experience harassment speak with a Facebook employees and refunds from brands which ads show up on offensive content which later is removed. 

Facebook reported earlier this week that it will submit an audit on its hate speech controls and plan to label newsworthy content that may otherwise violate its policies. 

The boycott will test for advertisers on how to reach billions of consumers without relying on the social media platform.  Multinational advertisers that joined the boycott will plan to achieve the same reach without facebook.