Market Watch reports:
Starbucks announced Sunday in an online statement that it is “pausing” ads on all social media platforms, two days after consumer-products conglomerate Unilever said it was halting U.S. advertising on Facebook and Twitter through year-end over ineffective policing of hate speech, leading to a sharp Friday selloff in both stocks.
The coffee giant said it would “continue discussions internally, with our media partners and with civil-rights organizations in the effort to stop the spread of hate speech.”
Verizon and ice-cream company Ben & Jerry’s, itself a unit of Unilever, had previously pulled advertising from Facebook. Coca-Cola joined the Facebook ad boycott late Friday.
BREAKING: @Starbucks pulling advertising from Facebook (and all other social media platforms)
Starbucks is a major Facebook advertiser, spending $95 million on the platform last year pic.twitter.com/i5baH12ezM
— Judd Legum (@JuddLegum) June 28, 2020