The Coca-Cola Company has stopped advertising on all social media platforms. Coca-Cola has suspended advertising for 30 days, saying hate speech and content are spreading on social media. Coca-cola had discarded facebook for advertisement.
Coca-Cola CEO James Quincy said, “There is no place for racial discrimination in the world right now and it should not be on social media.
He also demanded from the social media to maintain maximum accountability and transparency.
Recently, brands including Timberland and Northface announced that they had stopped advertising on Facebook. At the same time, Facebook announced that it would remove harmful and inaccurate posts and news from its platform.
CEO Mark Zuckerberg also said that any advertisements containing content and claims that people of a certain race, origin, nationality, religion, gender, or as immigrants pose a threat to other people will be banned on Facebook.
But Facebook is accused of failing to take effective action to spread hate speech and misinformation, according to a campaign called #StopHateforProfit. According to the organizers of the campaign, small changes made by Facebook in small numbers will not play any role in solving the problem. So far, more than 90 companies have stopped advertising on Facebook, expressing solidarity with the campaign.
Shares of Facebook fell 8.3 percent on Friday, following a boycott of companies. As a result, the company lost 56 billion in a single day. Founder and CEO Mark Zuckerberg alone lost 7.2 billion in one day.
With the fall in Facebook’s share price, Zuckerberg has slipped one place in the list of the world’s billionaires. Zuckerberg, who was previously in third place, has been overtaken by Bernard Arnold, the owner of Lewis Watton Company. But Coca-Cola said its decision to block advertising on social media was an independent decision, not part of a campaign called #StopHateforProfit.
The CEO of Coca-Cola says that for the time being, the advertisement policy will be reviewed to see what kind of improvement is needed in the future by postponing the advertisement on the social media platform.
Facebook is an emerging organization that also came up with tiktok like app collab in market.
Along with the world’s most popular coffee brand Starbucks, companies including Unilever and Diageo have also announced a boycott of ads on social media. According to Starbucks, the ban on social media will not apply to YouTube.
Coca-cola had discarded Facebook for advertisement. Comment your views on the comment box below.