Zuckerberg loses $7 billion as firms boycott Facebook ads

Monday, 29 Jun, 2020

Telecommunications firm Verizon and the US division of automaker Honda also joined the boycott, which includes Canadian retail co-op MEC and B.C. -based outdoor apparel brand Arc'teryx. The European Commission in June announced new guidelines for tech companies including Facebook to submit monthly reports on how they are handling coronavirus misinformation.

The company also said it is increasing its enforcement capacity to remove false claims about local polling conditions in the 72 hours before the USA election.

"Even if a politician or government official says it, if we determine that content may lead to violence or deprive people of their right to vote, we will take that content down". "We also expect greater accountability and transparency from our social media partners", he said.

The renewed push to urge more companies outside of the United States to join demonstrates the level of frustration felt by social justice groups and the companies that support them over Facebook's lack of action on misinformation and hate speech, Steyer said.

Now that payment deadlines have been relaxed due to COVID-19, the Moneycontrol Ready Reckoner will help keep your date with insurance premiums, tax-saving investments and EMIs, among others.

"We will also ban posts that make false claims saying ICE agents are checking for immigration papers at polling places, which is a tactic used to discourage voting", Zuckerberg said. During his introduction he announced the broad new policy changes, reversing about a year's worth of rhetoric about the importance of free speech and the necessity of allowing politicians and their campaigns to lie.

That movement protests "Facebook's repeated failure to meaningfully address the vast proliferation of hate on its platforms". Verizon's decision is part of a larger ad boycott on Facebook, along with companies including Eddie Bauer and Ben & Jerry's.

"Continuing to advertise on these platforms at this time would not add value to people and society", Unilever said in a statement.

Zuckerberg said the "newsworthy" exemption normally occurs "a handful of times a year", when Facebook decides to leave up a message that would ordinarily be removed for rule violations.

In a Bloomberg interview, the CEO had noted that the company will ensure that Facebook remains a place where everyone can use their voice to discuss important issues, but that any attempt to incite violence, suppress voting, or discriminate a group of people, will be checked.

On Friday evening, Coca-Cola announced that it is suspending all social media advertising globally for at least 30 days, starting July 1. Often, seeing speech from politicians is in the public interest, and in the same way that news outlets will report what a politician says, we think people should generally be able to see it for themselves on our platforms.

Twitter shares also tumbled on Friday following the Unilever announcement, dropping 7.4 per cent to $29.05.

Since then, Facebook has made modifications that do not require it to pull down hateful speech but that give people more options with such posts.

Facebook has also expanded their definition of hateful content for clarity, meaning that if content suggests someone of a specific race, gender, sexual orientation, religion, nation, or ethnicity, this is "a threat to physical safety".

She added that Twitter is "respectful of our partners' decisions and will continue to work and communicate closely with them during this time". "This does not make us an "arbiter of truth", Twitter CEO Jack Dorsey said".

Facebook's allegedly lax policy toward hate speech has aroused internal controversy as well as external opposition.

It's called on Facebook to "establish and empower permanent civil rights infrastructure including C-suite level executive with civil rights expertise to evaluate products and policies for discrimination, bias, and hate".