Coca-Cola calls off social media advertising to boycott racial discrimination

Coca-Cola to Unilever these big brands are boycotting Facebook ads

Zuckerberg said: "Specifically, we're expanding our ads policy to prohibit claims that people from a specific race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity or immigration status are a threat to the physical safety, health or survival of others".

In the past few weeks, Unilever, which owns Ben & Jerry's ice cream and Dove soap; Coca-Cola, Verizon, outdoors companies North Face, Patagonia, Eddie Bauer and REI; film company Magnolia Pictures; jeans maker Levi's, and other companies have opted out of advertising either exclusively on Facebook or other platforms as well.

A version of this story first appeared on Campaign Asia-Pacific and has beed edited to include details of Diageo, Starbucks and Levi's joining the advertiser boycott.

The brands boycotting the platform includes big spenders like Unilever, Coca-cola and Verizon, as well as some other smaller companies like Patagonia, REI, Lending Club and The North Face, according to a running list from Sleeping Giants. "We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change".

Over 160 mostly United States companies have already joined the "Stop Hate for Profit" campaign in the wake of George Floyd's death, with corporations including Coca Cola, Levi's, Starbucks, and Verizon agreeing to partially or fully freeze their Facebook ad buys next month, ostensibly to try to force the social media giant to tackle hateful content online.

The #StopHateForProfit movement - originally started by civil rights groups on June 17 as an ad boycott of Facebook only, limited to the month of July - has quickly turned into a broader phenomenon. Facebook will also take aim at general voter suppression campaigns, originating in the States and overseas. The president made a similar statement on Twitter, which labelled the tweet as "glorifying violence." .

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Alan Leong, chairman of Hong Kong's pro-democracy Civic Party, wrote that he agreed with Bütikofer's statement . Hong Kong's chief executive will also have the power to appoint judges handling related court cases locally.

Zuckerberg responded Friday to the growing criticism about misinformation on the site, announcing the company would label all voting-related posts with a link encouraging users to look at its new voter information hub. "Many businesses told us how they had been ignored when asking Facebook for changes". On Thursday, Coca Cola announced a 30-day ban on the advertisements while the company reconsidered its own policies.

Some analysts have said the financial impact of recent exits will be limited, citing past advertiser revolts.

According to Riikka-Maria Lemminki, CEO of lobby group Marketing Finland, some firms have cut back on advertising with the social media giant. Unilever said it would stop spending money with Facebook's properties this year.

Some of the world's biggest ad buyers, including Unilever, Coca Cola and PepsiCo, have all followed calls from campaigners to suspend social media advertising.

As a result of the boycott, shares in Facebook fell 8.3% on Friday, eliminating $56bn (£45bn) from the company's market value and knocking $7.2bn off Mr Zuckerberg's personal net worth, Bloomberg reported. ". We are still going to allow people to share this content in order to condemn it just like we do with other problematic content because that is an important part of how we discuss", Zuckerberg added.

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