“The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days,” said James Quincey, chairman and CEO of the soft-drink giant in a statement. “We will take this time to reassess our advertising standards and policies to determine whether revisions are needed internally, and what more we should expect of our social media partners to rid the platforms of hate, violence and inappropriate content.”
On Friday consumer products giant Unilever (UL) - Get Report joined the boycott launched by the NAACP and other organizations, helping to send shares of Facebook tumbling more than 8%. Procter & Gamble (PG) - Get Report said earlier this week it was weighing a similar pullout.
Facebook CEO Mark Zuckerberg sought to appease advertisers Friday, announcing changes to Facebook’s content policies.
Zuckerberg has previously argued that Facebook “shouldn’t be the arbiter of truth of everything that people say online.”
In recent weeks, however, social media companies have faced difficult choices, arising from Black Lives Matter protests and in dealing with content from Trump.
Twitter flagged two tweets by Trump last month for spreading lies about mail-in voting, a practice Trump claims can lead to fraud, even though he himself votes by mail.
Trump responded with an executive order attempting to rescind laws the protect online companies from liability for content posted by individuals using their platforms.
Facebook itself recently removed ads from the Trump campaign which used a nazi death camp symbol.
Coca-Cola spends about $4 billion a year on advertising worldwide, according to its latest annual report.
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