Jim Cramer: Boycotting Facebook Won't Hurt its Bottom Line

Katherine Ross

Brands are coming out to announce that they will be boycotting Facebook and Instagram due to the lax stance on moderating hate speech and racism.

In a statement, Ben & Jerry's said, "As of July 1st we will pause all paid advertising on Facebook and Instagram in the United States as part of the #StopHateForProfit campaign. We call on Facebook, Inc. to take the clear and unequivocal actions called for by the campaign to stop its platform from being used to spread and amplify racism and hate."

Clothing chain Eddie Bauer, outdoor recreation companies REI, Patagonia and the North Face, film distributor Magnolia Pictures, job listing platform Upwork, and others are also participating in the boycott, which is being promoted with the hashtag #StopHateForProfit.

Derrick Johnson, NAACP CEO, said, "“It is clear that Facebook and its CEO, Mark Zuckerberg, are no longer simply negligent, but in fact, complacent in the spread of misinformation, despite the irreversible damage to our democracy..."

These companies will not run ads on Facebook through July.

Other brands who are boycotting include The North Face and Patagonia as well as REI.

Jim Cramer said that boycotting will not harm Facebook's bottom line.

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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