Jim Cramer Has Had it With Facebook
Starbucks joined the list of more than 150 companies that are planning to freeze advertising spending on the social media platform.
Other notable companies include Coca-Cola, Diageo and Unilever are just a few of the scores of global brand giants that have said they will pause social media ad spending for the month of July -- and in some cases until the end of the year -- unless companies such as Facebook do more to eradicate hate speech and misinformation on their social media platforms.
"We believe in bringing communities together, both in-person and online, and we stand against hate speech, "Starbucks said in a statement. "We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policymakers need to come together to affect real change."
"We will pause advertising on all social media platforms while we continue discussions internally, with our media partners and with civil rights organizations in the effort to stop the spread of hate speech," the statement added.
This comes after some brands--including North Face, Ben & Jerry's and Patagonia--specifically paused advertising on sites such as Facebook due to its policies. However, not all of the brands--like Coca-Cola--have said that their ad pause is part of the boycott, but rather an overarching pause for the company to reevaluate where spends on advertising.
Facebook, which earned more than $70 billion in advertising revenue last year, said Friday that it would take "extra precautions" to safeguard the platform in the run-up to the U.S. elections in November, and pledged to take down false information about voting while implementing a new labeling system for "newsworthy" posts that would otherwise violate its policies.
While Jim Cramer maintains a position in Facebook for now, he said that he has "had it" with the economy. Cramer says the company must finally address the content it is allowing to be promoted on its platforms.
Watch More of the Latest Videos on TheStreet and Jim Cramer
- Coronavirus Update: Gilead's Remdesivir Will Cost $2,340 for 5 Day Treatment
- June 29, 2007: Apple Releases the iPhone, Transforming Much of the Modern World
- Is it Legal For New York, New Jersey and Connecticut to Mandate a Quarantine?
- What Jim Cramer's Watching Ahead of July 4
- Jim Cramer: McCormick Is a 'Story of Cooking at Home'