After facing mounting pressure from companies and individuals boycotting the social media platform, Facebook (FB) - Get Report has announced it will prohibit hate speech in its ads and take other measures to fight misinformation, racism, and hatred. On Friday, CEO Mark Zuckerberg said Facebook stands against “anything that incites violence or suppresses voting."
In recent day, companies like Unilever, Verizon, Ben & Jerry’s, REI, and more all pulled ads from Facebook as part of the Stop Hate For Profit movement.
As part of its new policies, Facebook will put warning labels on posts by public figures that violate its rules but are deemed newsworthy. It will also have strict policies on any ads that indicate immigrants, migrants, refugees or asylum seekers as inferior or lesser.
Facebook generates huge portions of its revenue from advertisements, and the social media company hasn’t taken a strong stand against misinformation or hate speech on its platform in the past. In 2019, Facebook generated close to $70 billion in ad revenues.
Facebook CEO Mark Zuckerberg recently refused to remove a post by Donald Trump that referred to shooting protesters. A post containing the same language was flagged by Twitter for glorifying violence.
Facebook’s stock was down more than 7% on Friday.
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