Facebook Tumbles As Unilever Joins List Ad-Boycotting Virtue-Signalers

The growing number of companies that are pausing ads on Facebook in response to the social media giant’s handling of hate speech and violence is starting to have a notable effect on the company’s share price.

Today’s addition is perhaps a straw to break the camel’s back as Unilever joins Verizon as two major companies pausing ads on the social network in a grand virtue-signaling show. As Fortune reports,

The movement was launched last week by advocacy groups including the Anti-Defamation League, the National Association for the Advancement of Colored People, and Common Sense Media. They asked businesses to pause their advertising on Facebook in July to send a “powerful message”: “Your profits will never be worth promoting hate, bigotry, racism, antisemitism, and violence.”

So far, more than 10 companies, including REI, Patagonia, Verizon, and Unilever’s Ben & Jerry’s, have joined the campaign. “Facebook, Inc. must take the clear and unequivocal actions to stop its platform from being used to spread and amplify racism and hate,” Ben & Jerry’s tweeted on Tuesday after joining.

Analysts have claimed this virtue-signaling is a nothingburger from a financial perspective

“It’s not going to do anything to the company, financially,” said Brent Thill, an analyst at investment banking firm Jefferies.

“You have 8 million advertisers. If a handful leave, there’s a short-term air pocket, but it’s minor.”

But, Facebook shares are down over 6% on the headline:

The avalanche has started now and remember “silence is violence” is the new normal, so if you’re a CEO who advertises on Facebook, how do you not boycott now?