One after another, advertisers are dumping Facebook. Shares down 8% in 24 hours
The list of companies boycotting Facebook for how it handles misinformation and hate speech – and problematic posts by US President Donald Trump – is growing.

Facebook depends on advertising for almost 100% of its revenue.
On Friday, CEO Mark Zuckerberg saw R120 billion of his wealth disappear as investors dumped the stock, sending the share price down by 8%.
Some of the brands supporting the #StopHateforProfit campaign against Facebook by boycotting it include Coca-Cola, Unilever, Honda, Starbucks, Diageo and Levi Strauss.
Procter & Gamble - the world’s largest advertiser – said on Monday it's considering pausing its spending on Facebook.
“There is no place for racism in the world and there is no place for racism on social media,” Coca-Cola CEO James Quincey said on Friday.
“We expect greater accountability and transparency from our social media partners."
StopHateforProfit started after Facebook refused to remove a post by Trump threatening #BlackLivesMatter protesters with violence.
“When the looting starts, the shooting starts," posted Trump.
The Money Show's Bruce Whitfield interviewed Richard Lord, Media and Operations Director at Meta Media.
We’ve never seen anything quite like this before… The world has galvanised around #BlackLivesMatter…
Richard Lord, Media and Operations Director at Meta Media
For some advertisers, it’s a tick-box exercise… We’ve seen boycotts before – they don’t last very long… Time will tell whether this is a PR exercise…
Richard Lord, Media and Operations Director at Meta Media
Facebook has in the past promised sweeping reforms… it’s making the right comments at the moment… But, is it going to be enough?
Richard Lord, Media and Operations Director at Meta Media
Listen to the interview in the audio below.
More from Business

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
Retirement funds in SA are changing – new laws come into effect on 1 March 2021
Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.
Read More
Germany Covid-19 death rate now higher than US - considers 'mega lockdown'
Germany has squandered its early success in restricting Covid-19, laments Deutsche Welle Correspondent Chelsey Dulaney.
Read More
Wine industry runs out of storage due to ban - R1.5b's worth could be lost
A new harvest is imminent and there's no more space for unsold wine. We have the highest stock level ever - Vinpro's Rico Basson
Read More
Don't fall for promises of high returns from latest investment scam, warns FSCA
A new scam is surfacing on Facebook and WhatsApp groups. The masterminds are even using the FSP number of a legitimate company.
Read More
'Thank you Mr President for not shutting us down, but we need more support!'
Loadshedding is another blow to the struggling restaurant industry. We need more relief says Grace Harding (Restaurant Collective)
Read More
Pick n Pay announces retirement of CEO credited with retailer's turnaround
Richard Brasher will be replaced by Netherlands-born Pieter Boone in April. A retail expert evaluates Brasher's performance.
Read More
Negotiations underway to bring back UIF Ters payments amid impact of second wave
Business and labour are pressing South Africa's government to introduce a new round of UIF Ters relief to mitigate the impact of the Level 3 lockdown.
Read More
Elon Musk threatens South Africa’s SKA telescope
Astronomers in South Africa are extremely unhappy about Elon Musk’s plans, says Jan Vermeulen of MyBroadband.co.za.
Read More
Prioritise drivers for vaccination against Covid-19 - National Taxi Alliance
It's a fact - minibus taxis are essential for the functioning of the economy. Lester Kiewit interviews Alpheus Mlalazi (NTA).
Read MoreMore from Opinion

Economy in 2021: 'Expect a better year for South African assets'
An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.
Read More
'Disabled South Africans are sleeping on pavements outside Sassa offices'
A humanitarian and health crisis is unfolding, right now, in South Africa, warns Lynette Maart (Black Sash national director).
Read More
Anoj Singh fails to testify at Zondo Commission - despite it being mandatory
"It’s a very decisive moment for the legitimacy of the Zondo Commission," warns political analyst (NWU) Professor Andre Duvenhage.
Read More
Santam limits Covid-19 'business interruption' pay-outs to 3 months' losses
"The indemnity period is now the question," says lawyer PJ Veldhuizen. "I think Santam is going to be unsuccessful."
Read More
Elon Musk slips to no 2 in 'richest' rankings (but earns Andy Rice's hero award)
Pretoria-born Musk is a role model in terms of vision, creativity and conviction says branding expert Andy Rice.
Read More
Zimbabwe crisis: 'South Africa can intervene but solution lies with Zimbabweans'
It is probably expecting too much from the ANC government to censure Zanu-PF, a sister liberation movement, says Tapiwa Chagonda.
Read More
'ANC is against another hard lockdown'
"Family meeting" – the scariest words in the English language. Bruce Whitfield interviews News24 Political Editor Qaanitah Hunter.
Read More
All rich South Africans must submit to lifestyle audits - judge Dennis Davis
Auditing the lifestyles of potentially tax-dodging rich South Africans is low-hanging fruit, says Davis (Tax Review Committee).
Read More
Africa free trade agreement: 'Moving people across borders is the real magic'
The Continent is uniting. Ray White interviews Adrian Saville of the Centre for African Management and Markets at Gibs.
Read More
Alcohol ban was wildly effective at preventing trauma - data
The data is conclusive. Banning alcohol sales prevents trauma. Partially banning it partially prevents trauma (Dr Saadiq Kariem).
Read More