KEY POINTS

  • Ford and Adidas are the latest in a growing list of companies boycotting Facebook ads
  • It’s part of a campaign called #StopHateForProfit
  • The companies want Facebook to address and handle the hate speech and misinformation spreading in its platform
  • Facebook acknowledged it has plenty of work to do in this area

Ford and Adidas are the latest among major companies that have opted not to buy Facebook ads unless Mark Zuckerberg's social media platform addresses hate speech and misinformation.

According to CNBC, Ford will pause all of social media ads for its United States audience in the next 30 days and review its use of the platform. Adidas, on the other hand, will stop its ads globally for both Facebook and Instagram and "develop criteria to hold ourselves and every one of our partners accountable for creating and maintaining safe environments.”

They join other brands like Best Buy, Clorox, Starbucks, Coca-Cola, Honda, Unilever, The North Face, Hershey's Levi's, Verizon, HP, Denny's and Ben & Jerry's in a campaign launched by various groups to #StopHateForProfit.

Led by the National Association for the Advancement of Colored People (NAACP), Color for Change, Anti-Defamation League, Free Press, Sleeping Giants and Common Sense, #StopHateForProfit was launched in early June following the unrest in the streets following the death of George Floyd, a Black man who was killed in Minneapolis on May 25 while in police custody.

The groups have also accused Facebook of letting "racist, violent and verifiably false content to run rampant on its platform," allegedly including voter suppression targeting Black voters.

twitter-292994_1920 More major companies are joining the #StopHateForProfit campaign against Facebook. Photo: Pixabay

Jim Steyer, the chief executive of Common Sense, hopes the #StopHateForProfit campaign would pressure regulators to go after Facebook and other social media platforms that refuse to take a stand against hate speech and misinformation.

"The next frontier is global pressure," Steyer said, as the European Commission announced its plans to have new guidelines for tech companies. The agency also asked Facebook and other tech companies to submit a report every month on how they are managing coronavirus misinformation in their platforms.

On Sunday (June 28), Facebook acknowledged the need to step up amid the outcry and has tapped experts and civil rights groups to develop a tool against hate speech.

Facebook's stocks declined to 8.3% on Friday (June 26), but it bounced back Monday with shares by more than 2%, per CNBC.