Facebook, Twitter Drop as Unilever Joins Ad Boycott

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Investing.com — Facebook (NASDAQ:FB) slumped Friday as another industry giant pulled ads in a boycott of the social media giant driven by the Anti-Defamation League.

Unilever (NYSE:UL) is one of the latest to announce it will stop advertising on Facebook, as well as Twitter Inc (NYSE:TWTR), for the rest of the year, citing hate speech and divisive content. Verizon (NYSE:VZ) joined the Facebook boycott on Thursday. Ad Age reported that Verizon spent $850,000 in ads on Facebook in the first three weeks of June.

Facebook and Twitter shares both fell more than 7% to their lowest in more than a month.

The Anti-Defamation League accused Facebook of using $70 billion to allow “incitement to violence against protesters fighting for racial justice in America,” and for allowing for voter suppression.

The North Face and Patagonia are also participating in the “Stop the Hate for Profit” campaign.

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