In recent days, more and more large companies are boycotting Facebook as part of a growing protest that claims the social media platform hasn’t done enough to prevent the spread of hate speech. And now, Ford social media advertising in the U.S. is set to join this movement, as the automaker announced today that it would be shutting down its Facebook ad spending for 30 days as well.
A civil rights coalition that includes the Anti-Defamation League (ADL) and the NAACP launched the #StopHateforProfit campaign last week, calling on major corporations to put a pause on advertising on Facebook. Their reasoning is the social media giant’s “repeated failure to meaningfully address the vast proliferation of hate on its platforms.”
Within days, a number of large companies answered the call, including Patagonia, North Face, REI, Starbucks, Adidas, HP, Hershey’s, Ben & Jerry’s, Coca-Cola, Honda, and Clorox, just to name a few of the 150 or so companies involved. And now, the Ford social media boycott has made it the second major automaker to join the movement.
“The existence of content that includes hate speech, violence, and racial injustice on social platforms needs to be eradicated,” Ford said in a statement. “We are actively engaged with industry initiatives led by the Association of National Advertisers to drive more accountability, transparency, and trusted measurement to clean up the digital and social media ecosystem.”
The automaker also said that it would be re-evaluating its presence on all social media platforms moving forward, as well as advertising spending in other regions.
So far, this boycott has cost Facebook dearly, as its shares lost more than $55 billion in value by the time the market closed last Friday. Advertising is a large part of the social media platform’s income stream, as it earned more than $70 billion in advertising revenue last year alone.