Coca-Cola suspends social media advertising despite Facebook changes

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Coca-Cola will suspend advertising on social media globally for a minimum of 30 days, as pressure builds on platforms to clamp down on hate speech.

“There is not any place for racism within the world and there’s no place for racism on social media,” the drinks maker’s chairman and CEO James Quincey said.

He demanded “greater accountability and transparency” from social media firms.It came after Facebook said it might label potentially harmful or misleading posts left up for his or her news value.

Founder Mark Zuckerberg said Facebook would also ban advertising containing claims “that people of a selected race, ethnicity, national origin, religious affiliation, caste, sexual orientation, identity or immigration status” are a threat to others.

The organisers of the #StopHateforProfit campaign, which accuses Facebook of not doing enough to prevent hate speech and disinformation, said the “small number of small changes” wouldn’t “make a dent within the problem”.

As a results of the boycott, shares in Facebook fell 8.3% on Friday, eliminating $56bn (£45bn) from the company’s market price and knocking $7.2bn off Mr Zuckerberg’s personal net worth, Bloomberg reported. As a results of the loss, Louis Vuitton boss Bernard Arnault replaced the Facebook founder because the world’s third richest individual.

Coca-Cola told CNBC its advertising suspension didn’t mean it had been joining the campaign, despite being listed as a “participating business”.

Mr Quincey said the corporate would use the worldwide “social media platform pause” to “reassess our advertising policies to work out whether revisions are needed”.

Clothes maker Levi Strauss & Co also said it might be pausing advertising on Facebook following Mr Zuckerberg’s announcement. Unlike Coca-Cola, it accused the social media firm of not going far enough.

“We are asking Facebook to plan to decisive change,” CMO Jen Say said.

“We want to ascertain meaningful progress towards ending the amplification of misinformation and hate speech and better addressing of political advertisements and content that contributes to voter suppression. While we appreciate that Facebook announced some steps during this direction today – it’s simply not enough.”

The #StopHateforProfit coalition – which incorporates the National Association for the Advancement of Colored People (NAACP) and therefore the Anti-Defamation League (ADL) – said none of the changes would be vetted or verified.

“We are down this road before with Facebook. they need made apologies within the past. they need taken meagre steps after each catastrophe where their platform played a neighborhood . But this has got to end now,” it added.

The campaign called on Mr Zuckerberg to take further steps, including establishing permanent civil rights infrastructure within his company; submitting to independent audits of identity-based hate and misinformation; finding and removing public and private groups publishing such content; and creating expert teams to review complaints.

Source: bbc news

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