Coca-Cola recently announced that their company will suspend all social media advertising for at least 30 days, in an effort to put pressure on sites like Facebook to take stronger action on hate speech.
“There is no place for racism in the world and there is no place for racism on social media," James Quincey, Chairman and CEO of The Coca-Cola Company, said in a statement. "The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days. We will take this time to reassess our advertising policies to determine whether revisions are needed. We also expect greater accountability and transparency from our social media partners.”
Coca-Cola's announcement came after Facebook founder Mark Zuckerberg said his company will start "labeling potentially harmful or misleading posts," and would ban ads that imply a certain race, immigration status, ethnicity, gender and more are a threat. But social media experts told the BBC that Facebook's new changes "won't make a dent in the problem" of hate speech.
With news of Coca-Cola's boycott, Facebook's shares fell by 8.3% on Friday.
Other companies like Verizon, Ben & Jerry's, Starbucks, and more are also boycotting Facebook. View the full list of companies on CNN Business.