13:49 – June 29 | Updated 13:54
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Facebook shares are in dire straits as more and more companies have decided to pull ads from Facebook’s platforms.
More and more boycotts
Paid advertising is the segment where Facebook generates the majority of its revenue, and more and more companies have stepped up to the trend of boycotting the social media giant. Among the companies that have drawn paid advertising are Coca Cola, Starbucks, Verizon and Patagonia. In total, more than 90 companies have decided to boycott Facebook.
Zuckerberg takes hold
In a live broadcast on his Facebook profile, Facebook founder Mark Zuckerberg announced several steps to eliminate unwanted content. Furthermore, Zuckerberg emphasized that Facebook, like Twitter, will prohibit content that could affect this fall’s presidential election.
Not the first time
This is not the first time Facebook is in severe weather due to security reasons. In 2018, it was known that the information of more than 80 million users was leaked, and it has been later claimed that the information was used to tilt the election in favor of current President Donald Trump. As a result of the scandal, the Facebook share then rallied in excess of 20 percent.
The Facebook stock is down 3.58 percent in pre-trading on Wall Street. On Friday, the stock fell 8.32 percent.
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