© Reuters. FILE PHOTO: Traffic and people pass by the front of the Unilever building in central London
By Sheila Dang
(Reuters) – Unilever (NYSE:) PLC said on Friday it will stop advertising on Facebook (NASDAQ:), Instagram and Twitter in the United States for the rest of the year, citing “divisiveness and hate speech during this polarized election period in the U.S.”
The consumer goods company, which owns brands like Dove Soap and Lipton tea, joins a growing advertising boycott against Facebook as part of the “Stop Hate for Profit” campaign started by U.S. civil rights groups after the death of George Floyd. The effort called on Facebook, which owns Instagram, to do more to stop hate speech.
Shares of Facebook and Twitter both fell more than 7%.
“Continuing to advertise on these platforms at this time would not add value to people and society. We will be monitoring ongoing and will revisit our current position if necessary,” Unilever said in a statement.
Facebook and Twitter did not immediately respond to requests for comment.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.