|Day's Range||23.31 - 23.31|
(Bloomberg) -- Here’s a list of companies that are planning to halt spending on social media. Some have joined a boycott of Facebook Inc. after critics accused the social network of inadequately policing hateful and misleading content on its platform:Harley Davidson Inc. -- The motorcycle maker said in an email it was pausing Facebook ads in July “to stand in support of efforts to stop the spread of hateful content.”Pernod Ricard SA -- The French distiller of Jameson whiskey and Absolut Vodka, which spends more than 1.5 billion euros ($1.69 billion) on advertising annually, is boycotting Facebook and some other U.S. sites through July 31 and working with partners on an app to help victims of online abuse.Daimler AG -- The Mercedes-Benz maker is pausing its paid advertising on Facebook platforms in July, while adding that it expects to the relationship to resume because it’s confident the social-media company will take “necessary steps.”Molson Coors Beverage Co. -- The brewer is choosing to pause advertising on Facebook, Instagram and Twitter while it reviews its own standards and ways to protect the brands and guard against hate speech, Chief Marketing Officer Michelle St. Jacques said in an internal email.Constellation Brands -- The maker of Corona beer and Kim Crawford wines is pausing Facebook ads for the month of July.Dunkin’ Brands Group -- The donut chain is temporarily pausing its paid media on Facebook and Instagram, a spokesperson says, adding that it’s in discussions with Facebook about efforts to stop hate speech and thwart “the spread of “racist rhetoric and false information.”Lego A/S -- Stopping all advertising on social media for at least 30 days to review its standards and will “invest in other channels” during that time.The Body Shop -- The beauty chain says it’s halting paid activity on all Facebook channels and asking the social-media company to enhance and enforce its content-moderation policies.Starbucks Corp. -- Pausing advertising on all social media platforms. Will post on social media without paid promotion.Microsoft Corp. -- Paused global advertising spending on Facebook and Instagram because of concerns about ads appearing next to inappropriate content, according to a person familiar with the matter.Unilever Plc -- Halting advertising on Facebook, Instagram and Twitter in the U.S. through Dec. 31.Volkswagen AG -- The ad stop on Facebook affects the direct ad accounts of the German manufacturer’s brands, including Porsche, Audi and Lamborghini. VW, its ad agencies and the Anti Defamation League will enter talks with Facebook over how to deal with hate speech, discrimination and false information, according to an emailed statement.Mars -- Starting in July, a pause on paid advertising globally across social-media platforms, including Facebook, Instagram, Twitter and Snapchat.Target Corp. -- Pausing ads on Facebook in July.Coca-Cola Co. -- Pausing advertising on all social media platforms.Clorox Co. -- Will stop advertising spending with Facebook through December.Conagra Brands Inc. -- Will stop advertising in U.S. on Facebook and Instagram through the rest of the year.Ford Motor Co. -- Halting U.S. social media for 30 days, won’t purchase social media ads for Bronco unveiling.Honda Motor Co. -- “For the month of July, Honda will withhold its advertising on Facebook and Instagram, choosing to stand with people united against hate and racism.” Acura, a Honda brand, said in a tweet that it was “choosing to stand with people united against hate and racism.”Hershey Co. -- Will halt spending on Facebook in July and cut its spend on the platform by a third for the remainder of the year, according to Business Insider.Diageo Plc -- Pausing paid advertising globally on major social media platforms beginning in July.PepsiCo Inc. -- Pulling ads on Facebook from July through August.Verizon Communications Inc. -- “We’re pausing our advertising until Facebook can create an acceptable solution that makes us comfortable and is consistent with we’ve done with YouTube and other partners,” said John Nitti, chief media officer for Verizon.SAP SE -- “We will suspend all paid advertisements across Facebook and Instagram until the company signals a significant, action-driven commitment to combatting the spread of hate speech and racism on its platforms.”Levi Strauss & Co. -- Pausing all paid Facebook and Instagram advertising globally and across all brands through July.Diamond Foundry Inc. -- Pulling all of advertising from Facebook, including Instagram, for the month of July.Patagonia Inc. -- Will pull all ads on Facebook and Instagram, effective immediately, through at least the end of July, pending meaningful action from Facebook.Viber Media Inc. -- The messaging service, owned by Japanese conglomerate Rakuten, plans to cut ties with the social network entirely, according to the Guardian.VF Corp. -- The North Face will pause ads on Facebook for the month of July. Vans, another VF brand, will also pull ad dollars from Facebook and Instagram next month, and said it will use the money to support Black communities through empowerment and education programs.REI -- “For 82 years, we have put people over profits. We’re pulling all Facebook/Instagram advertising for the month of July.”Upwork Inc. -- No Facebook advertising in July.Eileen Fisher Inc. -- Pulling ads from Facebook through July.Adidas AG -- Will stop ads on Facebook and Instagram internationally through July, according to Adweek.Puma SE -- Will stop all advertisements on Facebook and Instagram throughout July.Madewell Inc. -- Will pause ads on Facebook and Instagram through July.Pfizer Inc. -- Removing all advertising from Facebook and Instagram in July, calls on Facebook to heed the concerns of the StopHateForProfit boycott campaign “and take action.”Chipotle Mexican Grill Inc. -- To pause Facebook advertising beginning July 1, according to an email.Chobani -- The Greek-yogurt company paused all paid social-media advertising.Peet’s Coffee -- Paused advertising on Facebook.Sony Interactive Entertainment Inc. -- ”In support of the StopHateForProfit campaign, we have globally suspended our Facebook and Instagram activity, including advertising and non-paid content, until the end of July.”(Updates with Sony Interactive Entertainment)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
We at Insider Monkey have gone over 821 13F filings that hedge funds and prominent investors are required to file by the SEC The 13F filings show the funds' and investors' portfolio positions as of March 31st, near the height of the coronavirus market crash. We are almost done with the second quarter. Investors decided […]
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It joins social media sites like Facebook, Twitter and YouTube reckoning with hate speech and misinformation
DOW UPDATE Shares of Boeing and Raytheon Technologies Corp. are posting positive gains Monday afternoon, sending the Dow Jones Industrial Average soaring. The Dow (DJIA) is trading 558 points, or 2.2%, higher, as shares of Boeing (BA) and Raytheon Technologies Corp.
(Bloomberg Opinion) -- Mark Zuckerberg has a problem, and he can fix it.Public furor over Facebook Inc.’s content policies has led some of its biggest advertisers to take action, with brands from Starbucks Corp. to Unilever, Coca-Cola Co. and Verizon Communications Inc. all vowing to pull ads from the social media giant’s namesake Facebook platform as well as Instagram for at least the month of July. The move was initially spurred by a campaign led by a coalition of civil rights groups — including the Anti-Defamation League and NAACP — to force Facebook to do more to curb hate speech and language promoting violence. As the effort has gained traction, the numbers joining the boycott are increasing on a daily basis. On Monday afternoon alone, Best Buy Co. said it would pause its ad spending on Facebook, while Axios reported that Microsoft Corp. had suspended its advertising as well.Facebook has come in for criticism about its practices before and got past it largely by riding out the negative publicity while offering some incremental fixes. For example, Facebook already survived the Cambridge Analytica data-privacy scandal a couple years ago without serious long-term ramifications. And so, Zuckerberg may be tempted to hunker down this time as well.On a purely short-term financial basis, it would make sense. According to Pathmatics data, the top 50 advertisers on Facebook accounted for just 4% of the company’s sales last year. The vast majority of the rest comes from millions of small- and medium-sized businesses that are less affected by any public shaming from activists, and arguably more reliant on the exposure they get from buying ads on Facebook and Instagram. But a decision based purely on dollars and cents would be short-sighted in this instance, and bad for business.More and more, it’s becoming clear that the recent wave of protests over racial injustice isn’t a short-lived phenomenon, but one that appears to reflect a sea-change in perception and beliefs, and — like the MeToo movement before it — demands a change in behavior. The backlash that started at the grassroots level and moved on to corporate action is likely to move next to the political and regulatory sphere. Wouldn’t it be better for Facebook, already in the public glare, to bend and make its own meaningful policy changes instead of being forced to accept more punitive prescriptions and further potential damage to its reputation and business?Facebook is already facing increased regulatory scrutiny in the U.S. Politicians from both sides of the aisle have made proposals to reform Section 230 of the Communications Decency Act, which shields internet companies from legal liability over user-generated content. For now, Republicans and the Department of Justice are focused on issues of conservative speech censorship, while Democrats have asked for the faster removal of misinformation and false claims inside political ads.The disparate points of emphasis likely means nothing will happen in Congress before the November election. However, if one party controls both houses of Congress and the White House next year, the probability of regulation will rise considerably.In the near term, the risk for Facebook may be greater from Europe than the U.S. The region’s authorities have identified antitrust as the more effective way to tackle Silicon Valley’s shortcomings than regulation, whose limits have been exposed by the General Data Protection Regulation that kicked in two years ago. GDPR has done little either to change the business practices of Google or Facebook, or to reduce their market power. And discussions about data or content are always questions of regulation, rather than antitrust.But antitrust is far more of an existential threat to Facebook than is regulation. That’s not simply because it could, in the most extreme circumstances, result in a breakup of the company. It’s because antitrust by definition seeks to tackle its business practices.Just last week, Germany’s highest civil court ruled that Facebook must stop logging browsing activity outside of its platforms without users’ explicit permission, and that such permission couldn’t be a condition of using its other services. Crucially, though, the decision was based not on data protection but antitrust laws. It said Facebook was abusing its market power to force users to accept the terms because it is the dominant social network. And the ruling fundamentally attacked the company’s business model, which is built on using such data to target ads effectively. An effort by Britain’s Competition and Markets Authority is even less ambiguous: It’s carrying out a study into online platforms and digital advertising.While the U.K. is no longer a member of the European Union, the bloc’s regulators are following the findings of the study closely. After years of tackling Google, Facebook is now high on the European agenda. The two firms’ dominance of digital advertising is fueled by their low incremental costs. Tackle their business models, and you might resolve the harmful content problem, runs the argument. The EU plans new rules by the end of the year on content regulation and platform liability, while Margrethe Vestager, the EU’s antitrust and tech chief, is seeking new powers to break companies up. And the European Commission has more power than U.S. regulators: It can impose decisions unilaterally, which companies can then challenge in court. In the U.S., regulators generally need court approval first before any ruling is imposed.So, Zuckerberg needs to acknowledge the growing uproar is symptomatic of new and lasting societal, political and regulatory crosscurrents. While he has long been adamant it is not Facebook’s job to be the “arbiter of truth,” there is no better climate, in the face of pressure from advertisers, politicians and civil rights groups alike, to alter that stance — he can change tack without losing as much face.Serious changes are needed — from being more effective in taking down hate speech quickly to clamping down on false claims and disinformation from all users. Such moves would help the company get ahead of future actions from regulators. That would be wise as government regulation will likely be far more punitive – whether it be from the European Union or a potentially new American administration.Simply, Facebook’s traditional hands-off approach isn’t good enough anymore. It’s time for Zuckerberg to show some real leadership.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Tae Kim is a Bloomberg Opinion columnist covering technology. He previously covered technology for Barron's, following an earlier career as an equity analyst.Alex Webb is a Bloomberg Opinion columnist covering Europe's technology, media and communications industries. He previously covered Apple and other technology companies for Bloomberg News in San Francisco.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On Monday, the Federal Reserve made the decision to officially open the doors to the primary market corporate credit facility. Yahoo Finance's Brian Cheung joins The Ticker to discuss.
Democratic U.S. senators on Monday were to introduce legislation to ensure Americans who have suffered economic hardships due to the coronavirus pandemic have access to broadband internet. The bill, which was seen by Reuters and will be made public later on Monday, would provide free or low-cost broadband service to low-income families or those who have been recently laid off or furloughed due to the COVID-19 pandemic. It would boost an existing Federal Communications Commission Lifeline subsidy program to help millions more low-income Americans qualify, with more than 20 million Americans out of work.
Over 180 businesses and artists have decided to pull advertising on Facebook in July, according to one of the organizers of the "Stop Hate for Profit" movement. The running list of unfriending firms includes several big names like Verizon, Coca-Cola, UnileverUSA, The North Face, The Hershey Company, Starbucks Coffee, Patagonia, lululemon, Levi's and Honda. A few are halting advertising on other social media platforms as well as part of their hate speech boycott.
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Starbucks Corp will pause advertising on all social media platforms as it explores the best ways to help stop the spread of hate speech, the company said in a statement on Sunday. The company will "have discussions internally and with media partners and civil rights organizations to stop the spread of hate speech," the statement https://stories.starbucks.com/stories/2020/creating-welcoming-and-inclusive-online-communities said. A CNBC report https://www.cnbc.com/2020/06/28/starbucks-latest-company-to-pause-ads-across-social-media-platforms.html on Sunday added that this social media pause by Starbucks will not include YouTube, which is owned by Alphabet Inc's Google.