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Today is the beginning of the boycott ... Facebook disappoints advertisers and insists on its stance

Advertisements of more than 400 brands, including Coca-Cola and Starbucks, will disappear from the Facebook platform on Wednesday after talks failed to halt the boycott because of what companies remember from the continuing presence of hate speech on Facebook.

American civil rights groups have recruited multinationals to help pressure the social media giant to take concrete steps to prevent hate speech in the wake of George Floyd's death.

Sources told Reuters that Facebook executives, including Caroline Everson, vice president of global business solutions and Neil Potts, director of public policy, held at least two meetings with advertisers on the eve of the planned one-month boycott.

The sources pointed out that the executives did not provide new details about how to deal with the hate speech, and they referred again to the latest press releases, which frustrated advertisers who believed that these plans did not reach enough.

"Things are not changing," said an executive at a major advertising agency, while a Facebook spokeswoman said, "Mark Zuckerberg agreed to meet with the boycott organizers, and we are awaiting your response, and we look forward to continuing the dialogue."

American civil rights groups, including the Anti-Defamation League and Color Change, launched a "Stop Hate for Profit" campaign after the death of Floyd, a black man who died under the knee of a white police officer last month.

The platform made it clear earlier this week that it would subject its hate speech controls to review, as well as rating plans but not to remove news content for politicians and other public figures who violated its standards.

A representative of a digital advertising agency involved in the talks said Facebook executives had repeatedly referred to the review, without making additional concessions.

Facebook executives reached out to CEOs, board members and senior marketing officials of top advertisers to speak with them about the boycott.

An executive at a major advertising agency said the boycott would be a test for advertisers on how to reach billions of consumers without relying on the world's largest social media platform.

The boycott is unlikely to have much financial impact on Facebook, which said last year that the top 100 advertisers represented less than 20% of total advertising revenue.

The boycott has so far caused Facebook to lose up to $ 56 billion in market value, after its shares fell 8% on Friday, but shares rebounded by 3% on Tuesday.
Source: Reuters