Social media giant Facebook Inc. is in hot water again.
This time, people are angry at the company's apparent refusal to take down hate speech, calls for violence, and other distasteful content from the network.
So far, more than 160 companies have signed up for the "Stop Hate for Profit" campaign, pledging to "pause" advertising on Facebook.
We're talking about big names like Ben & Jerry's, Coca-Cola, Hershey's, Honda, Levi Strauss, Starbucks, The North Face, Unilever, Verizon, and many more. All of these companies will not be buying Facebook ads in July, and some are going even further.
Since almost all of Facebook's $70 billion in revenue comes from advertising, this is hitting CEO and founder Mark Zuckerberg right where it hurts.
Or at least, that's what we're being told.
As the advertising boycott really took off last Friday, Facebook stock dropped 8.32%. Zuckerberg himself lost about $7 billion in wealth because of it. Stock markets as a whole went down partly because of this.
But don't believe the hype. Facebook will not only survive this scandal; it will grow even bigger.
In fact, this is a great opportunity to buy the dip. Here's why...