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Social media giant Facebook Inc. (NASDAQ: FB) 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.
About the Author
D.R. Barton, Jr., Technical Trading Specialist for Money Map Press, is a world-renowned authority on technical trading with 25 years of experience. He spent the first part of his career as a chemical engineer with DuPont. During this time, he researched and developed the trading secrets that led to his first successful research service. Thanks to the wealth he was able to create for himself and his followers, D.R. retired early to pursue his passion for investing and showing fellow investors how to build toward financial freedom.