Facebook has opened itself up to a civil rights audit and has banned 250 white supremacist organizations from Facebook and Instagram, a spokesman said by email. Investors have been shaken and Facebook's leadership has had to repeatedly tackle the problem.
Anti-hate groups are leading a boycott surrounding the move away from Facebook, and are keeping a list of more than 700 companies they say are supporting it. "We stand for working (and playing) together for good". Facebook has previously defended politics, saying it does not want to censor political discourse. Facebook executives, such as Joel Kaplan, the company's vice president of global public policy, play a role in content decisions. Stifel analysts said in a note to investors this week that "well over" 70 per cent of Facebook's advertising dollars come from small and medium-sized businesses and "these advertisers may be less concerned with the optics of where their ads are placed than large brands". "And similarly, there are no exceptions for politicians", Zuckerberg said.
"Given Facebook's colossal scandals and rare repercussions to revenue, the advertisers' boycott is a body blow that will decimate Facebook's top line".
Mark Zuckerberg's comments were made in a private meeting with Facebook staff last Friday and leaked to Information.
"We believe it is essential to provide all employees with a respectful and safe working environment".
Whether Facebook will agree to any of the groups' specific recommendations is far from certain.
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"You know, we don't technically set our policies because of any pressure that people apply to us", said Mark Zuckerberg via The Information.
The spokesperson said Zuckerberg agreed to join a meeting with activist leaders including from the NAACP, Anti-Defamation League and Color of Change to discuss Facebook's moderation practices.
Facebook lost $60 billion in market value earlier this week as companies joined the boycott, but its stock shares have rebounded since then, Business Insider reported. But not every one of them is a member of the boycott campaign, and may have different priorities.
The company has 8 million advertisers, which generated nearly all of its approximately $70 billion in ad revenue previous year.
Facebook issues refunds when ads run in videos and some other content formats that violate its policies, but the policy doesn't include ads that run next to Facebook's main news feed, according to a person familiar with the matter.
Some advertisers are part of an organized boycott demanding the company do more to crack down on hate speech, conspiracies and misinformation on its site on topics such as voting.