Moosehead Joining Facebook, Instagram Advertising Boycott

Facebook CEO Mark Zuckerberg Testifies At House Hearing

Zuckerberg said: "We're not going to change our policies or approach on anything because of a threat to a small percent of our revenue, or to any percent of our revenue".

In an email to Business Insider, a Facebook spokesperson said: "We take these matters very seriously and respect the feedback from our partners".

On Wednesday, more than 500 companies officially kicked off an advertising boycott meant to pressure Facebook into taking a stronger stand against hate speech. "We are also reviewing our social media strategy across all markets and platforms, and we will take additional actions as needed to protect our brand and combat hateful content".

Zuckerberg is due to meet with the boycott's organisers himself after negotiations with lower-ranking executives stalled.

Zuckerberg said Facebook receives a large portion of its advertising revenue from small companies, not large brands.

In a broad sense, the current boycott, which will last at least a month, is like nothing Facebook has experienced before.

Another 1.4 Million People Filed for Unemployment Last Week
And the recovery may be slowing . "June may be the calm before the storm", said Chris Rupkey, chief economist at MUFG in NY . Another 4,100 workers filed initial unemployment insurance claims last week, the Maine Department of Labor reported.

The protests against Facebook's hate speech policies has snowballed in the past two weeks, spreading from small brands well known for their activism to big spenders such as Unilever and United States drugs company Pfizer. Rather, it's pulling back from Facebook for its own reasons related to hate speech.

More than 400 brands have pulled advertising on Facebook in response to the "Stop Hate for Profit" campaign, begun after the death of George Floyd, a black man who died in police custody in Minneapolis on May 25.

On Wednesday, Nick Clegg, Facebook's vice-president of global affairs and communications, tried to reassure businesses that Facebook does not benefit from hate and said the company has every incentive to remove hate speech from its service.

Beyond bad PR, though, experts say the protest isn't likely to make a lasting dent in Facebook's ad revenue, in part because plenty of other advertisers can step in.

Clegg noted that Facebook has seen intense criticism in recent weeks for not intervening when U.S. President Donald Trump posted "inflammatory rhetoric" on the site. While the impact to Facebook has been significant in terms of advertising dollars, its doubtful large companies will abandon the platform altogether.

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