A Starbucks spokesman said in a statement that they had suspended their ads on social media because of the hate speech. Big brands around the world, including coffee giants Coca-Cola, Diageo, and Unilever, have recently removed ads from social platforms. The popular coffee shop Starbucks has also been added to the list.
The statement said they were discussing with civil rights organizations and media partners ways to stop the spread of hate online.
Facebook has been widely criticized in recent days for failing to crack down on racist posts following the death of George Floyd in the United States. Allegedly, Facebook is giving unbridled freedom to posts related to racist propaganda. After that, more than a hundred world-renowned organizations stopped advertising on Facebook.
The Facebook authorities fear that they will face a big loss if the big number of advertisers stop advertising at the same time. Shares of Facebook plunged 8.3 percent on Friday as news broke that Unilever had stopped advertising on Facebook. The company lost about 5 thousand 800 million dollars in market value. This was the highest drop in the price of the popular social media giant in the last three months.
As per BBC news- Starbucks said that while it was suspending advertising on some social platforms, it would not join the #StopHateForProfit campaign. More than 150 companies have paused advertising in support of #StopHateforProfit.
The total assets of Facebook founder and CEO Mark Zuckerberg have also been hit by the fall in the company's shares. In the meantime, he has lost at least 7 Billion in assets.