COVID-19 has worsened many situations on both national and international forums. Recently, a news came on-trend that advertising companies are boycotting the Facebook and Instagram ads by running a campaign of “#StopHateForProfit” to reveal that they are not willing anymore to support a company that holds and put profit over consumers. As a result of this stance, Facebook has lost its consumers of more than $7 billion. A loss which was truly a pinch for Mark Zuckerberg.
On Friday, the social network shares were dropped by 8.3% which was the highest decline rate in three months after the renowned Unilever, one of the bigger largest advertisers decided to join this campaign and gave their best in this hate boycott speech. Unilever had said that it will stop spending on Facebook earlier this year.
Facebook’s market value has been dropped by $56 billion in share prices and also it reduced down Mark Zuckerberg’s net worth by $82.3 billion. This stance brought down the CEO position down to the Fourth number among the world’s richer personalities. Facebook CEO, Mark Zuckerberg was being replaced by Louis Vuitton boss Bernard Arnault who joined the top three lists that have Jeff Bezos and Bill Gates.
Verizon, The American telecommunication hulk pulled down its ads from Facebook once they found and learned that one of their ads was used in anti-Semitic content. In response to such scenarios, Facebook vice-president Carolyn Everson stated that;
“We respect any brand’s decision and remain focused on the important work of removing hate speech and providing critical voting information. Our conversations with marketers and civil rights organizations are about how, together, we can be a force for good.”
Additionally, in overview to the ongoing situations, Facebook needs to comprehend their strategies sooner rather than later because such sort of boycott is going to give a huge and massive loss in turn out both in company reputation and the revenue generation form.
It seems like a hard hit and the trial game is going on and all the bigger and smaller companies are playing it. But no one knows really, who would win and why? COVID-19 is making the situation worse. Turning points in the success and failures are unpredictable, that’s what this pandemic taught us.
Whatever concerns companies are showing against Facebook, the need of the hour is to implement Strategic planning to run out the company from this distress. And hopefully, as the best social media platform along a good way to communicate or interact, the company would have planned earlier. Let’s wait for results, how social media wars will end up!