Facebook shares are set for a second day of declines as a boycott of advertisers on the social media platform is quickly gaining momentum.
The list of major companies that have said they’re decreasing or halting ad spending with Facebook is growing:
- The North Face
- Ben & Jerry’s
- Eddie Bauer
- Magnolia Pictures
And now, Bloomberg reports that Starbucks Corp. and Diageo Plc. would also be pulling back on spending. Facebook shares tumbled over 4% in pre-market trading on Monday before bouncing back modestly after plunging 8.3% on Friday after Unilever, one of the world’s largest advertisers, halted advertisements on the social media channel. From last week’s high, shares are down 16%.
Robinhood traders panic bought Facebook shares over the last several months.
Now it seems Washington Post is going after Facebook’s CEO Mark Zuckerberg…
(WaPo) – Hours after President Trump’s incendiary post last month about sending the military to the Minnesota protests, Trump called Facebook chief executive Mark Zuckerberg.$FB https://t.co/rBpzC1cYwI
— Carl Quintanilla (@carlquintanilla) June 29, 20