Facebook is presently facing backlash over its advertising policies

Facebook is presently facing backlash over its advertising policies

Facebook is presently facing backlash over its advertising policies

 The boycott resulted from the campaign when #StopHateforProfit coalition - which includes the National Association for the Advancement of Colored People (NAACP) and the Anti-Defamation League (ADL) started to combat the corporate world's use of hate to increase profit margins. 

Over 90 other companies have boycotted Facebook including Ben and Jerry, Verizon and CNBC. 

In response to the submissions against the company, Facebook founder Mark Zuckerberg said his company would ban advertising containing claims "that people of a specific race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity or immigration status" are a threat to others.

He also added that the platform was doing all it could to remove harmful content and that it would start attaching labels to problematic content. 

The organisers of the #StopHateforProfit campaign, which accuses Facebook of not doing enough to stop hate speech and disinformation, said the "small number of small changes" would not "make a dent in the problem".

As a result of the boycott, shares in Facebook fell 8.3% on Friday, eliminating $56bn (£45bn) from the company's market value and knocking $7.2bn off Mr Zuckerberg's net worth, Bloomberg reported. Also, Louis Vuitton boss Bernard Arnault replaced the Facebook founder as the world's third-richest individual.

Facebook isn’t just having trouble with its advertisement policies. The world’s most popular social media platform has also had constant problems with getting its digital currency, the Libra, off the ground.