Facebook Pummeled In Pre-Market As Boycott Builds, Liberal Media Takes Aim At Zuck

Facebook shares are set for the second day of declines as a boycott of advertisers on the social media platform is quickly gaining momentum. 

The latest companies pausing ads on the social media platform in response to its handling of hate speech and violence are Starbucks Corp. and Diageo Plc., reported Bloomberg. 

Here’s a list of the companies that have said they’re decreasing or halting ad spending with Facebook: 

• Unilever
• Verizon
• Hershey’s
• Honda
• The North Face
• Ben & Jerry’s
• REI
• Patagonia
• Eddie Bauer
• Upwork
• Mozilla
• Magnolia Pictures
• Birchbox
• Dashlane
• TalkSpace
• LendingClub
• Starbucks Corp.
• Diageo Plc. 

Facebook shares declined about 2.5% in pre-market trading on Monday after the news Starbucks Corp. and Diageo Plc. would pull back on spending. Shares plunged 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%. 

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, 2020

Could Facebook shares be putting in a cycle top?