Facebook, Twitter Tumble on Unilever’s Social-Media Pullback
- Consumer giant’s annual ad budget is nearly $8 billion
- Verizon, Patagonia also join civil rights groups’ boycott
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Facebook Inc. and Twitter Inc. shares tumbled Friday after Unilever, one of the world’s largest advertisers, said it will halt all U.S. advertising on both platforms, fueling concerns that other major consumer brands may follow suit.
Unilever, which owns names like Hellmann’s mayonnaise and Axe shower gel and has an annual advertising budget of almost $8 billion, said it won’t advertise on Facebook, Twitter and Facebook-owned Instagram for the rest of the year because of the hate speech and polarized politics that users often post.