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

Facebook Pummeled In Pre-Market As Boycott Builds, Liberal Media Takes Aim At Zuck Tyler Durden Mon, 06/29/2020 - 08:28

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: 

• Unilever

• Verizon

• Hershey's

• Honda

• The North Face

• Ben & Jerry's

• REI

• Patagonia

• Eddie Bauer

• Upwork

• Mozilla

• Magnolia Pictures

• Birchbox

• Dashlane

• TalkSpace

• LendingClub

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, 2020

Could Facebook shares be putting in a cycle top? Or is this a more coordinated effort to shift all Ads to Google - which is perhaps less inclined to allow free speech from both sides of the aisle?

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