Shares of Facebook Inc. and Twitter Inc. sank in midday trading Friday, after Netherlands-based consumer goods giant Unilever N.V. said it would halt U.S. advertising on the social media platforms for at least the rest of 2020, citing the companies' lack of response to hate speech on their platforms. Unilever joins a number of other companies that have pulled advertising from Facebook, including Verizon Communications Inc. and Ben & Jerry's. Facebook's stock dropped 7.2% Friday, and has now lost 9.7% since closing at a record $242.24 on Tuesday. Twitter shares shed 6.7%, and have tumbled 20.1% since closing at a four-month high of $36.64 on June 8. The stocks underpeformed the broader stock market Friday by a wide margin, as the Nasdaq Composite fell 1.9% and the S&P 500 lost 2.0%. Read More...
Shares of Facebook Inc. and Twitter Inc. sank in midday trading Friday, after Netherlands-based consumer goods giant Unilever N.V. said it would halt U.S. advertising on the social media platforms for at least the rest of 2020, citing the companies’ lack of response to hate speech on their platforms. Unilever joins a number of other companies that have pulled advertising from Facebook, including Verizon Communications Inc. and Ben & Jerry’s. Facebook’s stock dropped 7.2% Friday, and has now lost 9.7% since closing at a record $242.24 on Tuesday. Twitter shares shed 6.7%, and have tumbled 20.1% since closing at a four-month high of $36.64 on June 8. The stocks underpeformed the broader stock market Friday by a wide margin, as the Nasdaq Composite fell 1.9% and the S&P 500 lost 2.0%.
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