Facebook loses $60B in market value in two days as advertising boycott continues

Facebook loses $60B in market value in two days as advertising boycott continues
Image: LU Staff

[Ed. – Music to our ears.]

Facebook erased almost $60billion from its market value Monday after a massive two-day stock decline as more advertisers joined the boycott of the social network.

Stocks in the world’s largest social media platform rose 1.2 percent again Monday afternoon after shaking off a loss earlier in the morning.

The social media giant is facing a defection of advertisers tired of the racist and violent posts spreading through the social network.

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Among the long list of companies are Starbucks, who have halted advertising on all social-media platforms.

Facebook reacted Friday with policy tweaks but the boycott list keeps growing.

A long list of companies have pulled advertising from Facebook Inc in support of a campaign that called out the social media giant for not doing enough to stop hate speech on its platforms.

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