Coca-Cola will halt advertising on social media internationally for at least 30 days, as pressure builds on platforms to crack down on hate speech.
“There is no place for racism in the world and there is no place for racism on social media,” the drinks maker’s chairman and CEO James Quincey said.
It came after Facebook said it would label harmful or misleading posts left up for their news value.
Mark Zuckerberg,founder of Facebook said “that people of a specific race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity or immigration status are a threat to others”.
Due to boycott, shares in Facebook fell 8.3% on Friday, eliminating $56bn (£45bn) from the company’s market value and knocking $7.2bn off Mr Zuckerberg’s personal net worth, Bloomberg reported. As a result of the loss, Louis Vuitton boss Bernard Arnault replaced the Facebook founder as the world’s third richest individual.