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StockAlert: Facebook Down 6% As More Cos. Boycott Ad

Shares of Facebook, Inc. (FB) declined about 6% in the morning trade on Friday as the Ad boycott campaign of companies keeps growing.

The latest to join the companies who pulled their advertisements from FB is the telecom giant Verizon, who has reportedly spent nearly $1.5 million on Facebook and nearly $500,000 on Instagram, during the period of May 22 to June 20, 2020.

Companies and brands including Eileen Fisher, Ben & Jerry's, Eddie Bauer, Patagonia, and The North Face have already stopped their ads on the platform.

Civil rights organizations including NAACP, Color of Change, and Anti-Defamation League also asked companies to stop advertising on Facebook and Instagram as FB did not heed to stop hate speech on its platform in the wake of George Floyd's custody death.

FB stock is currently trading at $220.68. It has traded in the range of $137.10- $245.19 in the past one year.

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