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Social Media Ad Pause Grows; Now CVS Health Halts Social Media Advertising

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CVS Health Corp. (CVS) said it decided to suspend advertising on Facebook, Instagram, and Twitter for at least 30 days.

The company said it will not support any platform "that isn't taking meaningful steps to put off hate speech and misinformation."

Further, CVS Health noted that while some have joined organized boycotts, "we've chosen to act with independence to ensure that our standards are met, and values are upheld."

Other giants, including Starbucks, Verizon, Adidas, Unilever, Diageo, Ford, Hershey's, Pfizer and Coca-Cola Co. have also suspended their social media advertising in support of the #StopHateForProfit campaign.

According to World Federation of Advertisers, among 31% of advertisers surveyed between 25th and 26th of June, 5% have already withheld, and 26% are likely to withhold spend. Forty-one said they remain undecided. Twenty-nine percent said they were unlikely (17%) or would not (12%) reduce spend on these platforms.

The responses came from senior executives at 58 companies that collectively spending $92 billion on global advertising, WFA said.

Stephan Loerke, CEO of WFA, stated, "No brand wants to be associated with hate speech and as the effective funders of the social platform ecosystem, advertisers have a voice that needs to be heard. We are willing to work with the platforms on improvements that will benefit society, advertisers and the platforms themselves. This needs to be addressed fast because hate speech has moved from a reactive media management challenge into a board room issue for many companies."

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