Facebook, Twitter shares drop as European giant pulls ads
San Francisco: Shares of Facebook and Twitter dropped sharply Friday after the the giant company behind brands such as Ben & Jerry's ice cream and Dove soap said it will halt U.S. advertising on Facebook, Twitter and Instagram through at least the end of the year.
That European consumer-product maker, Unilever, said it took the move to protest the amount of hate speech online. Unilever said the polarized atmosphere in the United States ahead of November's presidential election placed responsibility on brands to act.
Shares of both Facebook and Twitter fell roughly 7% following Unilever's announcement.
The company, which is based in the Netherlands and Britain, joins a raft of other advertisers pulling back from online platforms. Facebook in particular has been the target of an escalating movement to withhold advertising dollars to pressure it to do more to prevent racist and violent content from being shared on its platform.
We have decided that starting now through at least the end of the year, we will not run brand advertising in social media newsfeed platforms Facebook, Instagram and Twitter in the U.S.," Unilever said. Continuing to advertise on these platforms at this time would not add value to people and society. Facebook did not immediately respond to a request for comment. On Thursday, Verizon joined others in the Facebook boycott.
Sarah Personette, vice president of global client solutions at Twitter, said the company's mission is to serve the public conversation and ensure Twitter is a place where people can make human connections, seek and receive authentic and credible information, and express themselves freely and safely.
She added that Twitter is "respectful of our partners' decisions and will continue to work and communicate closely with them during this time.
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Ballari clash: Sriramulu, Janardhana Reddy hold press meet; statue unveiling postponed
Ballari: Former minister B Sriramulu and Gangavathi MLA Gali Janardhana Reddy addressed a joint press conference on Friday, a day after a violent clash broke out between rival Reddy groups over the installation of banners ahead of the Valmiki statue unveiling programme in the city.
Speaking to reporters, Sriramulu said the death of Rajasekhar Reddy, who was killed by a gunshot during the clash, was painful. He said he and his party would stand by the victim’s family and extend support to them. Alleging that Ballari MLA Nara Bharath Reddy was responsible for the incident, Sriramulu demanded legal action against him and called for a thorough probe to establish whose bullet caused Rajasekhar Reddy’s death.
Sriramulu further alleged that the clash was premeditated, claiming that a group had come near their residence with petrol-filled beer bottles and stones, allegedly with the intention of attacking them. He also alleged that there was an attempt to assault Janardhana Reddy.
Janardhana Reddy, addressing the media, said the incident had made him fear for his life. He alleged that there was an attempt to kill him and held Bharath Reddy responsible for the violence. Former minister Somasekhar Reddy, BJP Ballari district leaders and party workers were also present at the press meet.
The clash occurred on Thursday night in the Havambhavi area when rival groups confronted each other over putting up banners for the Valmiki statue unveiling scheduled for January 3. During the violence, a Congress worker was shot dead. Police have registered four separate cases in connection with the incident, including one taken up suo motu.
Responding to the allegations, Ballari MLA Bharath Reddy said the party was mourning the loss of its worker, Rajasekhar Reddy, whom he described as a close associate. He accused Janardhana Reddy of trying to divert attention from illegal mining issues and said the death had cast a shadow over the planned celebrations. He announced that the Valmiki statue unveiling programme had been postponed due to the prevailing atmosphere of grief.
Meanwhile, Ballari Rural MLA B Nagendra confirmed that the statue unveiling event had been temporarily deferred following the clash and on the advice of the Chief Minister. He said the programme would be held on a later date under the leadership of the Chief Minister and senior ministers. Nagendra also criticised Janardhana Reddy, saying there was no place for what he described as a “Republic of Ballari” mindset under the present administration, and asserted that the government would not allow any form of intimidation or lawlessness.
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