Earlier on Friday, a basket of big-league multinational Canadian lenders based on Ottawa to Montreal to Toronto, had confirmed that they had joined the widespread 30-day-long ad boycott campaign on Facebook platform, started off initially by the US Civil rights groups in a bid to pressure the Menlo Park, CA-based social networking tycoon to implement more intransigent measures to block out hate speeches.
In point of fact, as over 400 brands including Coca-Cola and Unilever had pulled out their Facebook ad campaigns as part of a response to the “Stop Hate for Profit” campaign that had begun later last month following the death of a Black American during an unofficial interrogation conducted by a White police officer over potential federal offences, latest blow from the Canadian lenders would likely to grievously hurt the Zuckerberg & Co., which in effect could lead to billions of dollars in losses in ad revenues.
Canadian lenders to pause Facebook advertisement until end-July
Aside from that, in separate statements, six of the largest Canadian lenders such as the Royal Bank of Canada, Toronto-Dominion Bank, Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce and National Bank of Canada, had reaffirmed on Friday that they would halt their Facebook advertisement campaign until end-July.
On top of that, as hundreds of millions of Dollars in ad revenues would likely to erase from the Facebook Inc.’s balance sheet on current-quarter due to the campaign that followed a failed negotiation between the advertisers and the Facebook executives on Tuesday, the Anglo-Dutch consumer goods conglomerate, Unilever Chief Executive was quoted saying on Thursday that the Facebook Inc.
was walking blindfolded towards the tombs of the corporate dinosaurs. Nonetheless, earlier this week Facebook Inc. had agreed to open itself up to an independent audit over civil rights and had banned 250 white supremacist organizations from Facebook and Instagram since the onset of 30-day ad boycott campaign, a Facebook spokesman said in an emailed statement later on Friday.