Coca-Cola said its decision did not mean it was joining the #StopHateforProfit campaign
Coca-Cola will suspend social media advertising globally for at least 30 days, as pressure on the platforms builds to repress hate speech.
"There is no place for racism in the world and there is no place for racism on social media" beverage manufacturer president and CEO James Quincey said.
He demanded "greater accountability and transparency" from social media companies.
The founder, Mark Zuckerberg, said that Facebook will also ban advertising that contains claims that "people of a race, ethnicity, national origin, religious affiliation, caste, sexual orientation, gender identity or immigration status" are a threat to others people.
The organizers of the #StopHateforProfit The campaign, which accuses Facebook of not doing enough to stop hate speech and misinformation, said the "small number of small changes" would not "harm the problem".
More than 90 companies have paused advertising in support of #StopHateforProfit.
As a result of the boycott, Facebook shares fell 8.3% on Friday, eliminating $ 56 billion from the company's market value and dropping $ 7.2 billion from Zuckerberg's personal equity, Reported to Bloomberg. As a result of the loss, Bernard Arnault, head of Louis Vuitton, replaced the founder of Facebook as the third richest individual in the world.
Coca-Cola told CNBC that its suspension of advertising did not mean it was entering the campaign, despite being listed as a "participating company".
Quincey said the company would use the global "social media platform break" to "reevaluate our advertising policies to determine whether revisions are needed".
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Mark Zuckerberg told Simon Jack of the BBC that Facebook would "take down" coronavirus misinformation.
Clothing maker Levi Strauss & Co also said it would stop advertising on Facebook after Zuckerberg's announcement. Unlike Coca-Cola, it accused the social media company of not going far enough.
"We are asking Facebook to commit to decisive changes", Said CMO Jen Say.
"We want to see significant progress towards ending the spread of misinformation and hate speech and better addressing the advertisements and political content that contribute to suppressing voters. Although we like the fact that Facebook has announced some steps in that direction today – it just isn't enough ".
The #StopHateforProfit coalition – which includes the National Association for the Advancement of Colored People (NAACP) and the Anti-Defamation League (ADL) – said none of the changes would be verified or verified.
"We have traveled this path before with Facebook. They have apologized in the past. They took a few steps after each catastrophe in which their platform played a role. But that has to end now," he added.
The campaign urged Zuckerberg to take other measures, including the establishment of permanent civil rights infrastructure within his company; undergo independent hate and misinformation audits based on identity; find and remove public and private groups that publish that content; and creation of teams of experts to review complaints.