Coca Cola said on Friday that it will completely remove its millions of dollars of advertising from all social media platforms for the next 30 days. The company said the move was not part of the growing number of advertisers boycotting Facebook for its content moderation policies, but "time to rethink our advertising policies to determine if revisions are needed."
"There is no place for racism in the world and no place for racism on social media," said James Quincey, CEO and Chairman of Coca Cola, in a statement to CNBC.
When asked if they would join over 100 other advertisers, including many well-known names like Verizon, the Ben & Jerry & # 39; s ice maker, and retailers North Face, Patagonia, and REI, in the Stop Hate For Profit campaign The company declined, but instead said, "We're taking a break."
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After a tumultuous week of companies announcing plans to give up Facebook in a growing boycott of July, founder Mark Zuckerberg apparently gave in to the pressure and announced on Friday that the social media platform "filled a broader category of hateful people." Prohibit content in ads. ”But it is clear that the changes announced by Zuckerberg are not enough – his company has come under fire because it allows racist or hateful content, along with contributions from politicians like President Donald Trump that block other social networks or as“ glorifying violence Have designated.
Coca Cola's statement on Friday is in line with the # StopHateForProfit campaign's mission, but the company has definitely not followed it.
Coca Cola spends an average of $ 4 billion on advertising each year. If the company plans to cut social media out of the equation worldwide for 30 days, it will be interesting to see where it spends that money. TV advertising? Or maybe billboards? Perhaps it spends the extra money on digital fur technology for its legendary computer-generated polar bears.