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PepsiCo Joins Growing Advertising Boycott of Social Media Site Facebook, Reports Suggest

© REUTERS / Tingshu WangA Pepsico sign is seen at its food-processing plant near a surveillance camera in Beijing's Daxing district, following a new outbreak of the coronavirus disease (COVID-19), China June 22, 2020.
A Pepsico sign is seen at its food-processing plant near a surveillance camera in Beijing's Daxing district, following a new outbreak of the coronavirus disease (COVID-19), China June 22, 2020. - Sputnik International
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MOSCOW (Sputnik) - The US food and beverage giant PepsiCo is set to pull its adverts from Facebook, joining a range of firms that have started a boycott of the social media platform due to concerns over its inability to monitor and police hateful content, the Fox News broadcaster reported on Sunday, citing sources in the company.

PepsiCo has yet to make an official announcement confirming the move, the broadcaster said.

The food and beverage company is set to join several major firms, including the Coca-Cola Company, US telecommunications firm Verizon, and consumer goods giant Unilever, in pulling its advertisements from the platform.

The growing boycott prompted Facebook’s shares to plunge 8.3 percent during Friday’s trading.

A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. - Sputnik International
Ad Revolt Could Remove Facebook From ‘Position of Power’ in Marketing Industry, Observers Say

Companies have cited the ongoing presence of misinformation and hate speech on the platform, amid a campaign launched by several prominent US civil rights organisations, including the National Association for the Advancement of Colored People.

Minority rights groups began the campaign on 17 June, amid the ongoing wave of civil rights protests in the US following the death of George Floyd in police custody in Minneapolis. The organizations state that Facebook has enabled content that incited violence against protesters, and urged companies to remove all their adverts from the social media platform in July.

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