Unilever (UN, UL) said in a statement: “We actively engaging with all digital platforms to make meaningful change and impact trust and transparency. We have made substantial progress, and we acknowledge the efforts of our partners, but there is much more to be done, especially in the areas of divisiveness and hate speech during this polarized election period in the U.S. The complexities of the current cultural landscape have placed a renewed responsibility on brands to learn, respond and act to drive a trusted and safe digital ecosystem. Given our Responsibility Framework and the polarized atmosphere in the U.S., 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 (FB), Instagram and Twitter (TWTR) in the U.S. Continuing to advertise on these platforms at this time would not add value to people and society. We will be monitoring ongoing and will revisit our current position if necessary. We will maintain our total planned media investment in the U.S. by shifting to other media.” Shares of Facebook are down 7% to $219.10 and Twitter (TWTR) is down 7% to $29.18 in midday trading.
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