Starbucks tells CNBC advertising on social media will be paused

Starbucks (SBUX) told CNBC in a statement that it will pause advertising on “all social media platforms” and have discussions internally and with media partners and civil rights organizations to stop the spread of hate speech. The company will continue to post on social media without paid promotion, it said. Starbucks added, “We believe in bringing communities together, both in person and online, and we stand against hate speech. We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change.” Publicly traded social media companies include Facebook (FB), Twitter (TWTR) and Snap (SNAP).