Facebook's ad boycott fallout: Companies push social media giant to remove hate speech

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Mike Jackson, 2050 Marketing, and Joanna Stern, Wall Street Journal, join 'Power Lunch' to discuss the future of Facebook as more companies continue to boycott the social media platform until it removes hate speech from its platform. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

A steady stream of companies came out in support of the ”#StopHateForProfit” campaign, promising to pause advertising spend on Facebook to encourage the company to amp up efforts against hate speech and disinformation.

With major advertisers like Verizon joining the campaign Thursday and Unilever, Coca-Cola and Honda saying they would pull advertising, Facebook is now facing a snowball effect of advertisers abandoning the site. Starbucks and spirits giant Diageo joined the campaign over the weekend.

But when it comes to Facebook’s 8 million advertisers, it may need to be a very big snowball.

Facebook has signaled it intends to do things on its own terms. In a more than 1,600-word memo to advertisers obtained by CNBC, the company’s VP of global business solutions, Carolyn Everson, said “boycotting in general is not the way for us to make progress together.”

“I also really hope by now you know that we do not make policy changes tied to revenue pressure,” Everson said in the memo. “We set our policies based on principles rather than business interests.”

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