Shares of Facebook Inc. (FB) and Twitter Inc. (TWTR) sank in midday trading Friday, after Netherlands-based consumer goods giant Unilever N.V. (UNA.AE) said it would halt U.S. advertising ( ) on the social media platforms for at least the rest of 2020, citing the companies' lack of response to hate speech on their platforms. Unilever joins a number of other companies ( ) that have pulled advertising from Facebook, including Verizon Communications Inc. (VZ) and Ben & Jerry's. Facebook's stock dropped 7.2% Friday, and has now lost 9.7% since closing at a record $242.24 on Tuesday. Twitter shares shed 6.7%, and have tumbled 20.1% since closing at a four-month high of $36.64 on June 8. The stocks underpeformed the broader stock market Friday by a wide margin, as the Nasdaq Composite fell 1.9% and the S&P 500 lost 2.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
June 26, 2020 12:40 ET (16:40 GMT)
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