Facebook dives at Wall Street after Unilever halts advertising

 Hate speech and divisive content

Shares of both Facebook and Twitter were down more than 7% in mid-day trading Friday after Unilever said it would pull its advertising from the social media companies for the rest of the year.

“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, Instagram and Twitter in the U.S.,” the company said in a statement. “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.”

The massive household goods company’s decision was driven by concerns over hate speech and divisive content on the platforms, it said.

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