Social media companies face revenue hit from boycotts
(WorldNews Business)

Verizon`s decision to join the growing boycott against Facebook and Twitter risks hurting the social media giants where it hurts most: their advertising revenue. Advertising accounts for nearly all Facebook`s $70.7 billion annual revenue, and a similar share of Twitter`s $3.46 billion. Both already faced declining ad spending as big advertisers like Ford and Coca-Cola cut their budgets amid the pandemic and recession. The #StopHateforProfit campaign launched June 17 by the Anti-Defamation League, the NAACP and other advocacy groups seeks to pressure the social media giants into doing...