This story was originally published here.
Shares of Facebook (NASDAQ:FB) have been clobbered as more companies pull back on advertising during the month of July. They are boycotting the company’s platforms, a movement that is now hurting Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG). While a market-wide selloff isn’t helping GOOG stock, the impact from Facebook is clearly weighing.
Why would actions against Facebook impact Alphabet? That’s a great question, but it’s clear that corporations are looking to distance themselves from certain social media advertising platforms at the moment.
While many are protesting just Facebook (and its various platforms, like Instagram), others are boycotting all social media. Some are also stepping away from Twitter (NYSE:TWTR) for the month of July, in addition to Facebook.
The movement comes at a time where political division and social issues continue to gain momentum. It also comes as the novel coronavirus continues to impact the economy. This likely makes it easier for companies to pull in the reins a bit on ad spending…
Editor's Note: Click here to keep reading.
65 Ways You Can Make Extra Cash in This Crazy Environment
Dear Reader,
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And the best part is…
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Here's just a sample of what you can find inside:
- Use what Neil calls the “FHA Loophole” to get the government to pay your mortgage — PLUS receive hundreds in extra cash on top.(Page 217)
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CEO, InvestorPlace
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