That European consumer-product maker, Unilever, said it took the move to protest the amount of hate speech online.

Facebook and Twitter logos are seen on a shop window in Malaga, Spain, June 4, 2018.
Facebook and Twitter logos are seen on a shop window in Malaga, Spain, June 4, 2018. (Reuters)

Shares of Facebook and Twitter dropped sharply Friday after Unilever said it will halt US advertising on Facebook, Twitter and Instagram through at least the end of the year.

That European consumer-product maker said it took the move to protest the amount of hate speech online. 

Unilever said the polarised atmosphere in the United States ahead of November's presidential election placed responsibility on brands to act.

Shares of both Facebook and Twitter fell roughly 7% following Unilever's announcement.

The company, which is based in the Netherlands and Britain, joins a raft of other advertisers pulling back from online platforms. Facebook in particular has been the target of an escalating movement to withhold advertising dollars to pressure it to do more to prevent racist and violent content from being shared on its platform.

“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 US," Unilever said. “Continuing to advertise on these platforms at this time would not add value to people and society.”

Facebook did not immediately respond to a request for comment. On Thursday, Verizon joined others in the Facebook boycott.

READ MORE: Facebook to flag all rule-breaking posts including those from Trump

File Photo: The logo for Unilever appears above a trading post on the floor of the New York Stock Exchange on on March 15, 2018
File Photo: The logo for Unilever appears above a trading post on the floor of the New York Stock Exchange on on March 15, 2018 (AP)

Sarah Personette, vice president of global client solutions at Twitter, said the company's “mission is to serve the public conversation and ensure Twitter is a place where people can make human connections, seek and receive authentic and credible information, and express themselves freely and safely.”

She added that Twitter is "respectful of our partners’ decisions and will continue to work and communicate closely with them during this time.”

Source: AP