Facebook rakes in political ad money while companies flock to boycott
Political groups are spending millions each month
Facebook is continuing to pull in political ad money while more than 100 companies including Adidas, Denny's and Verizon are pausing Facebook ad buys as part of the #StopHateForProfit boycott organized by civil rights groups.
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Former Vice President Joe Biden's campaign has spent approximately $9 million on Facebook ads in the last month, while President Trump's re-election campaign has spent at least $5 million, according to its Ad Library Report.
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Other groups including Stop Republicans, the Democratic Governors Association and Senate Democrats have spent more than $1 million on Facebook ads in the last 30 days.
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The re-election campaign for Rep. Alexandria Ocasio-Cortez, D-N.Y., has spent more than $953,000 in the last month.
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Major companies began boycotting Facebook ads last week as part of a campaign supported by groups including the Anti-Defamation League and NAACP.
The groups say Facebook "allowed incitement to violence against protesters fighting for racial justice in America" and "turned a blind eye to blatant voter suppression on their platform."
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"99% of Facebook's $70 billion is made through advertising," #StopHateForProfit wrote on its website. "Let's send Facebook a powerful message: Your profits will never be worth promoting hate, bigotry, racism, antisemitism and violence."