(CNN Business) 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. "Continuing to advertise on these platforms at this time would not add value to people and society. The massive household goods company's decision was driven by concerns over hate speech and divisive content on the platforms, it said. Unilever's commitment marks the broadest and potentially most damaging yet of companies that have taken a stand against Facebook. The company was the 30th-highest spender on Facebook advertising in 2019, pouring more than $42 million into the platform, according to estimates by the advertising intelligence company Pathmatics.

Source: CNN June 26, 2020 16:43 UTC