Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Coca-Cola logo in Midtown Manhattan. Photo: Alex Tai/Sopa Images/LightRocket via Getty Images

Coca-Cola is pulling all paid social media advertisements for 30 days, saying "there is no place for racism on social media," CEO James Quincey said in a statement on Friday.

Why it matters: Although Coca-Cola does not single out Facebook in its announcement, the company's decision to temporarily pull ads comes as Hershey's, Verizon, Unilever and other brands have joined a boycott of the social network over its content moderation policies.

  • Companies taking public stands have criticized how Facebook polices misinformation about Black Lives Matter protests and handles content posted by President Trump.

Driving the news: Facebook announced Friday it would begin labeling posts that break its rules, but are deemed "newsworthy" — for instance, because they come from public figures, Axios' Margaret Harding McGill reports.

  • The company previously let figures like Trump freely post material that appeared to violate policies around issues like targeted harassment and hate speech.

What they're saying: "There is no place for racism in the world and there is no place for racism on social media," Quincey said in a statement on Friday. "The Coca-Cola Company will pause paid advertising on all social media platforms globally for at least 30 days. We will take this time to reassess our advertising policies to determine whether revisions are needed. We also expect greater accountability and transparency from our social media partners."

  • "We are hopeful that Facebook will take action and make it a safe space for our consumers to communicate and gather," Hershey's chief marketing officer told Business Insider on Friday, when it announced it was pulling ads from the social media site.

The other side: "We invest billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies. We’ve opened ourselves up to a civil rights audit, and we have banned 250 white supremacist organizations from Facebook and Instagram," Facebook said in a statement emailed to Axios.

  • "The investments we have made in AI mean that we find nearly 90% of Hate Speech we action before users report it to us, while a recent EU report found Facebook assessed more hate speech reports in 24 hours than Twitter and YouTube. We know we have more work to do, and we’ll continue to work with civil rights groups, GARM, and other experts to develop even more tools, technology and policies to continue this fight," Facebook said.

Go deeper: Unilever says it will stop buying ads on Facebook, Twitter in 2020

Go deeper

Ina Fried, author of Login
Oct 2, 2020 - Technology

Get ready for a flood of deepfakes, experts warn

Illustration: Sarah Grillo/Axios

If social media platforms don't start dealing much more aggressively with altered audio and video, they risk seeing their platforms devolve into a sea of faked content, experts tell Axios.

Why it matters: The platforms are already struggling to deal with manipulated media, and the technology to create "deepfakes," which are fabricated media generated by machine-learning-based software, is improving rapidly.

19 mins ago - Health

Moderna to file for FDA emergency use authorization for COVID-19 vaccine

Photo illustration by STR/NurPhoto via Getty Images

Moderna announced that it plans to file with the FDA Monday for an emergency use authorization for its coronavirus vaccine, which the company said has an efficacy rate of 94.1%.

Why it matters: Moderna will become the second company to file for a vaccine EUA after Pfizer did the same earlier this month, potentially paving the way for the U.S. to have two COVID-19 vaccines in distribution by the end of the year. The company said its vaccine has a 100% efficacy rate against severe COVID cases.

The social media addiction bubble

Illustration: Annelise Capossela/Axios

Right now, everyone from Senate leaders to the makers of Netflix's popular "Social Dilemma" is promoting the idea that Facebook is addictive.

Yes, but: Human beings have raised fears about the addictive nature of every new media technology since the 18th century brought us the novel, yet the species has always seemed to recover its balance once the initial infatuation wears off.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!