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Starbuck signs in The Hague, Netherlands. Photo: Yuriko Nakao/Getty Images

Starbucks announced Sunday it will pause all advertisements on social media platforms in a "stand against hate speech," CNBC reports.

Why it matters: Starbucks is following in the footsteps of other companies, such as Unilever and Coca-Cola, who have pulled paid advertisements from platforms like Facebook because of content moderation policies and the spread of hate speech.

  • A spokesperson for Starbucks said this social media pause will not include YouTube, which is owned by Google. The company will also continue to post on social media without paid promotion.

What they're saying: “We believe in bringing communities together, both in person and online, and we stand against hate speech,” the company said in a statement Sunday, according to CNBC.

  • “We believe more must be done to create welcoming and inclusive online communities, and we believe both business leaders and policy makers need to come together to affect real change.”

The big picture: Massive advertisers have pulled ads from Facebook amid backlash over how the platform polices political misinformation and how it handles inflammatory or misleading content posted by President Trump.

  • Verizon, Coca-Cola, Unilever, Hershey and a number of outdoor retail brands joined the boycott last week, ramping up pressure on the social media network ahead of the 2020 election.
  • Though it is pausing advertising, Starbucks said it is not specifically joining the campaign against Facebook.

Go deeper: The bottom-up revolution hits Facebook

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.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

The Fed could be firing up economic stimulus in disguise

Federal Reserve governor Lael Brainard at a "Fed Listens" event. Photo: Eric Baradat / AFP via Getty Images.

Even as global growth expectations increase and governments pile on fiscal spending measures central bankers are quietly restarting recession-era bond-buying programs.

Driving the news: Comments Tuesday from Fed governor Lael Brainard suggest the Fed may be jumping onboard the global monetary policy rethink and restarting a program used following the 2008 global financial crisis.

Democrats' hypocrisy moment

Illustration: Eniola Odetunde/Axios. Photo: Ray Tamarra/Getty Images

Gov. Andrew Cuomo should be facing explicit calls to resign from President Biden on down, if you apply the standard that Democrats set for similar allegations against Republicans. And it's not a close call.

Why it matters: The #MeToo moment saw men in power run out of town for exploiting young women. Democrats led the charge. So the silence of so many of them seems more strange — and unacceptable by their own standards — by the hour.