Facebook and Twitter shares hit as Unilever pulls ads

UNILEVER will halt US ads on Facebook and Twitter for the rest of the year, citing hate speech and polarised politics as the key reasons for its decision.

“Continuing to advertise on these platforms at this time would not add value to people and society,” the consumer group said in an emailed statement. “We will be monitoring ongoing and will revisit our current position if necessary.”

Facebook shares fell as much as 7.3pc, while Twitter shares fell as much as 8.2pc.

Facebook has been telling advertisers it bases its policies on principles, not business interests, according to its communications with marketers.