Kim Kardashian announces Facebook freeze, shares fall

Kim Kardashian announces Facebook freeze, shares fall

Facebook tightens rules on political advertisement before UK general election

Facebook shares (NASDAQ: FB) sunk after Kim Kardashian announced plans to freeze her account in aid of the #StopHateforProfit campaign.

Organised by civil rights activists, the campaign is in order to tackle the spread of “hate, propaganda and misinformation”.

She has called on followers to also freeze her account. Kardashian has 188m followers.

Celebrities including Leonardo DiCaprio, Katy Perry, and Jennifer Lawrence will freeze their accounts for 24 hours on Wednesday.

Following Kardashian’s announcement to join, shares in Facebook dipped about $3. However, they recovered and closed higher that same day.

“I can’t sit by and stay silent while these platforms continue to allow the spreading of hate, propaganda and misinformation – created by groups to sow division and split America apart – only to take steps after people are killed,” said Kardashian in a statement.

“Misinformation shared on social media has a serious impact on our elections and undermines our democracy,” she added.

Founder Mark Zuckerberg has said the tech company plans to do more to tackle harmful or misleading posts ahead of the US election.

“The 2020 elections were already shaping up to be heated. During this moment, Facebook will take extra precautions to help everyone stay safe [and] stay informed,” he said in a statement.

Facebook shares (NASDAQ: FB) are currently trading +2.36% at 272,42 (0708GMT).