Advertising

A new analysis find that President Donald Trump and Democratic presidential nominee Joe Biden will spend a combined total of between $2.75 billion and $2.8 billion by November 3, but Biden's campaign will double the amount Trump will spend on television advertising.

As the president tweets from the White House after testing positive for COVID-19, a wave of political ads show his opponent with unflattering facial expressions and edited skin colors.

An surge of new paid political ads on Facebook attacking Trump's opponent sparked to life on Wednesday after the president clashed with the Democratic candidate during a debate in Ohio.

The Trump campaign has confirmed that it had applied a filter to the picture of Biden in a Facebook ad launched on September 3, 2020, but declined to say why.

The social network announced in a business blog post that it was making changes to its "multicultural affinity" segments, used by advertisers to tailor messaging.

More than 100 former McCain staffers signed a statement backing the Democratic nominee's bid for the White House.

Mark Zuckerberg's net worth exceeded $100 billion just days after an ad boycott targeting Facebook ended.

Zuckerberg's net worth reportedly increased by more than $83 billion since the coronavirus was declared a pandemic, one study suggested.

The Democratic presidential candidate's team has continued to openly criticize the social media network this month while simultaneously paying it thousands of dollars to run ads.

The DOJ approved a merger to allow Liberty Media to increase its stake in iHeartMedia up to 50 percent.

"They all say they are tech companies. I've always held the view they are publishers and they must act like publishers and be responsible for their content," Sir Martin Sorrell said.

NextGen America, a group designed to encourage younger people to vote for candidates with progressive political platforms, expects the ads to begin running on Thursday,

"We are making changes—not for financial reasons or advertiser pressure, but because it is the right thing to do," the Facebook chief operating officer said.

"Mark Zuckerberg, you aren't breaking things, you are breaking people," the Stop Hate for Profit campaign leaders said in a joint statement after meeting with Facebook executives on Tuesday.

One of the boycott organizers said she was "deeply disappointed" that Facebook "still refuses to hold itself accountable."

"Mark Zuckerberg spends his time lecturing us on freedom of expression. It's such an arrogant thing for a billionaire to tell Black activists about freedom of expression," said Rashad Robinson.

The president's re-election campaign spent more than $2.1 million on Facebook advertising at the end of June.

"Activists will want to remove bad actors from every platform. A safe bet is to say they won't want to stop at one platform when others play a role," one advertising industry expert told Newsweek.

"We will work to collaborate with our partners and take whatever steps are necessary to create a more trusted digital world for people today and future generations," the company said.

"The bigger picture is when the impact goes global," one social media expert told Newsweek as more brands pull spending.

Shares in the Jack Dorsey-led platform plunged by roughly seven percent last week as news broke that Unilever was halting social media ad spending. Then, the situation quickly got worse.

The Facebook CEO dropped out as one of the three richest people in the world this week, as the social media platform's founder lost $7.2 billion from a concerted advertising pullout from the company.

The drop in the social media platform's share price came as Unilever and Coca-Cola said they would refrain from advertising on the platform.

Facebook announced new policies meant to discourage voter suppression and rein in false election and political information spread in both posts and ads on the social network.

The "Stop Hate for Profit" campaign has support from Verizon and Ben & Jerry's. "Rival platforms and advertisers smell blood in the water, and are going in for the kill," one expert told Newsweek.

"They vowed to create racial quotas for hiring which are both unconstitutional and racist," he said on "Tucker Carlson Tonight."

"For those of you who've already made up your minds and just want the election to be over, we hear you," Zuckerberg wrote in an opinion article this week, announcing the changes to political ads.

In a statement provided to Newsweek, CEO of MyPillow Mike Lindell said the company would not be changing its advertising in the wake of numerous companies pulling out of Tucker Carlson's Fox News show.

Advertising is an under-appreciated means by which our economic recovery can be accelerated.

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