(USA Today) An advertising boycott of Google’s video service YouTube has slashed billions from parent company Alphabet’s market cap.
Shares of GOOGL have fallen nearly 4% since Friday after major advertisers began pulling marketing campaigns from YouTube and Google after learning their brands may have appeared alongside videos promoting terrorism and other offensive content.
Advertisers including AT&T, Verizon, Johnson & Johnson, GSK and Enterprise Holdings said this week they would halt all ad spending on Google except for search ads. That means those ads will no longer run on YouTube or the two million websites that take part in Google’s ad network.
