Shopify joins the Libra Association and Facebook will ban ads promising cure for the coronavirus
Welcome to "#SocialStocks," The Fly's weekly recap of Wall Street's reactions to social media stock news.
SHOPIFY JOINS LIBRA ASSOCIATION: On February 21, Shopify (SHOP) stated in an announcement posted on its corporate site: "As online commerce becomes increasingly borderless, it's easy to forget that payments and the value exchange of goods are not a solved problem everywhere. Much of the world's financial infrastructure was not built to handle the scale and needs of internet commerce. Our mission is to make commerce better for everyone and to do that, we spend a lot of our time thinking about how to make commerce better in parts of the world where money and banking could be far better. That's why we decided to become a member of the Libra Association. This is one step, but not the only step we'll be taking to be a part of the solution to this global problem. As a member of the Libra Association, we will work collectively to build a payment network that makes money easier to access and supports merchants and consumers everywhere." The Libra Association was started by Facebook (FB), which has said the Association is independent and not controlled by the company.
FACEBOOK BANS ADS PROMISING CORONAVIRUS CURE: On February 26, Business Insider's Rob Price reported that Facebook said it will ban ads that promise to cure or prevent COVID-19, or attempt to "create a sense of urgency" about it. The company also says it will take down false posts about the coronavirus entirely if they put people at risk. In a statement, a spokesperson told Business Insider: "We recently implemented a policy to prohibit ads that refer to the coronavirus and create a sense of urgency, like implying a limited supply, or guaranteeing a cure or prevention. We also have policies for surfaces like Marketplace that prohibit similar behavior."
TWITTER TESTING NEW WAYS TO LABEL MISINFORMATION: On February 20, Ben Collins of NBC News wrote that Twitter (TWTR) is testing a new way to label potential misinformation. Citing a "leaked memo" of the new features, the new format will add "brightly colored labels directly beneath lies and misinformation posted by politicians and public figures," NBC News added. "Twitter confirmed that the leaked memo, which was accessible on a publicly available site, is one possible iteration of a new policy to target misinformation it plans to roll out March 5," said the NBC News story.