Hi, I'm Dan Pramach and welcome to Axios Recap. Today is Monday, June 29. Boeing 737 Max planes are back up.

Reddit pulls down its controversial The Donald Channel. And we're focused on Facebook's big blues.

In the past week, the world's largest social network has lost a slew of big-name,

big-money advertisers.

Companies like Verizon, Levi's, Patagonia, the North Face, Coca-Cola, Ben and Jerry's, and then

Ben and Jerry's's parent company, Unilever.

Each of them signed onto a campaign called Stop Hate for Profit, which has asked companies

to not advertise on Facebook this July in order to pressure the company into doing things

like better protecting minority users, flagging hate speech, and preventing misinformation

related to the election.

Remember, it was just a few weeks ago that Twitter began

putting warning labels on some of President Trump's tweets, causing Mark Zuckerberg to say this.

I just believe strongly that Facebook shouldn't be the arbiter of truth of everything that people

say online. But then, as the trickle of ad boycotts turned into a flood, Facebook reversed course,

at least on labeling so-called newsworthy posts from public figures that otherwise would break its rules.

Now, why all of this matters is that this could become the most significant business model challenge to Facebook since we all went mobile.

Yes, it is true that even the top 100 advertisers on Facebook combined

only supply around 6% of Facebook's revenue, but it's also true that big companies set

advertising trends that eventually filter their way down to those mid-size and smaller businesses.

If Facebook and social media peers don't nip this in the bud soon, it could become a destabilizing crack in the dam.

To better understand the thinking behind these boycotts, we talked to Chris Miller, the head of activism strategy for Ben and Jerry's, which was one of the first national brands to pull its paid advertising on Facebook and Instagram.

Although it does continue to use the platform to push

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