GM Pulls Ads Off Facebook

Business

0  Updated at 3:48 am, May 16th, 2012 By: ABC Digital
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Bill Pugliano/Getty Images(NEW YORK) — Just about everyone is excited about Facebook’s initial public offering scheduled for Friday that could value the social networking site at a whopping $105 billion.

Somehow, that doesn’t impress the folks at General Motors, who pulled all its advertising off of Facebook.

While the $10 million GM spends annually on Facebook might seem like a drop in the bucket compared to what analysts say the company is worth, it could convince at least a few potential investors that Mark Zuckerberg’s empire may be built on sand.

GM, which already spends $4 billion annually on worldwide advertising, says research found that its ads on Facebook just weren’t effective.

The world’s largest automaker says it will retain a presence on Facebook on the so-called fan pages.

Copyright 2012 ABC News Radio