The campaign claims 70% of Facebook's $70 billion is made through advertising and is urging advertisers to take a stand against hate speech on the social network.
"Given Facebook's colossal scandals and rare repercussions to revenue, the advertisers' boycott is a body blow that will decimate Facebook's top line".
His conviction that boycotting companies will probably blink before he does reflects the sharp power imbalance between Facebook, which has a dominant share of the social media advertising market, and its customers, who often have few other options.
The reason is an outcry against hate speech and misinformation on social media, including content from President Trump. Facebook has previously defended politics, saying it does not want to censor political discourse.
Facebook's digital advertising accounted for over 98 per cent of the company's almost $70 billion in revenue previous year.
Some analysts doubt that these moves significantly affect Facebook's revenue, thanks to the millions of small and medium-sized companies that rely on the platform for advertising, but the lobbying campaign appears to have put Facebook on the defensive.
In a declaration to GamesIndustry.biz, PlayStation stated "In support of the #StopHateForProfit campaign, we have globally suspended our Facebook and Instagram activity, including advertising and non-paid content, until the end of July". That being said, Facebook has failed to convince its users of the same, especially when it comes to political candidates and law makers.
The top companies involved spent more than US$548 million on Facebook advertising in the USA past year, according to a boycott list maintained by the activist group Sleeping Giants and data from ad analytics company Pathmatics.
A Facebook spokesperson, asked about the pressure, said in an email: "We take these matters very seriously and respect the feedback from our partners".
On Friday, as the boycott gained steam, Facebook said it would attach labels to "newsworthy" posts from politicians that violate its hate speech policies - a significant reversal for the company - and tighten up its rules for advertisers.
"Facebook and Instagram have been our main advertising channels for years, but they have not taken the necessary steps to protect the public from violent and unsafe hate speech".
Civil rights leaders said they had notified Facebook earlier about the presence of this movement on its platforms.
The group also wants Facebook to ban political ads with blatant lies, which the company has faced criticism for allowing in the past.