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    GM Axes Facebook Ads Worth $10M

    ARCHIV - Das General Motors Logo fotografiert am 12. Januar 2009 in Detroit. Der 1. Juni 2009 geht in die Historie der amerikanischen Industrie-Ikone General Motors als bitterer Tag ein: Der taumelnde Autoriese musste nach 101 Jahren Firmengeschichte Insolvenz anmelden und flog anschliessend auch noch nach 84 Jahren aus dem bekanntesten Boersenindex der Welt, dem Dow Jones. Seit 1925 war GM durchgaengig Teil der 30 wichtigsten Unternehmenswerte der USA gewesen. Au?er GM musste aber auch die einst weltgroesste Bank, die Citigroup, ihren Platz raeumen. Neu aufgenommen wurden Travelers und Cisco Systems Inc. (AP Photo/Paul sancya,Archiv) FILE - In this Jan. 12, 2009 file photo, the General Motors logo is seen on display at the North American International Auto Show in Detroit. A congressional official says General Motors Corp. will file for bankruptcy protection Monday June 1, 2009 and the federal government plans to take a 60 percent ownership stake in the company. (AP Photo/Paul Sancya, File)

    Paul Sancya / AP

    General Motors has announced that it will stop advertising on Facebook after determining that the ads on the social-media site are ineffective. The announcement comes just days before Facebook’s highly anticipated IPO, estimated to be as high as $104 billion. GM has been reevaluating its marketing strategy in an effort to cut its $2 billion marketing budget. Company officials reportedly began doubting the Facebook ads earlier this year. After meeting with Facebook managers, they remained unconvinced. GM’s marketing chief said that the company “is definitely reassessing our advertising on Facebook, although the content is effective and important.” GM said Facebook remained a useful tool for engaging with its customers.

    Read it at Forbes