GM Pulls $10M Worth of Facebook Ads

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.