Twitter and Facebook Watch Market Shares Drop After Banning President Trump
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In the first trading session since President Donald Trump was banned from Twitter, the company saw shares fall over 12%. Facebook also saw a loss of 4.5%. But after two trading sessions, the companies saw a combined loss of $51.2 billion dollars in market value.
FURTHER INCITEMENT OF VIOLENCE
“After close review of recent tweets from the @realDonaldTrump account and the context around them — specifically how they are being received and interpreted on and off Twitter — we have permanently suspended the account due to the risk of further incitement of violence,” Twitter posted on their blog Friday night.
Twitter experienced the billion dollar fallout from their decision Monday morning and watched share values decline ever since. The company responded to users and employees alike asking for the removal of the president from the platform after Trump came under scrutiny for his role in the riots at the Capitol earlier in the week.
Shareholders are concerned the indefinite ban will push users away from the platform.
In the past few days, Facebook and YouTube followed Twitter’s lead by also banning Trump from their platforms. The companies feel allowing the president to remain on the apps poses a risk for additional violence.
After the ban took effect, Trump attempted to tweet from the @POTUS account which was subsequently taken down. Former national security advisor Michael Flynn and lawyer Sidney Powell were also barred from using Twitter.