TRUMP BAN CAUSES FINANCIAL HIT ON SOCIAL MEDIA

TRUMP BAN CAUSES FINANCIAL HIT ON SOCIAL MEDIA


Twitter and Facebook have seen $51 billion of combined market value

wiped out since booting Trump from their platforms

  • Facebook and Twitter have collectively seen $51.2 billion erased from their market caps over the last two trading sessions as investors balk at their banning of President Trump.
  • Facebook saw $47.6 billion erased from its public valuation, while Twitter’s market cap dropped by $3.5 billion.
  • Both companies announced last week they would permanently ban the president, saying keeping him on their platforms posed too large a risk of additional violence.
  • The bans come as Trump faces blowback from the government and corporations for his role in inciting last week’s violent riots at the Capitol.

TRUMP BAN CAUSES FINANCIAL HIT ON SOCIAL MEDIA

Facebook and Twitter, the two largest social media platforms to permanently ban President Donald Trump for his role in last week’s Capitol riots, saw $51.2 billion in combined market value erased over the last two trading sessions.

Companies across sectors have responded to the president’s rhetoric in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements. Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday, respectively.

Both companies cited the risk of additional violence for their bans, but investors largely balked at the action. Facebook tumbled 4% on Monday and another 2.2% on Tuesday as shareholders dumped the stock, likely fearing the ban could drive users off the platform. By the time markets closed on Tuesday, Facebook’s market cap sat $47.6 billion below its Friday level.

Twitter plunged 6.4% to start the week and dipped another 2.4% as the sell-off continued into Tuesday’s close. The declines saw Twitter’s market cap drop by $3.5 billion.

DAWG SAYS: I WONDER WHAT THE INVESTORS ARE SAYING ABOUT NOW.


1 Comment

  1. Inflammatory Rhetoric ! Show me! Any more inflammatory than Kamala Harris saying the riots in and around the country would not and should not stop. How about Mad Maxine Waters exhorting her listeners to harass any and all Trump supporters where ever they are found; “….stores, restaurants, theaters, …anywhere”. No incitement there!

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