Social Media Giants Just Paid A Literal Heavy Price After They Banned President Trump, Stock Value Is In A Free Fall
Whew, hope you didn’t have any money in Twitter because their value just dropped like a rock.
The tumble comes after Twitter permanently suspended President Trump from their platform citing the unrest that occurred at the US Capitol.
“After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said.
Twitter’s stock has fallen as much as 12% and it wiped out $5 billion from Twitter’s market capitalization.
Investors are correct in worrying that the ban placed on Trump will lead to boycotts and people leaving the platform, the exodus is starting.
Facebook has taken an even bigger hit, they lost $34 billion from market cap after banning President Trump.
Last week, Facebook CEO Mark Zuckerberg said that President Trump would be removed from the platform “indefinitely” claiming the risks allowing him to remain “are simply too great.”
As a result of their decisions, Twitter is trading 10% less and Facebook is down almost 4% year to date.
On the same day, their stocks tumble Facebook block, Ron Paul, for “repeatedly going against our community standards.” Paul said that they have never violated or received a warning for violating community standards.
With no explanation other than “repeatedly going against our community standards,” @Facebook has blocked me from managing my page. Never have we received notice of violating community standards in the past and nowhere is the offending post identified. pic.twitter.com/EdMyW9gufa
— Ron Paul (@RonPaul) January 11, 2021
Banks also announced that they will no longer support Republican members of Congress who objected to the Electoral College.
BREAKING: In an internal memo to staff obtained by https://t.co/Gl6evXRDcZ, @AmericanExpress CEO Steve Squeri says the company will no longer support the Republican members of Congress who objected to the Electoral Collegehttps://t.co/r4Z4TjJUCe
— Judd Legum (@JuddLegum) January 11, 2021
Conservatives should thank big tech, big business, and big bank for dumping them no one is going to be able to say the Republican party is the party of big business.