Twitter might be all over the news, but it’s not getting good attention in the stock market.
Market value for the social media behemoth plummeted by $5 billion — a 12% plunge — following its decision to permanently bar President Donald Trump from the platform, Business Insider reported.
Twitter did regain some of its losses my midday Monday.
In addition to suspending the president’s account, which boasted nearly 90 million followers, Twitter banned the handles associated with former National Security Adviser Michael Flynn and Trump attorney Sidney Powell, both of whom backed Trump’s election fraud claims.
As CBN News previously reported, Twitter scrubbed Trump’s account last week, following a deadly riot that broke out inside the U.S. Capitol, where Vice President Mike Pence and members of Congress were convening to certify President-elect Joe Biden’s Electoral College victory over Trump. Ultimately, five people died in the melee.
Twitter banned Trump from the site over concerns that his future tweets could spark “further incitement of violence.”
While many on the left applauded the decision to suspend the sitting president from the platform, many conservatives have taken issue with the decision. It’s worth noting, too, that German Chancellor Angela Merkel has sided with those who see the ban as “problematic,” according to CNBC.
“The right to freedom of opinion is of fundamental importance,” said Merkel spokesman Steffen Seibert. “Given that, the chancellor considers it problematic that the president’s accounts have been permanently suspended.”
Mexican President Andres Manuel Lopez Obrador also took issue with Twitter’s decision regarding Trump’s account. He said, “I don’t like anybody being censored or taking away from the right to post a message on Twitter of Face[book].” Obrador went on to say he does not agree with the move, The Washington Post reported.
Twitter wasn’t the only social media platform struggling in the stock market.
According to Business Insider, Facebook lost nearly $34 billion following a 4.5% dip Monday as the site has continued with its indefinite ban on Trump, whose page remains active, though he is no longer allowed to publish posts.
Facebook founder and CEO Mark Zuckerberg announced the “indefinite” ban last Thursday. The risk of allowing Trump to continue posting on his account, which features 33 million “likes,” was “too great,” Zuckerberg said.
All of this comes as the Apple App Store, Google Play, and Amazon’s web hosting service have banned the conservative social media app Parler, effectively removing the website from the internet.
Parler filed a lawsuit against Amazon on Monday afternoon, arguing its decision to pull the website from its servers is a breach of contract and in violation of antitrust laws.