Sunday, June 13, 2021
Home News Reports Twitter, Facebook pays the price for banning Donald Trump, ends up losing $51 billion...

Twitter, Facebook pays the price for banning Donald Trump, ends up losing $51 billion in market cap in two days

Analysts have not lowered the median price targets for stocks, emphasising that the drop in market value was a knee-jerk reaction and that it would improve over time.

Days after social media giants Facebook and Twitter permanently banned incumbent US President Donald Trump from their platforms, the companies lost a combined market value of whopping $51.2 billion over two trading sessions.

In the aftermath of the US Capitol riots, Twitter and Facebook resorted to ‘political censorship’ and banned Trump for allegedly inciting mobs and making provocative remarks. The social media giants soon faced the brunt of censoring the US President.

Fearing that users might desert the platforms, investors bailed out on Facebook and Twitter and dumped their stock. As such, Facebook plunged by 4% on Monday and 2.2% on Tuesday, resulting in a dip of $47.6 billion below what it was on Friday (January 8). Facebook traded at $245.64 per share as of 4 pm on Thursday.

Dip in Facebook’s stocks via Yahoo

Meanwhile, Twitter dipped 6.4% on Monday and further fell 2.4% on Tuesday’s close, resulting in a drop in market cap by $3.5 billion. Twitter traded at $45.79 per share as of Thursday at 4 pm, compared to the closing price of $51.48 on Friday. Interestingly, analysts have not lowered the median price targets for stocks, emphasising that the drop in market value was a knee-jerk reaction and that it would improve over time.

Decline in market cap for Twitter via Yahoo

Other tech companies such as Apple and Google have seen a marginal rise in their market cap. At the same time, Amazon’s shares went up by 1.6% after it too engaged in censoring conservative platform, Parler. Googler owned YouTube has also suspended the account of Donald Trump for a week.

On Monday, CNN reported that incumbent Donald Trump might take action against tech giants for banning him from Facebook and Twitter. However, with just 5 days from the inauguration of President-elect Joe Biden, it is unclear whether any form of retaliation will actually materialise.

Political censorship against Donald Trump

The suspension of Donald Trump by social media platforms has taken the world by storm. Leaders around the world, including German Chancellor Angela Merkel and Mexican President Andrés Manuel López Obrador, have condemned the suspension by Twitter and called it ‘problematic’.

There is a growing consensus that the actions were motivated by political bias rather than any objective criterion. Amidst such a scenario, Twitter stocks stumbled by as much as 10% on Monday. Under such circumstances, the precise justification offered by Twitter for suspending Donald Trump from the platform went largely unnoticed.

And as it turns out, the justification cited by Twitter is absolutely bizarre and even Twitter does not say that they have interpreted Trump’s tweets as incitement to violence. Twitter does not say that at all. Instead, the social media platform claims that two of Trump’s tweets are being “interpreted” to mean an endorsement of violence. That is, Donald Trump has been banned from the platform because how others, unnamed in the statement, are interpreting his tweets.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Related Articles

Trending now

Wikipedia dismisses Love Jihad as a conspiracy theory by Hindus, but claims reverse Love Jihad against Muslims is real

Wikipedia labels Love Jihad as a fabricated notion even as thousands of non-Muslim girls continue to be afflicted by the menace

‘Corona Mata’ Temple in UP marks a continuing Hindu tradition of worshipping Goddesses for protection against diseases: All you need to know

ANI reported on Saturday that a 'Corona Mata' Temple has been established at Pratapgarh district in Uttar Pradesh.

Chinese spy arrested in Malda confesses to smuggling 1300 Indian Sim cards to China, used for hacking and financial fraud

The Chinese spy was arrested by the BSF when he was trying to enter the country through the Indo-Bangla border in Malda district on Thursday

Why so-called ‘fact-checkers’ are a greater evil than random misinformation that they claim to fight

In his speech, the PM also took veiled jibes at a few CMs as well as loudmouthed opposition politicians with no skin in the game.

How propaganda media and cartoonist Manjul are milking a Twitter email to the hilt

Anti-BJP cartoonist Manjul took to Twitter to insinuate that the Modi government has been trying to silence his freedom of expression.

Leaked Clubhouse chats: Here is what senior Congress leader Digvijay Singh promised to a Pakistan-origin journalist about Kashmir

During conversation with a Pakistani-origin journalist on Clubhouse app, Congress leader Digvijay Singh promised to reinstate Article 370

Recently Popular

TV actor Sushant Singh’s troll account suspended by Twitter, restored later

Team Saath Official was the go-to Twitter account for left-liberals and rabid Islamists to silence nationalist voices in the country.

Leaked Clubhouse chats: Here is what senior Congress leader Digvijay Singh promised to a Pakistan-origin journalist about Kashmir

During conversation with a Pakistani-origin journalist on Clubhouse app, Congress leader Digvijay Singh promised to reinstate Article 370

Temple vandalised, journalist attacked: Communal violence grips Tiljala, Kolkata, BJP leaders, Bengal Governor share details

BJP worker, Devdutta Maji, informed that a Shani Kali temple was vandalised by Islamists in broad daylight in Tiljala on Tuesday.

India not to allow return of four Kerala-based women who had joined Islamic State, at least 3 of them are converts: Details

Indian Govt is unlikely to allow four women from Kerala who had left to join Islamic State in Khorasan Province (ISKP).

Kerala: Missing for 11 years, Sajitha found living next door with her lover Rehman in a locked room

For 11 years, Kerala woman Sajitha lived just 500 meters away from her parent's house in her lover's house without the knowledge of anyone

‘Decline is on’: Pakistanis furious after Saudi Arabia eases ‘guardianship rules’ for women

Saudi Arabia has allowed single, widowed, and divorced women to stay independently without the prior approval of male guardian
- Advertisement -

 

Connect with us

255,564FansLike
552,502FollowersFollow
24,300SubscribersSubscribe