Trump Social Media Ban: Twitter, Facebook Lose $51 Billion In Market Cap In Two Days
Following Facebook and Twitter banning President Donald Trump from their platforms, the companies saw a combined market value loss of $51.2 billion over two trading sessions.
A significant number of users deleted their accounts in retaliation of the political censorship, resulting in investors dumping their stocks.
According to Business Insider, Facebook plunged by 4% on Monday and 2.2% on Tuesday, resulting in a decrease of $47.6 billion below what it was on Friday.
Facebook traded at $245.64 per share as of 4 p.m. on Thursday.
Twitter plunged to 6.4% and another 2.4% Tuesday, resulting in a drop in market cap by $3.5 billion. Twitter traded at $45.79 per share as of Thursday at 4 p.m., compared to the closing price of $51.48 on Friday.
President Trump has slammed big tech for their censorship calling the ban a ‘catastrophic mistake.’
Trump’s Facebook has now been unbanned, likewise his Instagram account.
