Business & Brands

Trump Social Media Ban: Twitter, Facebook Lose $51 Billion In Market Cap In Two Days

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.

 

Angela Davies

Recent Posts

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

7 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

8 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

8 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

9 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

9 hours ago

Top Summary From Nigerian Newspapers For Monday, November 4th, 2024

The top summary from Nigerian newspapers for Monday, November 4th, 2024, can be accessed on…

9 hours ago