Twitter, Facebook Lose $51 Billion in Value After Booting Trump

Twitter, Facebook Lose $51 Billion in Value After Booting Trump

After banning President Donald Trump from their social media platforms, Facebook and Twitter have seen their combined market value plummet by $51.2 billion over the last two trading sessions. The news was first reported by Business Insider.

Following the Capitol upheaval last week, Facebook and Twitter indefinitely banned Trump’s accounts, claiming there was risk of additional violence. Their decision prompted a major tech sell-off.

Twitter’s stock dropped 6.4% at the beginning of the week and plunged another 2.4% as of Tuesday’s close. The dip resulted in Twitter’s market cap falling by $3.5 billion. Facebook stock was also dumped by investors in the wake of its decision to boot Trump. The company saw a decline of 4% on Monday and another 2.2% on Tuesday, leaving its market cap at $47.6 billion below its Friday level.

Clearly both platforms underestimated the president’s popularity, and while Twitter’s stock was trying to rally on Wednesday morning it was dropping off in the afternoon session. Facebook did not get any lift and hovered around its previous closing level. As of Wednesday afternoon, Facebook traded at $251.34 per share, while Twitter traded at $47.92 per share.

© 2021 Newsmax. All rights reserved.

There is no custom code to display.

What's happening

TN Job Fair – Are You Hiring

TN Job Fair – Are You Hiring

TENNESEE VIRTUAL JOB FAIR February 1st – February 28th Are you hiring? We’re hosting a virtual job fair and can help you fill positions with qualified candidates.

Project Shine

Project Shine

NewsTalk 98.7 is proud to be a part of Project Shine! We’ve teamed up with VolunteerMatch to encourage you to donate your TIME this holiday season!

Hal & Phil Off The Record 7 (with Bob!)

Hal & Phil Off The Record 7 (with Bob!)

Due to circumstances regarding the COVID-19 pandemic, we will be unable to host our annual Off The Record event at the Bijou Theatre in 2020. We have a new date scheduled for April 20, 2021.