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.’
“Big tech is doing a horrible thing for our country and to our country and I believe it’s going to be a catastrophic mistake for them,” Trump said Tuesday. “They’re dividing and divisive, they’re showing something that I’ve been predicting for a long time. I’ve been predicting it for a long time and people didn’t act on it.”
Trump said there will be a ‘countermove’ against the tech companies, many predicting that he might retaliate against tech giants for their bans.
You may like
Swiss Bank Admits to $5.6 Billion Tax Evasion Scheme, Settles for $120 Million
Banque Pictet, the private banking arm of the Pictet Group based in Switzerland, has admitted to conspiring with U.S. taxpayers to hide billions of dollars from the Internal Revenue Service (IRS) in over 1,600 secret bank accounts. The Justice Department revealed on Monday that Banque Pictet has agreed to pay over $120 million in restitution to the U.S. Treasury as part of a settlement.
The bank’s involvement in the tax evasion scheme spanned from 2008 through 2014, during which it conspired with American taxpayer clients to conceal more than $5.6 billion of the approximately $20 billion in U.S. assets. This led to an evasion of around $50.6 million in U.S. taxes, according to prosecutors.
Of the $5.6 billion concealed, the funds were distributed across 1,637 accounts, implicating more than 40% of the total 3,736 private accounts owned by U.S. taxpayers held by the bank. Banque Pictet reportedly assisted its American clients in hiding their undeclared accounts through various means, including the formation and administration of offshore entities. Undeclared accounts were then maintained in the names of these entities on behalf of U.S. taxpayer clients.
Jim Lee, Chief of IRS Criminal Investigation, emphasized the importance of the case in sending a strong message to those attempting to hide assets and income offshore. Lee stated, “This case should provide a clear message to others who try to hide their assets and income offshore. Offshore tax evasion is a priority for IRS Criminal Investigation.”
The settlement underscores the ongoing efforts by U.S. authorities to combat tax evasion and sends a clear warning to financial institutions and individuals involved in such illicit activities. As regulatory scrutiny intensifies globally, financial institutions face increasing pressure to ensure compliance with international tax laws and prevent their involvement in tax evasion schemes.
You may like
Israel7 days ago
As More Evidence Shows Hamas War Crimes, Biden Administration Continues to Gaslight Israel
Israel6 days ago
Menorah lightings canceled around the world as towns remove Jewish symbols over Hamas war
Elections7 days ago
Videotapes from Jan. 6 Committee Witness Interviews Vanish
Politics6 days ago
Controversial Remarks by Progressive Lawmaker Sparks Intra-Party Clash over Hamas’ Alleged Sexual Violence