Twitter and Facebook lose $51 billion in market cap in two days following Trump ban
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.