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

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After Facebook and Twitter banned 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.’

“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.

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Economy

TX Federal Judge takes ‘extraordinary’ step to ‘fast track’ ruling on Biden’s student loan forgiveness, forego trial

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Just The News reported on an “extraordinary move” by one Texas judge who is prepared to cancel President Biden’s student loan debt forgiveness payments.

U.S. District Judge Mark T. Pittman, a Trump appointee, says he is ready to decide the merits of Biden’s plan and skip the preliminary injunction and customary trial.

“U.S. District Judge Mark T. Pittman had been holding a hearing on a request from the small business group Job Creators Network’s legal arm on behalf of two plaintiffs to issue a preliminary injunction blocking Biden from enacting the debt relief until the legality of his executive order was decided” Just The News reports.

However, Pittman declared “in a five-sentence, one-page order that the government and plaintiff lawyers had made all the necessary arguments and that a trial would not elicit further evidence so he is ready to move to a judgement on the merits of the case.”

“Having held a hearing on Plaintiffs’ Motion for Preliminary Injunction and reviewed the related briefing, the Court intends to consolidate as it appears that the Parties have presented their case and no evidence of significance would be forthcoming at trial,” wrote Pittman.

Pittman said he was prepared to advance the preliminary objection request “to a determination on the merits” and gave the Justice Department and plaintiff lawyers until Friday to file any objections to his plan.

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