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Economy

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

VIDEO: Thousands of packages looted as thieves rob L.A. bound trains

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@JohnSchreiber

The lawlessness of California continues to manifest itself in very visible ways. Videos are emerging on social media showing huge amounts of trash, and in particular, UPS boxes and amazon packages that were en route to residential addresses.

The trash is piling up jut next to the train tracks, where CBS Los Angeles reports train burglaries are on the rise. “There’s loot3ed packages as far as the eye can see. Amazon packages, @UPS boxes, unused Covid tests, fishing lures, epi pens. Cargo containers left busted open on trains” tweeted John Schreiber.

Schreiber added, “I’m told by law enforcement these @UPS bags are especially sought after by thieves opening cargo containers…they are often full of boxes with merchandise bound for residential addresses. More valuable than say, a cargo container full of low value bulky items like toilet paper.”

Schreiber’s multiple videos posted to Twitter show the absolute disgust resulting from the thievery. “As you can see, trains frequently slow or stop in this area as they get worked into the @UnionPacific Intermodal facility near Downtown LA. The thieves use this opportunity to break open containers and take what’s inside, I’d say every 4th or 5th rail car had opened containers.

In another tweet with more photos of damaged property, Schreiber writes, “missing a package? Shipment delayed? Maybe your package is among the thousands we found discarded among the tracks. This is but one area thieves have targeted trains. We were told this area was just cleaned up 30 days ago so what you see is all within the last month. @CBSLA.”

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