Twitter and Facebook lose $51 billion in market cap in two days following Trump ban
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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Louisiana to vote on bill which would block ‘foreign adversaries’ from land purchases
Beginning Aug. 1, Louisiana House Bill 537 would prohibit any person connected with a foreign adversary from purchasing, leasing or otherwise acquiring immovable property in the state. “It would allow the attorney general to bring action for injunctive relief on behalf of the state to block sales, investigate transactions, and petition the court to take action” reports Just The News.
According to a 2020 U.S. Department of Agriculture (USDA) report, Louisiana has the most foreign landowners overall at 5.89 percent. The bill is sponsored by Rep. Valarie Hodges, R-Denham Springs, and passed the House Committee on Civil Law and Procedure with a vote of 11-1, “sending the measure to the House floor for a scheduled vote on Tuesday.”
“This bill is seeking to protect state sovereignty,” Hodges told the committee, stressing it would apply to “corporations who are seeking to control essential assets, not local residents with lawful status who want to contribute to Louisiana business, culture and community.”
Hodges referenced data from the U.S. Department of Agriculture that found “China’s ownership of U.S. farmland grew 20-fold in the last decade, from 81 million to 1.8 billion worth of holdings in 2020.” Additionally, Louisiana’s important industries — from chemical manufacturers to ports to liquid gas terminals to military bases — “could be targeted by adversaries”.
“I did try to address every concern that I heard with these amendments, because it is not targeted towards an individual,” Hodges said, referring to amended changes in the bill to specify the law would not apply to American citizens, legal permanent residents, or single family residences. The bill ties the definition of foreign adversaries to a federal list that currently includes the People’s Republic of China, the Republic of Cuba, the Islamic Republic of Iran, the Democratic People’s Republic of Korea, the Russian Federation, and Venezuela.
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