Tuesday , January 31 2023

Facebook, Twitter stocks tumble after Trump ban

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Following the sanctions imposed on US outgoing president, Twitter stock fell by as much as 10% in pre-market trading, while Facebook shares were down 4.5% by the end of trading on Monday.

The slide saw $33.6 billion erased from Facebook’s market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower.

Twitter stock fell as much as 12% on Monday after the social-media company permanently suspended President Donald Trump’s account on Friday evening. The share-price decline wiped $5 billion from Twitter’s market capitalization.

Both Facebook and Twitter shut-out Mr. Trump from their platforms due to the role he played in the storming the Capitol building by his supporters last week Wednesday.
The actions of the social media platforms elicited criticism from some Republicans for quelling the president’s right to free speech, while European Union Commissioner Thierry Breton said the past week’s events likely heralded a new era of heavier official control.

German Chancellor Angela Merkel, whose relations with Trump have been frosty, criticized Twitter’s ban and warned through a spokesman that legislators, not private companies, should decide on potential curbs to free expression.

About Charles Igbinidu

Charles Igbinidu is a Public Relations practitioner in Lagos, Nigeria

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