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Twitter loses $ 5 billion in market value after banning President Trump

In the wake of the Capitol Riots last Wednesday, Twitter and other big tech giants have taken the of to new heights, banning President Trump from their platforms for good.

Twitter was the first to permanently suspend Trump’s account.

“After careful consideration of recent Tweets from the @realDonaldTrump account and the context around them, we have permanently suspended the account due to the risk of further incitement to ,” Twitter said.

At the time of the ban, Trump had more than 88 million subscribers, placing him among the six most followed users on the platform.

The Twitter ban followed shortly after Facebook suspended the president for at least the remainder of his presidency. CEO Mark Zuckerberg defended the decision Thursday in a Facebook post, saying “[Trump’s] The decision to use his platform to condone rather than condemn the of his supporters on Capitol Hill has rightly bothered people in the United and around the world.

Following the ban, Twitter stock fell 12% on Monday and the drop in the share price wiped out $ 5 billion from the company’s $ 41 billion market cap.

According to Business intern, the stock likely fell because investors fear the ban could diminish interest in the platform and lead to boycotts among those who see the decisions as politically motivated and a way to silence conservative voices.

Facebook and Alphabet were also lower after removing Trump’s accounts from their platforms, Fox Company reports.

President Trump is not the only one facing big tech censorship. Several conservative figures have said they have faced a massive Twitter follower purge since last Wednesday, and many are encouraging their subscriber base to switch to Talk, a conservative forum.

However, Parler was pulled from Apple and Google stores over the weekend, creating a new set of challenges for Conservatives.

Trump called on people to “march peacefully and patriotically to Capitol Hill”

The big reset