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

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

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

Facebook and Twitter saw a combined market value loss of $51.2 billion over two trading sessions.

This is coming after they banned President Donald Trump from their platforms.

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.’

Trump’s facebook has now been unbanned, likewise his Instagram account.

The post Twitter and Facebook lose $51 billion in market cap in two days following Trump ban appeared first on Within Nigeria.





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