After social media platforms Facebook and Twitter removed President Trump from their platforms the Big Tech companies have reported major dips in stock. The removal of President Trump has triggered a mass exodus from the platforms as users search for viable alternatives. At the time of his removal, President Trump had nearly 88 million followers on Twitter making him among the top six most-followed accounts on the app.
Shares of the Palo Alto, Calif.-based company fell more than 10% at the opening bell, erasing more than $2.5 billion from Twitter’s $41 billion market capitalization. Facebook Inc. and Alphabet Inc. were also lower after Trump’s accounts were removed from their platforms.
Before removing Trump’s accounts, both Twitter and Facebook blocked the president from accessing them after he posted a video telling protesters who stormed the Capitol to “go home in peace.”
Twitter shares were down 4.93% this year through Friday compared with the S&P 500’s 1.83% gain.
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