Facebook and Twitter, the two largest social media platforms on the internet, saw their value take a massive tumble in the wake of the decision by both sites to indefinitely ban Donald Trump from both platforms.
Since the president’s banning, both platforms have collectively lost roughly $51.2 billion from their market caps, Markets Insider reported on Wednesday.
The High Cost Of Dumping Trump
Both platforms cited their reason for suspending the accounts of the President as not wanting to “risk additional violence” in the wake of the unrest at the Capitol on January 6th.
However, there has not been positive reaction from investors.
Facebook dropped four percent on Monday, and another 2.2% on Tuesday. At the close of markets on Tuesday, Facebook’s market cap was $47.6 billion below the level from Friday.
Twitter stock dropped 6.4% at the beginning of last week, and another 2.4% going into the close on Tuesday. Twitter’s market cap plummeted to $3.5 billion.
Facebook Stock Went Down By Over 2% So Far On Monday
Shares of Facebook slid 2.9% to $259.82 at 11:37 EST on Monday, following last session’s downward trend. NASDAQ Composite is sliding 0.74% to $13,104.64, after two consecutive sessions in a row of gains. This seems, up to n… pic.twitter.com/soqaeaT5Ks
— Via News (@ViaNewsAgency) January 11, 2021
Support Conservative Voices!
Sign up to receive the latest political news, insight, and commentary delivered directly to your inbox.
Not all the Big Tech companies who banned conservatives fared so poorly.
Apple and Google both had a slight climb, after announcing on Friday that they would be removing the Twitter alternative Parler from their respective app stores.
Shares of Amazon stock rose 1.6% after announcing on Sunday that it had also kicked Parler off its web hosting service.
Companies Distancing Themselves From Republicans
It’s not just tech companies that are running from conservatives.
Many companies like American Express and Marriott have pulled their donations from Republicans in Congress who challenged electors on January 6th.
Home rental company Airbnb is also “withholding” PAC donations to those same legislators. Others are distancing their products from so-called “right wing” movements.
Trump Allies Speak Out Against The Ban
Prominent Conservatives have spoken out about the ban on Donald Trump. Sen. Lindsey Graham (R-SC) said, “The Ayatollah can tweet but Trump can’t. Says a lot about the people who run Twitter.”
Twitter may ban me for this but I willingly accept that fate: Your decision to permanently ban President Trump is a serious mistake.
The Ayatollah can tweet, but Trump can’t. Says a lot about the people who run Twitter.
— Lindsey Graham (@LindseyGrahamSC) January 9, 2021
Former U.S. Ambassador to the United Nations Nikki Haley added, “Silencing people, not to mention the president of the US, is what happens in China not our country.”
Donald Trump Jr. also voiced his anger at the move by the tech giants. “We are living in Orwell’s 1984. Free-speech no longer exists in America. It died with big tech and what’s left is only there for a chosen few. This is absolute insanity!”
We are living Orwell’s 1984. Free-speech no longer exists in America. It died with big tech and what’s left is only there for a chosen few.
This is absolute insanity! https://t.co/s2z8ymFsLX
— Donald Trump Jr. (@DonaldJTrumpJr) January 9, 2021
Repealing Section 230
President Trump has sought, unsuccessfully, to rally Republicans around repealing Section 230, which is part of the Communications Decency Act, which gives platforms like Facebook and Twitter the ability to moderate content on their platforms.
It also shields them from liability for what their users post.
Any changes to Section 230 are sure to bring massive opposition from Apple, Google, Facebook, and Twitter. With a new incoming administration, reform could be more likely.
In the past, Biden has expressed a desire to repeal Section 230.
Read this Next on ThePoliticalInsider.comNational Guard In DC Authorized To Use Lethal Force Days Before Biden’s Inauguration