Twitter Shares Fall By 7 Percent After Donald Trump Is Suspended
After Donald Trump was permanently suspended from Twitter on Friday (Jan. 8) — for continually breaking the site’s terms of service and inciting violence — the company’s shares have fallen by 7 percent. Trump was also temporarily banned from Facebook, Instagram and YouTube.
Although people across social media rejoiced and cried tears of joy upon learning of Trump’s ban form the site, it turns out internally, the company’s actions hurt them financially. It appears some of Trump’s die-hard fans and supporters who used the platform, left right along with him.
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On Monday (Jan. 11), shares fell as much as 10 percent, before leveling out at around seven percent. Head of strategy at brokerage TS Lombard Andrea Cicione tells Reuters, “Trump has a very high and loyal following and a lot of those eyeballs will go away if Trump is permanently restricted from posting.”
Furthermore, as Twitter banned Trump on the 8th, they say the failed insurrection at the US Capitol on the 6th played a major role in his ban. They said, “In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action.”
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