SAN FRANCISCO, CA – Twitter, the tech giant that led the charge in permanently banning, or as some are saying, electronically executing President Donald J. Trump won support from its liberal allies in Washington, D.C., but as trading opened on Monday, investors let the company know how they felt.
“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,” Business Insider reported.
The company has lost $5 billion today, according to Business Insider. At one point the tech stock was trading down 10%. Twitter isn’t the only company feeling the pocket pinch today as investors unload. Facebook is down 3.57% and Google is down 2.32%.
Amazon, which pulled the plug on the “Free Speech” platform Parler also saw a 2% drop in their shares after deactivating the service at midnight.
Twitter banned Trump after his final tweet on the platform, “The 75,000,000 great American Patriots who voted for me, AMERICA FIRST, and MAKE AMERICA GREAT AGAIN, will have a GIANT VOICE long into the future. They will not be disrespected or treated unfairly in any way, shape or form!!!”
After Trump’s ban from Twitter, many of his 88 million followers also pulled the plug on the platform and many conservative personalities pulled their brand from the platform.