Shares on Twitter fell by 12 percent on Monday after the social media company permanently suspended President Donald Trump’s account.
The fall in stock prices led to a $ 5 billion drop in Twitter’s market capitalization.
The Twitter leadership has decided to suspend the account of President Donald Trump, who had about 88 million followers – after the posts on election fraud and election theft.
The White House leader was thus considered “morally responsible” for last week’s riots in Washington DC.
Twitter shares have likely fallen as investors worry that Trump’s ban will erode interest in the platform and lead to boycotts among those who believe the decision is politically motivated and a way to silence a major conservative voice.
Other social media platforms, including Facebook, have taken similar action against the president, following the riot that took place last week on Capitol Hill. The decline in Twitter shares, which reached 12% during transactions, was more pronounced than that recorded by other companies. Facebook shares fell by about 3%, and those of the Alphabet group, the owner of Google, by 1.5%.
Twitter announced on Friday that it is suspending President Trump’s account due to the risk of further violence. It was the first time the company had suspended the account of a head of state.