Twitter shares fell 7% on Monday as the social media company saw itself relieved of $ 2.5 billion of its market value after it suspended US President Donald Trump’s account permanently.
The tumble came as some supporters of the Presidents and Republicans clashed over the weekend with the platform that had gagged one of its most active and followed participants. A decision, calling for greater regulation of Big Tech. Trump’s account had over 88 million subscribers and had been retweeted billions of times. ” Trump has a very loyal following and many of those eyeballs will disappear if Trump is banned from posting permanently Said Andrea Cicione, Head of Strategy at brokerage TS Lombard. Other social media platforms, including Facebook Inc., also issued similar bans against the outgoing president last week after the riots on the Capitol.
But the decline in Twitter’s share of the stock market was much heavier than for its peers. U.S. media also reported that San Francisco police were preparing for a possible protest by pro-Trump supporters outside the Twitter headquarters on Monday. Twitter had announced Trump’s suspension. A decision that the blue bird explains having taken in the face of “Risks of new incitement to violence”. In addition to the actions taken against Trump, the social network has also banned thousands of accounts affiliated with the QAnon movement and is taking unprecedented measures to limit the dissemination of conspiracy theories on its platform. According to NBC News, 7,000 of them have been suspended and 150,000 will no longer appear in the platform’s recommendations.
European Union Commissioner Thierry Breton said events on Capitol Hill were likely to herald an era of tighter social media regulation, comparing it to the global crackdown on terrorism following the September 11, 2001 attacks. ” The fact that a CEO can unplug the speaker from POTUS without any checks and balances is confusing”He wrote in Politico. ” This is not only a confirmation of the power of these platforms, but it also shows deep weaknesses in the way our society is organized in the digital space. “, he added.
Trump activists’ response to this broad platform banning campaign should come quickly. According to TechCrunch, the police in San Francisco are preparing for a massive demonstration in front of the headquarters of the social network, this Monday, January 11. The San Francisco Police Department are aware and say they are vigilant, urging all those who would like to exercise their right to protest, to do so in a manner that is respectful and concerned with the safety of others.