The decision to “lock President Trump account permanently” has blown a total of $ 51 billion in market capitalization by Facebook and Twitter

Tram Ho

In the last 2 sessions, a total of 51.2 billion USD market value of Facebook and Twitter has been “blown away”. These are two of the big social media players who decided to lock President Donald Trump’s account permanently, because of his role in the Capitol riot last week. According to the two platforms’ lockout announcement, the reason they blocked Mr. Trump’s account was related to the “risk of violence”.

 Quyết định Khóa tài khoản Tổng thống Trump vĩnh viễn đã thổi bay tổng cộng 51 tỷ USD vốn hóa thị trường của Facebook và Twitter - Ảnh 1.

Not long after the decision, in the sessions on January 11 and January 12, Facebook’s share price fell 4% and 2.2%, respectively. The reason is that there are some investors worried that locking Mr. Trump’s account could cause users to leave Facebook. By the time the market closed on January 12, the market capitalization of the billion-people social network had decreased by $ 47.6 billion compared to January 9.

Twitter is in a similar situation when its share price fell 6.4% on January 11 and 2.4% on January 12, respectively. The drop above caused their market cap to drop by $ 3.5 billion. However, on Jan. 13, Twitter’s share price rebounded to 2.9 percent.

 Quyết định Khóa tài khoản Tổng thống Trump vĩnh viễn đã thổi bay tổng cộng 51 tỷ USD vốn hóa thị trường của Facebook và Twitter - Ảnh 2.

Trump’s account of 88.7 million followers has been locked indefinitely by Twitter.

In addition to Facebook and Twitter, YouTube removed a new video from Trump’s channel for violating its policy of inciting violence and barring the channel from posting new videos for at least a week. Snapchat, Reddit or TikTok are also the tech giants that decided to lock Trump’s account and delete the provocative content.

Google and Apple have also taken drastic action regarding the recent riots. Google pioneered the removal of Parler (which has been the center of many conservative protests in the US in recent years) from its app store on January 7 to protect users on Google Play.

Meanwhile, before removing Parler from the App Store, Apple asked the platform to remove the post that violates the policy as well as provide a way to censor content in the future that is not met by Parler. It was later removed from the App Store on January 9.

Parler uses Amazon’s hosting service, Amazon Web Services. On January 10, the technology giant also announced that it would stop providing servers for Parler because of violation of content regulations.

Shares of Apple and Google have both risen slightly since the announcement of Parler’s removal. Amazon shares also rose 1.6% following their decision to remove the platform from its hosting service.

In addition, Facebook, Microsoft, Google and Amazon announced that their political action committees would suspend funding after the riots.

Recently, Snapchat also announced the locking of Mr. Trump’s account on this application permanently.

Some experts say that restricting the current president’s social media activity could cause problems for tech giants in the final week of Trump’s term. CNN reported Jan. 11 that Mr Trump is likely to retaliate against the ban from these companies. So far, it is unclear how Trump’s concrete action will be and will come true before President-elect Joe Biden takes office.

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Source : Genk