Facebook and Twitter, the two largest social media platforms which have permanently banned President Trump due to last week’s Capitol riots, $51.2 billion in combined market value has been erased over the last two trading sessions.
Twitter’s stock dropped 6.4% at the beginning of the week and plunged another 2.4% as of Tuesday’s close. The dip resulted in Twitter’s market cap falling by $3.5 billion. Facebook stock was also dumped by investors in the wake of its decision to kick out President Donald Trump. The company saw a decline of 4% on Monday and another 2.2% on Tuesday, leaving its market cap at $47.6 billion below its Friday level.
Companies across sectors have responded to President Trump’s actions during the riot in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements. Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday, respectively.
CNN reported on Monday that President Trump might retaliate against tech giants for their bans. It’s not yet clear what the president’s actions would look like and if they will materialize before Joe Biden is inaugurated.