Twitter stock fell as much as 12% on Monday wiping $5 billion from its market capitalization after the social-media company joined Facebook to permanently suspend President Donald Trump’s account Friday evening.
The fall comes as investors dumped the shares possibly due to worries that Trump’s ban will erode interest in the platform and lead to boycotts among those who see the decision as politically motivated and a means to silence a major conservative voice.
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Twitter had on Friday suspended Trump’s account following the January 6 Capitol events. Trump had almost 89 million followers and his suspension has been heavily criticized by his supporters which have led to Boycott calls from his supporters and many conservatives.
“After a close review of recent Tweets from the @realDonaldTrump account and the context around them — specifically how they are being received and interpreted on and off Twitter — we have permanently suspended the account due to the risk of further incitement of violence,” Twitter wrote in a statement.
Although Trump’s opponents have for years called for Twitter to ban him from the platform, many have said the ban violates free speech enshrined in the First Amendment of the US Constitution.
By: Ifunanya Cynthia
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