Twitter loses $5 billion in market value after banning Donald Trump!
By MKV | Galatta | Jan 12, 2021, 06:02 pm
The recent unsavoury events that unfolded at the US Capitol, would not slip out of people's memories for a long time. Supporters of the outgoing US President Donald Trump attacked the US Capitol, not allowing the verification of Joe Biden's confirmation as the next President. The chaos that unravelled during the mob attack, resulted in the death of 5 people, including a Police officer. The entire world were shocked with the incident and Donald Trump hailing the attackers as "True Patriots", was seen as a means of inciting violence and his social media handles were blocked by the platforms!
However, after a 12-hour ban, Trump was allowed back on Twitter, under the conditions that he delete 3 of his previous tweets. This happened, despite other platforms like Facebook and Instagram not allowing him to return, atleast till Joe Biden assumed power, while also hinting that it might be a permanent ban, considering that he might incite violence further. Trump also followed Twitter's ruling and deleted the tweets but his subsequent tweets were deemed to be violating the platform's policies and his account - @realDonaltTrump, was permanently banned! Unfortunately, this decision seems to have backfired for Twitter!
Trump's presence on Twitter was a huge boost to the platform as he regularly posted controversial messages and had a following of almost 88 million. Ever since Trump's permanent ban, Twitter has seen a huge loss. Reports state that there has been a fall of about 12% in Twitter's share value. This has resulted in the company losing over 5 billion dollars in market value. Reports state that market analysts feel that people will generally no longer have interest in using Twitter and that they might even see the decision to ban Trump as a political move to silence the voice of a powerful Conservative candidate. There were also reports that Trump had decided to open his own social media platform, after being banned by the others. Stay tuned for updates...