Facebook and Twitter, the two largest social media platforms on the internet, saw a massive drop in value following the decision of both sites to ban Donald Trump from both platforms indefinitely.
Since the president's ban, the two platforms have together lost around $ 51.2 billion on their market cap, Markets Insider reported on Wednesday.
The high cost of dumping Trump
Both platforms cited their reason for suspending the president's accounts because they did not want to "risk additional violence" after the January 6 riots in the Capitol.
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However, investors have not reacted positively.
Facebook fell four percent on Monday and another 2.2 percent on Tuesday. At the close of trading on Tuesday, Facebook's market cap was $ 47.6 billion below Friday's levels.
Twitter shares fell 6.4% early last week and another 2.4% on Tuesday. Twitter's market cap fell to $ 3.5 billion.
The Facebook share has so far fallen over 2% on Monday
Facebook shares fell 2.9% to $ 259.82 at 11:37 AM EST Monday, following the downtrend from the previous session. NASDAQ Composite slipped 0.74% to $ 13,104.64 after two straight sessions. This seems up to n… pic.twitter.com/soqaeaT5Ks
– Via News (@ViaNewsAgency) January 11, 2021
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Not all of the big tech companies that banned conservatives have fared this badly.
Apple and Google both had a slight spike after announcing on Friday that they would be removing the Twitter alternative Parler from their respective app stores.
Amazon's shares rose 1.6% after it was announced on Sunday that Parler was also banned from its web hosting service.
Companies that distance themselves from Republicans
It's not just tech companies that run before conservatives.
Many companies like American Express and Marriott have withdrawn their donations from Republicans in Congress who challenged voters on Jan. 6.
Apartment rental Airbnb is also “holding back” PAC donations to the same legislators. Others distance their products from so-called “right-wing” movements.
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Trump Allies speak out against the ban
Prominent conservatives have spoken about Donald Trump's ban. Senator Lindsey Graham (R-SC) said, "The Ayatollah can tweet but Trump can't. Says a lot about the people who Twitter."
Twitter can ban me from doing this, but I willingly accept that fate: your decision to permanently ban President Trump is a grave mistake.
The Ayatollah can tweet, but Trump cannot. Says a lot about the people who run Twitter.
– Lindsey Graham (@LindseyGrahamSC) January 9, 2021
Former US Ambassador to the United Nations Nikki Haley added: "Silencing people, let alone the President of the US, is happening in China, not our country."
Donald Trump Jr. also voiced his anger over the tech giants' move. "We live in Orwell's 1984. In America there is no longer any free speech. It died with great technology and what is left is only for a select few. This is absolute madness!"
We are living Orwell's 1984. In America there is no longer any free speech. It died with great technology and what is left is only for a select few.
This is absolute madness! https://t.co/s2z8ymFsLX
– Donald Trump Jr. (@DonaldJTrumpJr) January 9, 2021
Repeal of Section 230
President Trump has tried unsuccessfully to enlist Republicans to repeal Section 230, which is part of the Communications Decency Act, which gives platforms like Facebook and Twitter the ability to moderate content on their platforms.
It also protects them from liability for what their users post.
Changes to section 230 are sure to generate massive opposition from Apple, Google, Facebook, and Twitter. With a new government, reform might be more likely.
In the past, Biden has expressed a wish to repeal Section 230.
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