Twitter market value drops after banning Trump account

GNN  |  Jan 12, 2021

Value of Twitter Inc. shares witnessed a sharp decline in pre-market trading after the microblogging site permanently banned outgoing President Donald Trump. The shares of Twitter fell by 8% in German market and 7% in US market.

Last week, President Donald Trump's favoured social media app suspended him permanently, citing the risk of incitement to violence.

The decision is one of a domino effect coming about in the aftermath of a pro-Trump mob that attacked the Capitol building. At least five people died in the melee after President Donald Trump encouraged the rally of his supporters.

Twitter had suspended Trump's account briefly on Wednesday as had Facebook and Instagram. Trump had put up a video in which he told the protestors that they are special and "we love you" while asking them to go home. The video was quickly blocked by all the sites. Twitter had issued a warning to Trump that it will not tolerate violations of its policies. Now, the US President can neither post from his account, nor are his tweets visible.

Facebook too has said that it is "indefinitely" suspending Donald Trump's account till at least two weeks so that a peaceful transition of power to President-Elect, Joe Biden, can take place on January 20 .

The two tweets that pushed the company to finally block his account included one where he said he will not attend Biden's inaugration, signaling that it will be a safe target for miscreants. The other tweet stated that the "75,000,000 Great American Patriots who voted for me will not be disrespected or mistreated in any way."

Twitter has said that when both tweets are read in the context of the mob attacking Congress, then Trump's followers can be mobilised to incite further violence via the words used.

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