Twitter’s stock fell 12% on Monday after it permanently closed the account of US President Donald Trump on its social networking platform on Friday night, reducing the company’s market value by $5 billion.
Twitter executives shut down Trump’s account, which has 88 million followers, after it sparked conspiracy theories about vote rigging, prompting thousands of his supporters to surround the Capitol last week.
Following Trump’s ban, Facebook also banned his account until at least the end of his presidential term, as Facebook CEO Mark Zuckerberg defended the company’s decision in a post he published on Thursday, arguing that Trump intends to use his account on the platform to undermine the peaceful transition of power in the country, and he risks provoking more violence.
The Twitter stock drop was mostly caused by investor concern that Trump’s ban would reduce interest in the platform, and lead to boycott campaigns by those who view the ban as politically motivated, a way to silence a key conservative voice in the country.
Twitter said that after reviewing recent tweets and the context around the @realDonaldTrump account, we decided to permanently suspended the account due to the risk of inciting further violence.