Twitter lost $5 billion in market value after the company decided to permanently ban President Donald Trump from the social media platform.
On Monday, the company’s stock fell as much as 12 percent to $45.17 following Friday’s announcement that the President would be permanently suspended from using their services.
The company suggested President Trump’s tweets risked “further incitement of violence” in light of recent “horrific events” at the Capitol Building.
In a statement released on Friday, a Twitter spokesperson said: “After 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 incitements of violence.”
Facebook also followed Twitter’s lead by suspending Trump for at least the remainder of his presidency.
CEO Mark Zuckerberg said in a statement that President Trump has “clearly demonstrated” his intent to use his remaining time in office to “undermine the peaceful and lawful transition of power to his elected successor, Joe Biden.”
Zuckerberg accused the President of condoning unlawful behavior and said: “the risks of allowing the President to continue to use our service during this period are simply too great.”
He went on to say, “We are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete.”
President Trump has been accused of inciting violence at the January 6 march, however, video from the rally clearly shows the President explicitly calling for a “peaceful” (i.e. non-violent) march.
“I know that everyone here will soon be marching over to the Capitol building to PEACEFULLY and patriotically make your voices heard…” pic.twitter.com/reDtDRU0YO— Caldron Pool (@CaldronPool) January 10, 2021