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After banning President Donald Trump from their social media platforms, Facebook and Twitter have seen their combined market value plummet by $51.2 billion over the last two trading sessions. The news was first reported by Business Insider.
Following the Capitol upheaval last week, Facebook and Twitter indefinitely banned Trump’s accounts, claiming there was risk of additional violence. Their decision prompted a major tech sell-off.
Twitter’s stock dropped 6.4% at the beginning of the week and plunged another 2.4% as of Tuesday’s close. The dip resulted in Twitter’s market cap falling by $3.5 billion. Facebook stock was also dumped by investors in the wake of its decision to boot Trump. The company saw a decline of 4% on Monday and another 2.2% on Tuesday, leaving its market cap at $47.6 billion below its Friday level.
Clearly both platforms underestimated the president’s popularity, and while Twitter’s stock was trying to rally on Wednesday morning it was dropping off in the afternoon session. Facebook did not get any lift and hovered around its previous closing level. As of Wednesday afternoon, Facebook traded at $251.34 per share, while Twitter traded at $47.92 per share.
