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21/1/11_Banning Donald Trump on Twitter led to a drop in their shares by up to 8%

 

Shares of Twitter fell as much as 8% on Monday, the first trading day after Twitter permanently suspended US President Donald Trump’s account on Friday.

The company said the suspension of Trump’s account, which had more than 88 million followers, was suspended due to the risk of further violence following the attacks on the US Capitol on Wednesday.

In the morning, Twitter shares fell by 6.8% to $ 47.94 in pre-market trading.

It was the first time Twitter blocked a head of state account, sparking worldwide controversy over the impact of US technology giants on freedom of speech and democracy in the broadest sense.

Expect slight user decline, though engagement erosion is a bigger question”, Berstein analysts wrote in a report that addressed the issue.

Far-right groups maintain a vibrant online presence on digital platforms such as Parler, Gab, MeWe, Zello and Telegram, and could disconnect from mainstream social media.

Twitter and others could also incur additional costs as they try to further moderate the content uploaded by their users.

 

Source: Reuters.com

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