The ban on Donald Trump will have cost several billion dollars to Facebook and Twitter. Indeed, according to Business Insider, their stock market shares have seen a drastic drop since the announcement of the president’s suspension.
According to the estimate, Facebook lost about $ 47.6 billion, while Twitter declined $ 3.5 billion. That is a total loss for the two social networks of 51.2 billion dollars.
Facebook and Twitter lose $ 51.2 billion.
On Thursday, January 7, Mark Zuckerberg announced that the United States’ account would be banned. But initially, Trump’s ban was to be lifted after Joe Biden’s inauguration. However, Facebook’s position has changed.
“Our ban is indefinite. We have said it will last at least until the presidential transition, but we have no plans to lift it, “a Facebook official said. A decision following the assault on Capitol Hill in Washington.
$ 47.6 billion for Facebook
Since then, many people have already deleted their accounts in retaliation for political censorship. And that’s not all! The course of the American network has also been affected.
Indeed, the market capitalization of the American company has fallen considerably. So on January 11, Facebook plunged 4.5%, and 2.2% the next day, causing a drop of $ 47.6 billion.
Decreases that could be reversed.
As for Twitter, which has banned Trump indefinitely, it fell 6.4% in the same period and then 2.4% the next day. In total, its market capitalization declined by $ 3.5 billion.
However, according to analysts quoted by Business Insider, these decreases are most likely just knee-jerk reactions that may well reverse over time.
Trump ban: investor fears
Either way, one thing is for sure nonetheless: Trump’s ban is having a big impact on social media. But, if Facebook and Twitter lose billions, it’s because of investors.
And not without reason! The outgoing president could take advantage of his last days in office to harm the various social networks by signing a decree to hamper their activity. Especially since, last May, Donald Trump had already signed a presidential decree looking like sanctions against Twitter.
A possible boycott of social media services?
This decree called into question section 230 of the Communication Decency Act of 1996, limiting social networks’ liability about users’ content. Thus, investors particularly fear that this will happen again.
They also fear the departure from the social networks of Trump’s 74.2 million voters, who could delete their accounts and boycott all these companies’ services.
Trump ban: Facebook and Instagram unblock their pages.
Today, Facebook and Instagram appear to have reestablished Donald Trump’s accounts this Friday, January 15. However, the official accounts of the President do not contain any recent activity.
It isn’t easy to know if Donald Trump really has control over these Facebook and Instagram pages. Moreover, these social networks have yet to provide any explanation for this sudden turnaround.
In any case, it looks like Facebook and Twitter have seen a lot of losses since Trump’s ban. But then, will the outgoing president soon be able to publish on the newly restored pages? It’s possible!