Posted on 01/11/2021 3:20:20 PM PST by SeekAndFind
Facebook sank as much as 4.5% on Monday as investors continued to balk at the platform's ban of President Donald Trump.
The slide saw $33.6 billion erased from Facebook's market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower.
The stock's decline comes as Wall Street reconciles with the president's role in encouraging supporters to storm the Capitol on Wednesday. Facebook CEO Mark Zuckerberg announced on Thursday the company would ban Trump "indefinitely," adding the risks of allowing him to remain on the platform "are simply too great."
Twitter, which permanently banned Trump on Friday, also underperformed the broader market slump on Monday. The downturns saw the communications-services stocks drop more than any other S&P 500 sector.
While Facebook is far from the only platform to ban Trump, it is among the largest to do so. Investors likely fear that the move will lead pro-Trump users to boycott the website and congregate elsewhere. Right-wing social-media platform Parler was poised to take in such users until Amazon removed the website from its hosting service.
Additionally, CNN's Kevin Liptak reported on Monday that the president might retaliate against big tech companies in response to the bans. He signaled he may lash out through executive actions against the companies but it's unclear what those policies would look like, sources familiar with the matter told CNN.
(Excerpt) Read more at markets.businessinsider.com ...
Great! I hope the boycotts expand
Well, as long as the company shareholders are OK with ideology over profit....
Did not go past this lie from Business Insider: “The stock’s decline comes as Wall Street reconciles with the president’s role in encouraging supporters to storm the Capitol on Wednesday.”
Opps! That CCP cash you guys were counting on to cover those loses isn’t enough is it?
Economic POW er. Use yours.
I think we should call our mutual fund, 401K and IRA managers and tell them to divest of any company threatening the president of the US, Republican politicians and Trump supporters. Those companies include Amazon, Twitter, Google, Mozilla, Chase, Citibank, etc.
Quadruple that amount, make it permanent and then call me.
In today’s tech world, this will just be brushed off. More important to go after the fascists.
Filthy damn liars!
Not to worry. Biden and the CCP will reward the loyalty of these evil corporations using the American taxpayer money.
Twitter went public at $40 in 2013. Today it is a few bucks higher at $48.
Went nowhere during one of the biggest bull market runs in history.
Dorsey should be sued for incompetence.
The Allu Akhbar business model.....
Take the company down for managements’ beliefs, if necessary
Hope they all go back to dial-up modems (techie here told me about them).
Dorsey should be sued for incompetence.
absolutely class action shareholders suit complete with discovery..break him..
256k for all. Lol
The stock’s decline comes as Wall Street reconciles with the social media’s role in lying about Trump encouraging supporters to storm the Capitol on Wednesday.
There. Fixed it.
Nothing unusual about facebook’s day as far as price movement. It moves up and down more than that all the time.
Look at the chart.
https://www.cnbc.com/quotes/?symbol=FB&qsearchterm=fb
The same goes for Twitter, except anyone who bought Twitter longer than 34 days ago is still in the green after today.
I hope more people make the move though, many many more.
Guess the Masters of the Universe aren’t all powerful
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