Like Twitter, Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors

Business Insider ^ | 01/11/2021 | Ben Winck

[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.

[familyop]

Look, folks. In regards to Amazon, search for your favorite vendors’ home websites or their dealers’ websites and bookmark them. If you can’t find them, find the same products somewhere other than Amazon. Northern Tool is probably a good site to start with for hardware, winter clothing, machines and the like. There are Walmart (yeah, I know), Sierra Trading Post, Tractor Supply and many more.

[familyop]

"Amazon Prime isn't gonna get hurt by not getting my $119 annual fee.

I'd like ideas."

Spread the word. Repeat and repeat again over time. Eventually, the lost revenues will mount up. Look at how long it took for the Huns to get to Rome and take all that lunch money.

[halran]

Yep, that’s where I stopped reading as well.

[Ken Regis]

Bump- because you provided realistic, concrete recommendations.

[LibertyWoman]

Do you have a link for that? I’d be interested to see

[Ken Regis]

I provided all you need to come the the truth.

Others here have confirmed it. This is one of the biggest stories of the day. It’s hard to imagine missing it.

Search for “Parler and Amazon” - I hope this helps

[Taxman]

BANKRUPTEM!

[servantboy777]

Awesome

[IWONDR]

“Sierra Trading Post”

STP was bought out by HomeGoods/TJ MAX, i believe, and is now known only as Sierra.

[StAnDeliver]

"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."

No. We need to get out of mutuals and buy Class A voting shares of each of these companies, and show up at stockholder meetings. For a hundred years, this is how an individual could foment corporate change, and it would work this way again if all of us were to get off the mutual and ETFs --t and get back to Class A.

[Organic Panic]

“the president’s role in encouraging supporters to storm the Capitol “

GD FILTHY LIARS!!!