Changchun Targets EV Growth as China’s Auto Industry Consolidation Accelerates 
SpaceX IPO Sets Record With $75 Billion Raise, Valuation Hits $1.77 Trillion 
Meta AI Strategy Faces Challenges as Zuckerberg Admits Mistakes in Internal Memo 
Wizz Air Beats Profit Forecast as Cost Controls Offset Industry Challenges 
SpaceX IPO Set for Explosive Debut as Valuation Tops $2.2 Trillion 
Honda Leadership Crisis Deepens as Retired Executives Challenge CEO Toshihiro Mibe’s Strategy 
European Stocks Rise Ahead of ECB Rate Decision as Investors Buy the Dip 
OpenAI Eyes Massive 10GW Ohio Data Center Campus in Potential $500 Billion AI Infrastructure Deal 
Gold Prices Slip Weekly Despite Friday Rebound as U.S.-Iran Peace Deal Hopes Grow 
Roku Explores Sale Options as Interest Grows in Streaming and Ad Business 
Asian Stocks Slide as Tech Selloff Deepens and US-Iran Conflict Escalates 
Asian Stocks Surge as Middle East Peace Hopes Lift Markets; SpaceX IPO Shatters Records 
Goldman Sachs: US Dollar Likely to Stay Strong Despite Oil Price Retreat 
SpaceX IPO Demand Surges Past $250 Billion Ahead of Historic Market Debut 
Trump Says Iran Peace Deal Near as Markets Rally and Oil Prices Fall 
Russia Stocks End at Six-Month Low as MOEX Index Stalls, Gold Surges and Oil Retreats 
Asics Considers Onitsuka Tiger Spinoff as Luxury Sneaker Brand Expands Globally 
Many social media companies have removed Donald Trump’s account from their platform following the deadly riot at the US Capitol last week. While the ban on the POTUS was deemed necessary as he was accused of posting messages that incite violence, it was reported that social media stocks have dipped.
Why the POTUS was ejected from social media platforms
It can be recalled that leading social media platforms including Twitter, Facebook and Instagram banned the POTUS hours after he posted a series of messages and videos that were believed to have triggered his supporters to go haywire at the US Capitol last Wednesday. The riot has been described by the politicians as insurgence as Trump’s supporters desecrated the Capitol building where the Congress was set to hold a meeting.
At least five people have died in the incident, and many more were injured. The authorities have started arresting people who have forced their way inside the Capitol building, and they are being charged for various offenses. The violent incident resulted from Trump’s call his allies and supporters to stop Joe Biden’s certification as the election winner.
The effect of Trump’s ban on social media
In any case, Donald Trump posted a lot of messages with his continuous claims of voter fraud that allegedly made Joe Biden the winner in the election. Because of his behavior, Twitter, Facebook, Instagram, and Snapchat suspended his account.
As a result, Yahoo Finance reported that social media shares have plummeted after the said companies banned the POTUS. Twitter already stated that it has permanently banned the president while Facebook is still considering the idea of completely deleting Trump’s account and never allow him to return any more.
In particular, Reuters reported that Twitter stocks have dipped by about 7 percent on Jan 11. With this number, Twitter is likely heading to a loss of about $2.5 billion from the market value of the company. This happened after it permanently barred Donald Trump’s account.
The outgoing president has a total of over 88 million followers, and his tweets have been retweeted billions of times. This may be one of the reasons why Twitter’s shares experienced a heavier fall compared to other social media that also suspended Trump.
