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Twitter Shares Slump After Suspending Trump

Published by Nairaland on Mon, 11 Jan 2021


<blockquote>Twitters German-listed shares slumped as much as eight per cent on Monday, the first trading day after it permanently suspended US President Donald Trumps account late last Friday.<br><br>The company said the suspension of Trumps account, which had more than 88 million followers, was due to the risk of further violence, following the storming of the US Capitol last Wednesday.<br><br>At 1011 GMT, the social media firms US-listed shares were also off 6.8 per cent at $47.94 in thin premarket trading, according to Reuters.<br><br>It was the first time Twitter banned a head of state, sparking a worldwide controversy over the impact US tech giants can have on free speech and democracy more broadly.<br><br>For Twitters balance sheet itself, the decision to ban the US president is expected to have a moderate negative impact.<br><br>Expect slight user decline, though engagement erosion is a bigger question, Berstein analysts wrote in a note looking into the issue.<br><br>Far-right groups maintain a vigorous online presence on digital platforms like Parler, Gab, MeWe, Zello and Telegram and could disengage from mainstream social media. There could also be additional costs for Twitter and others as they seek to further moderate content uploaded by their users.<br><br>Incremental moderation may be welcome but its not cheap and could benefit Facebook that already employs a moderation army (around six times) larger than Twitters workforce, Berstein analysts said.<br><br>Facebook Inc has suspended Trumps account until at least the end of his presidential term later this month.</blockquote><br><a href="http://saharareporters.com/2021/01/11/twitter-shares-slump-after-suspending-trump">http://saharareporters.com/2021/01/11/twitter-shares-slump-after-suspending-trump</a>
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