On Monday, the soviet-style tech giant Twitter’s stock price dropped more than 12% on the first day of trading since the social media tyrant kicked President Donald Trump off of its platform Friday night. The stock price decline wiped out $5 billion from Twitter’s market capitalization.
Last Friday, Twitter’s honchos announced they were permanently suspending Trump’s account “due to the risk of further incitement of violence” after supporters of the president stormed the US Capitol in protest of the 2020 election results. In the months preceding, Trump had frequently taken to Twitter to argue that the election was fraudulent.
“After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said.
The fact of the matter is the president did not incite violence at all. On the contrary, Trump said at end of the rally that took place on January 6, “and now you will march peacefully to the Capitol and let your voices be heard.” There was no incitement rhetoric. He didn’t tell people to attack anything.
Twitter’s move was the first time that the social media company had ever banned a head of state.
Conservatives argued that the ban was an unprecedented attack on free speech; leftists celebrated it as “the most important moment in the history of social media.” However, on Monday, investors expressed their own concerns, putting the social media company’s ticker price under pressure.
Twitter’s stock, according to Yahoo! Finance opened down about 10% before spiraling down to as low as $45.17 per share, or 12.3 percent down. Twitter stock came back over several hours to end the day down 6.4 percent.
That early drop wiped out over $5 billion from the company’s market capitalization, according to Business Insider.
Trump’s account showed more than 88 million followers, which made it one of the most popular accounts on the site, and his activity on the account over the years generated a lot of traffic for the platform. People either loved Trump or hated him on Twitter, and either way, many people were drawn to go onto the platform just to see what he was saying and how others were reacting to what he was saying.
Twitter was a useful tool for the president because he could speak directly to the people without having his message filtered by the lying leftists in the Fake News media. That’s why the Left hated him on Twitter. Up until social media, the mainstream news media was how you heard what the president was saying, outside of a direct speech he gave. Either way, the mainstream media always filtered what a president said, especially Republican presidents. Social media allowed Trump to speak to the people without the news media twisting his words. They would twist his words anyway but at least the people were able to go back to his Twitter account and read what he really said.
That drop in the stock price represents investors who are concerned that Twitter may be less competitive, especially if supporters of the president decided to leave the platform. So far Dan Bongino, Rush Limbaugh, and others have dropped their accounts in solidarity with the president, and they collectively had millions of followers. Many of those millions of followers will also drop their accounts, or they will stop visiting the site as often. Fewer people on the site generate fewer sales leads for advertisers. Fewer sales for advertisers mean less ad space purchased and that means less profits for the company.
Conservatives have felt that Big Tech companies like Twitter unfairly censor conservative voices and ideas for a long time. And they are not wrong. Leftist-run social media companies like Facebook and Twitter have been censoring conservative speech for some time now, but in 2020 they took it to new levels. They blatantly censored critical information that people needed to make informed decisions for the 2020 elections.
A lot of conservatives started moving over to Parler, which is a free speech alternative to the likes of Twitter. And it seems that the leftist tech giants aren’t complacent with getting rid of conservatives from their own platforms, they are now attacking conservative platforms to silence them in their own environments. Apple and Google removed Parler’s app from their sites, and Amazon shut down Parler’s hosting services claiming they lacked content moderation. Bongino revealed that Parler has policies for content moderation and they do moderate posts made there that violate their community standards, but the tech tyrants just want them gone.
We reported that Parler sued Amazon over antitrust violations on Monday.
Facebook and Google stock also took a hit on Monday, not as hard as Twitter, but still enough to send a message. The problem with tech tyrants is that they now have so much money they no longer care about making profits over forcing their political ideology on their platforms. They care more about pushing their ideology than earning money. The stockholders have already sent a message and that message will get stronger if they continue with the same practice. Twitter’s management team could become its own demise if they don’t wise up.
Rich is syndicated opinion columnist for David Harris Jr. and owner of Maga-Chat.com. He writes about politics, culture, liberty and faith.
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