Say what you want about Mark Zuckerberg, Jack Dorsey, and their highest level executives, but one thing you can’t call them is stupid. They’ve built seemingly untouchable big tech dynasties and on the surface have carte blanche to do whatever they want, whenever they want to, with no oversight or real repercussions.
When Facebook and Twitter both banned President Trump from their social media platforms last week, the CEO’s had to figure there’d be some blowback, but they probably didn’t think it would be this severe. Since their bold moves to essentially censor the President of the United States, the combined value of the two companies has lost over $51.2 billion in value.
Twitter’s stock fell 6.4% Monday, and an additional 2.4% on Tuesday. Facebook took the real punch to the gut. Their decline of 4% Monday, followed up with a 2.2% hit on Tuesday carved $47.6 billion off it’s market cap.
Early indications on Wednesday is both stocks were falling even further in trading.
It’s precisely the thing Trump would relish in gloating about. If he only had a social media platform to do it.