On Monday, US-listed shares’ prices of social networking giant Twitter Inc. tumbled as much as 9 per cent in pre-market trading following its latest move to permanently suspend the twitter account of US President Donald Trump, as investors’ angsts intensified over frets that the San Francisco, California-based microblogging platform might face off a flurry of regulatory hurdles over the coming months.
In point of fact, Twitter Inc. stocks were slumped more than 3 per cent on Friday’s post-market trading after the social networking site had permanently suspended the twitter account of an incumbent US President Donald Trump who had over 88 million followers citing risks of further violence in the US Capitol following a pro-Trump rally that turned to a riot last week and led to the death of at least four people.
Twitter move to ban Trump account draw sharp criticisms, shares plunge
On top of that, while the latest Twitter Inc move to ban Mr. Trump’s twitter account, who is scheduled to be rubbed out of the Oval Office on January 19, drew sharp criticisms from Republican lawmakers alongside a number of global leaders, Twitter Inc.
had wrapped up Monday market 6.41 per cent lower to $48.18 a share after diving as much as 9 per cent in pre-market trading as beforementioned. Meanwhile, claiming that Trump’s twitter account ban had largely contradicted the US President’s right to free speech, EU Commissioner Thierry Breton was quoted saying late in the day that the last week’s events could have long-running consequences and might initiate a new era of heavier regulatory control on leading social networking platforms.
Concomitantly, the German Chancellor, Angela Merkel who had been a long-time critic of Trump Administration, had also raised an alarming bell over Trump’s Twitter account ban citing that the country’s regulators should decide whether a curb on free expression could be inclined.
In tandem, while Twitter’s Trump account ban had been intensifying worries among market participants that the microblogging platform could be subject to more regulatory obstacles than rivals likes of Facebook, Google or YouTube, Facebook shares wrapped up the day down by more than 4 per cent, while Alphabet Inc-owned Google LLC.
shed 2 per cent. Notably, departing US President Donald Trump turns out to be the first head of state having banned from a social networking site.