According to a confirmed report from Business Insider, stock in Twitter fell 12 percent yesterday after Donald Trump was suspended indefinitely from the social media platform. That percentage equals a $5 billion decline in market value for Twitter.
“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.
Even though the drop went as low as 12 percent on Monday, it ended up at seven percent.
Trump’s account was suspended because of his repeat claims of voter fraud, which caused his followers to storm Capitol Hill, creating a riot that took the lives of five people. His account, which had about 88 million followers, generated a lot of publicity due to Trump’s controversial and often non-substantial tweets.
Biden’s administration is expected to tighten social media platforms’ restrictions and how they handle the admittance and prohibition of false information.