January 19, 2021

Big Tech Loses $51 Billion Market Value after Banning Trump

  • Flyover Country

By: Amy Jo Underwood

In Brief:

Facebook and Twitter have taken the most extreme steps to ban President Trump from their social media platforms, insisting that his actions are causing violence. Business Insider reports that as a result, both companies have had multiple investors pull out, leading to a collective $51 billion dip in market value. 

The Background:

Business Insider reports that Facebook and Twitter have lost over $51 billion in market value, following an indefinite ban on President Donald Trump by both social media companies. Within two days of Facebook CEO Mark Zuckerberg’s decision to ban the president from the social media platform, Facebook had lost $34 billion.  According to Business Insider, tech investors are wary to continue investing in a company that would censor content and ban the U.S. President from using its services.  

As big tech companies Facebook and Twitter (among others) work to de-platform conservative voices, many GOP congress members are planning next steps to regain the right to free speech on social media platforms. According to Axios, GOP senators and state representatives plan to discuss the possibility of big tech breaking antitrust laws, particularly after the quick removal of Parler from the Apple and Google app stores. 

Notable Quotes:

"The censorship of President Trump proves just how much power Big Tech has over speech in America. The way forward to rein in Big Tech is to tackle the blatant antitrust offenses and support state efforts to hold these companies accountable." - Rep. Ken Buck (R-CO)

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