Since banning President Trump, social media company Twitter has lost billions in market cap.
Twitters stock fell as much as 12% Monday in its first day of trading since the move, at one point losing roughly $5 billion in market cap from the previous day.
The stock recovered from the lows and closed with about a 6.41% loss.
According to the NY Times, Twitter CEO Jack Dorsey was on vacation in French Polynesia as the company debated about how to handle Trump’s Twitter account.
Friday, Twitter Safety made the announcement “Our public interest framework exists to enable the public to hear from elected officials and world leaders directly. It is built on a principle that the people have a right to hold power to account in the open.”
However, we made it clear going back years that these accounts are not above our rules and cannot use Twitter to incite violence. We will continue to be transparent around our policies and their enforcement.
— Twitter Safety (@TwitterSafety) January 8, 2021
While many Republicans were incensed, other organizations not at all aligned with Trump such as the ACLU, Mexican President Obrador, and German Leader Angela Merkel have also expressed concern over the implications of the move.