Market value declined by more than $50 billion
The ideologically motivated and propagandistic deletions of the user accounts of the incumbent US President Donald Trump on Facebook and Twitter backfired for both media platforms. Together they lost $51.2 billion in market value.
The operators of Facebook and Twitter have staged a witch hunt against the incumbent President Donald Trump in the past weeks and months. They published a lot of ideologically motivated hate speech against him, but deleted a lot of content unobjectionable contributions from his supporters and conservative circles. What is more, by blocking and engaging in orgies of deletion to a previously unseen extent, the censors not only took care of the posts, but also blocked a number of accounts. The low point of this extremely anti-democratic behavior was the deletion of the US President’s user accounts on both Facebook and Twitter.
However, this step seems to be financially an own goal for the platform operators, which may turn out to be a threat to their very existence. The business magazine Business Insider writes in a post that the market value of both companies has declined by $51.2 billion since the Trump user accounts were deleted. In particular, Zuckerberg’s Facebook alone lost nearly $48 billion in market value, the report said. The FB share price, which was above $250 last November, has been in free fall since the beginning of the year. The current value is just a little over 200 US dollars, and is still falling. Such numbers are utopian for Twitter anyway, but the share is also in freefall – at a significantly lower level overall – into the basement. In mid-December, shares were still trading at over $56; yesterday it was just $45 per share.
Since then, many users have turned their backs on both Facebook and Twitter and switched to alternative providers. The conglomerate and the existing oligopoly of Facebook, Twitter, Google, Youtube, Amazon and other comrades-in-arms try to prevent this, but people are voting with their keyboards and heading for other platforms.