Big Tech platform Twitter saw its stocks plummet on Monday after permanently banning President Donald Trump from their social media site on Friday. According to Business Insider, Twitter’s stocks took a nosedive at one point, reaching a 12% drop and reducing its market capitalization by $5 billion.
As to the reasoning behind the President’s ban, Twitter stated, “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.” This comes after several of Trump’s tweets were removed from the platform on Wednesday following the incident at the Capitol where protesters broke through barriers and breached the building, leaving several dead, including a Capitol Police officer.
With over 88 million followers, President Trump was a huge draw for Twitter users. His suspension has created some sense of disinterest in the platform, as other users are choosing to boycott the platform, surmising that the ban was politically motivated, rather than a means of protecting the public from incendiary tweets.
Many Trump supporters flocked to Twitter-alternative Parler. This set off a chain of events and unilateral decisions by Big Tech. Apple and Google Play removed the Parler app from their app store, and by midnight on Monday, Amazon pulled the plug on Parler completely by de-platforming them, leaving millions of users with no platform on which to express their thoughts. Parler is now pursuing legal action against Amazon.