Trump’s ban has cost Twitter $5 billion; major slump in stocks

14th January 2021

14th January 2021

Twitter's stock price was down as much as 12.3% on Monday after outgoing US President Donald Trump was permanently banned from the platform.

After closing at $51.48 per share on Friday, the US-based social networking service saw its stock price open down at $47.16 a share on Monday, then fell to as low as $45.15 per share shortly after opening bell at 9.30 a.m. on the US East Coast (1430GMT).

The decline erased $5 billion from Twitter’s market capitalization before the stock price later recovered to $49 per share around 12.20 p.m. (1720GMT) for a market value of approximately $39 billion.

The sudden decline came the first trading day after Twitter on Friday permanently banned Trump's account, which had around 89 million followers.

The ban could spark fury from Trump supporters on Twitter, risking a loss in the number of users for the company, and raising questions about regulation, according to some analysts.

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