On Monday, Twitter took a massive hit on the stock market after the social media giant’s permanent ban on President Trump was reflected. Investors expressed their concern over the long-term effect of the unprecedented censorship the platform has shown.
The company lost $5 billion in shareholder value due to their ban on President Trump, as criticism from world leaders, including Germany’s Angela Merkel, denounced the move as “problematic.”
As CNBC reported, Twitter’s move to ban Trump could “reignite legislation to revoke Section 230.” Section 230 is the law that protects internet companies from liability for any content that users post.
Trump’s Twitter account had 88 million followers before it was deleted.
Jim Cramer from CNBC said that Twitter could be in big trouble for banning Trump. According to him, Trump was a great salesperson for Twitter.
“I think that there are a lot of people who literally knew that the president was the most important person, and you had to keep checking him, and then you had to check people who talked about him,” Cramer said. “And you just had this endless wave, this web that the president created, and then it was like action and reaction, so I think that the surprise factor of going to Twitter, which was, of course, the president, is gone!”
“Twitter’s got to come up with a new thesis very, very quickly because I think they never talked about the power of Trump in bringing in people,” he added. “I am telling you the real Donald Trump was a great salesperson for Twitter.”
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