Oops: Market value of Twitter, Facebook take Kamikaze-like dive after kicking Trump off
Live by the Trump, die by the Trump.
That seems to be the message that Twitter and Facebook are getting in the wake of banning President Donald Trump from their platforms.
Business Insider reported on Wednesday that the combined market value of the anti-social media giants had plummeted $51 billion in just two days.
The financial collapse witnessed by the Jack-Zuck cabal might only be temporary. They could rebound beginning today. But if this situation continues, the anti-Trump media, legacy and otherwise, might be in for a hangover without Trump to kick around anymore.
It seems that maybe unwoke companies realize that it’s not a good idea to call 75 million people racist, fascist, seditionist traitors.
FINALLY! Some good news.
Twitter loses $5 billion in market value after Trump is permanently barred from the platform | Markets Insider https://t.co/jZ97NpgXhb
— Boris Epshteyn (@BorisEP) January 12, 2021
As BI reported, after Trump was widely blamed for instigating the Jan. 6 riot that tragically ended with five people dead, “Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday, respectively.”
“Both companies cited the risk of additional violence for their bans, but investors largely balked at the action. Facebook tumbled 4% on Monday and another 2.2% on Tuesday as shareholders dumped the stock, likely fearing the ban could drive users off the platform. By the time markets closed on Tuesday, Facebook’s market cap sat $47.6 billion below its Friday level.”
“Twitter,” BI continued, “plunged 6.4% to start the week and dipped another 2.4% as the sell-off continued into Tuesday’s close. The declines saw Twitter’s market cap drop by $3.5 billion.”
BI noted that the market drops were “likely knee-jerk reactions that will reverse over time.” Still, year to date, Facebook and Twitter’s stock prices were down about 8 percent and 12 percent, respectively.
Twitter and Facebook are platforms through which other information is disseminated. The mainstream media is the driver of the content about Trump, and stock prices indicate they have yet to feel the Trump effect yet.
He warned, all media will miss him if he’s gone. Getting that done right now.
— Melinda Scott (@mscott4u2) January 13, 2021
But there’s been plenty of navel-gazing, “woe is us” pieces since the election and much of it tries to put on a happy face on the pending post-Trump political landscape.
After all, they all understood what former CBS News President Les Moonves meant when he said of Trump’s campaign, “It may not be good for America, but it’s damn good for CBS.”
In a piece right after the election, NYT media columnist Ben Smith noted, “President Trump, after all, succeeded in making the old media great again, in part through his obsession with it. His riveting show allowed much of the television news business, in particular, to put off reckoning with the technological shifts — toward mobile devices and on-demand consumption — that have changed all of our lives.” He recalled that in 2016 the head of NBC News warned that MSNBC’s revenue would fall 30 percent if Hillary Clinton won, and that CNN’s top man, Jeff Zucker, once said Trump had bought his company four more years.
Those accounts I follow who were targeted are believers as well. FB has been doing the same thing. This behavior will be the undoing of Big Tech. Twitter and FB stocks have tanked this week – combined losses of $51 billion market value.
— Staci K 🎨📸🎼 (@SK_CreativeChic) January 14, 2021
Trump’s lived rent-free in all their heads for five years, and helped them all turn a nifty profit. He’ll soon be gone and will likely take his followers with him. The right has no need of media that simply regurgitates Democratic talking points, and while conservatives might relish the instantaneous gratification of griping about Biden on Facebook and Twitter, Jack and Zuck are increasingly showing that half the country is no longer welcome on their platforms.
In short, the media sowed the anti-Trump wind, it’s fitting they reap the no-Trump whirlwind.