Twitter shares fell after banning Trump from its platform despite other tech stocks closing on a positive note.
Just after this, Twitter shares slipped 1.8% by the closing bell even though tech stocks closed on a high. Facebook gained 2% in line with the indices.
As per the data published by the Wallstreet Journal, Trump has 88.7 million followers on Twitter, which constituted 48% of the company’s total base of monetizable daily active users. In contrast, his Facebook account is followed by about 35 million followers—less than 2% of the company’s 1.8 billion daily active users. Trump gets a lot of attention for using Twitter and has a huge impact on the Twitter platform. He had used it to spread his narrative even before he became the president. So it makes sense that Twitter shares were down during the trading session.