Twitter’s share price sunk 11% when markets opened Monday morning for the first time since the site banned President Donald Trump.
The price has recovered somewhat since opening, but is still down nearly seven percent at the time of publication. The social media platform banned the president’s account Friday night, citing a “risk of further incitement of violence,” according to CNBC.
A large number of conservative users have also been banned from the site in the days since the Capitol riot on Jan. 6. Many large conservative accounts have noted losses of thousands of followers, and other high-profile figures on the right have been banned themselves. (RELATED: Twitter’s Jack Dorsey Ripped For Tweet That Seemed To Mock Parler’s Deplatforming)
A spokesperson for Twitter told the Daily Caller News Foundation that they were suspending accounts “in line with our policy on Coordinated Harmful Activity.” Some conservatives have also voluntarily left the platform in protest of the president’s ban.
Since Twitter permanently banned Trump:
• Stripe stopped processing payments for the Trump campaign
• Apple + Google kicked Parler out of app stores
• Amazon’s AWS stopped providing Parler with cloud services
• Twilio and Okta stopped support of Parler https://t.co/92WOSmEaOl
— Axios (@axios) January 11, 2021
Several industry analysts warned over the weekend that Twitter could be at higher risk of government regulation as a result of the moves, CNBC reports.
Parler, a competitor to Twitter that’s popular in right-wing circles, was banned from the Google Play Store and Apple’s App Store over the weekend, and went down as of Monday morning after Amazon ceased its hosting of the site.