Tech fallout - $51 billion wipeout!

[SassyLady]

Guess they still don't get how powerful the silent majority can be.

Twitter and Facebook have seen $51 billion of combined market value wiped out since booting Trump from their platforms








Ben Winck
[COLOR=#9B9B9B !important]Jan. 13, 2021, 05:06 PM[/COLOR]

Phillip Faraone/Getty Images for WIRED25; Francois Mori/AP

• Facebook and Twitter have collectively seen $51.2 billion erased from their market caps over the last two trading sessions as investors balk at their banning of President Trump.
• Facebook saw $47.6 billion erased from its public valuation, while Twitter's market cap dropped by $3.5 billion.
• Both companies announced last week they would permanently ban the president, saying keeping him on their platforms posed too large a risk of additional violence.
• The bans come as Trump faces blowback from the government and corporations for his role in inciting last week's violent riots at the Capitol.
• Watch Facebook trade live here.
• Watch Twitter trade live here.

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Facebook and Twitter, the two largest social media platforms to permanently ban President Donald Trump for his role in last week's Capitol riots, saw $51.2 billion in combined market value erased over the last two trading sessions.
Companies across sectors have responded to the president's rhetoric in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements. 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.
Read more: GOLDMAN SACHS: Buy these 50 under-owned stocks that will roar higher as growth and inflation lift off in 2021




Twitter 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.
To be sure, Twitter rose as much as 2.9% on Wednesday while Facebook wavered at its previous closing level. And analysts haven't lowered the stocks' median price targets following the bans, signaling the slides were likely knee-jerk reactions that will reverse over time.
Other tech giants responding to last week's insurrection have fared better through the week. Apple and Google have both climbed slightly since announcing after Friday's close they would remove right-wing social network Parler from their app stores. Amazon shares are up 1.6% since announcing on Sunday that it kicked Parler off of its web hosting service.
Read more: A former journalist who worked his way up to become one of Wall Street's best tiny-company stock pickers tells us the 4 pillars of the approach that's beating 98% of his competitors
Still, the actions could come back to bite tech companies in the final week of Trump's presidency. CNN reported on Monday that Trump might retaliate against tech giants for their bans. It's not yet clear what the president's actions would look like and if they will materialize before President-elect Joe Biden is inaugurated.




Facebook traded at $251.70 per share as of 10:25 a.m. ET Wednesday, down roughly 8% year-to-date.
Twitter traded at $47.94 per share, down 12% year-to-date.
Now read more markets coverage from Markets Insider and Business Insider:
Green stocks more than doubled in 2020. The chief strategist at a $1.1 billion hedge fund platform breaks down why a 'decade-long mania' still lies ahead amid the global race to zero.
A financial crisis could emerge from the coronavirus's lingering fallout, World Bank chief economist says




There's roughly $140 billion of inaccessible bitcoin right now - or 20% of the world's limited supply. Here's what could happen to it.

https://markets.businessinsider.com/...1-1-1029965338

[jimnyc]

I always said a long time back that businesses should be able to do business as they please, and that people can choose in the market where they prefer to shop. And decisions can directly effect your business, good and bad.

So they decided to kick off, cancel, suspend or otherwise eliminate many voices on the right, conservatives, republicans and even the president. And now they are seeing the fallout from that decision, in members leaving and profit dropping.

Problem here is, the market. The choices for the people leaving or kicked off are limited right now, partly due to unfair business practices in buying and eating up competition, end being a regulator for the competition and/or regulating them out of business.

Ok for now, as they lose money, and IMO what they were also successful in doing - is putting out massive demand for alternative media & helping fund it by pushing the money away. And their eliminations of large hitters that took millions with them, is now the initial surge to populate other social media to ensure it gets off the ground. Unintended consequences will have lead to the alternate options in social media that we have longed for.

[Kathianne]

i always said a long time back that businesses should be able to do business as they please, and that people can choose in the market where they prefer to shop. And decisions can directly effect your business, good and bad.

So they decided to kick off, cancel, suspend or otherwise eliminate many voices on the right, conservatives, republicans and even the president. And now they are seeing the fallout from that decision, in members leaving and profit dropping.

Problem here is, the market. The choices for the people leaving or kicked off are limited right now, partly due to unfair business practices in buying and eating up competition, end being a regulator for the competition and/or regulating them out of business.

Ok for now, as they lose money, and imo what they were also successful in doing - is putting out massive demand for alternative media & helping fund it by pushing the money away. And their eliminations of large hitters that took millions with them, is now the initial surge to populate other social media to ensure it gets off the ground. Unintended consequences will have lead to the alternate options in social media that we have longed for.

​buy more books!

[jimnyc]

​buy more books!

I wish! I finished a bunch of Steelers books over the years!! I have another here in my drawer, written about the Bloods and crips, from a former bloods member and where and how he was raised and his life from there. Wife got it for me in like, I don't even remember, at least 10-15 years ago. Not out of the first chapter yet.