- Today the stock price of Twitter (NYSE: TWTR) decreased by 6.41% as it went from a previous close of $51.48 to $48.18. This is why it happened.
Today the stock price of social media company Twitter (NYSE: TWTR) decreased by 6.41% as it went from a previous close of $51.48 to $48.18. One of the biggest reasons for the stock price drop has to do with the permanent suspension of President Donald Trump’s account 3 days ago.
“In the context of horrific events this week, we made it clear on Wednesday that additional violations of the Twitter Rules would potentially result in this very course of action. Our public interest framework exists to enable the public to hear from elected officials and world leaders directly. It is built on a principle that the people have a right to hold power to account in the open,” said Twitter in a statement. “However, we made it clear going back years that these accounts are not above our rules entirely and cannot use Twitter to incite violence, among other things. We will continue to be transparent around our policies and their enforcement.”
Twitter was referring to the violent protest that occurred at the U.S. Capitol last week. A number of other social media and e-commerce platforms have also banned accounts associated with President Donald Trump due to his encouragement of violent protests on Twitter.
Parler, a microblogging and social networking service used by the violent protesters, was also removed from the Apple App Store and Google Play Market. Amazon also stopped supporting the infrastructure of Parler as well.
Disclosure: I have a small TWTR position in my stock portfolio.