Twitter’s stock fell around 7 percent on Monday after the social media company on Friday evening permanently banned President Donald Trump from the platform.
Trump’s account, which has 41.6 million followers, was banned from tweeting the company’s ads, making him the first high-profile account to be removed since Twitter launched the new policy earlier this month.
Twitter quickly condemned Trump’s account, saying that it was “immediately suspended for violating our rules.” The tweet had also violated Twitter’s rules for abusive behavior, the company said.
The declining share value puts the company on course to lose about $2.5 billion in market value, Reuters reported.
According to The Hill, the financial hit to Twitter came on the first day of trading after the social media platform said it closed the President’s account because his posts pose “the risk of further incitement of violence.”
The moves by tech giants to rein in Trump’s social media presence were prompted by Wednesday’s deadly riot at the Capitol when a mob of Trump supporters stormed the building as Congress was certifying Biden’s election win.
Trump has used social media to repeatedly spread election misinformation, making false claims about widespread voter fraud and a rigged election.
Shortly after Wednesday’s riot, Facebook and Twitter, along with Google-owned YouTube, took down Trump’s video that made more unsubstantiated claims about the presidential election.