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$34 Billion Wiped Out From Facebook's Market Cap As Shares Fall Following Trump's Indefinite Suspension
Co-founder and CEO of Facebook Mark Zuckerberg (Photo by Arun Sharma/Hindustan Times via Getty Images)
Facebook’s shares dropped by around 4.5 per cent as its investors continued to resist against the platform’s indefinite ban of US President Donald Trump’s account.
As a result of the fall, $33.6 billion was slashed from Facebook's market cap at intraday lows. The shares recuperated a tad bit to trade at 2.6 per cent in the red, Business Insider reports.
Facebook CEO Mark Zuckerberg had defended the indefinite suspension of Trump’s account on Thursday by claiming that the risks of permitting him to operate on the platform “are simply too great.” Twitter too has permanently removed the President’s handle and the microblogging service fizzled in the market on Monday too.
The company’s stocks ended up falling more than that of any firm in the S&P 500 sector. As per reports, Facebook’s investors are alarmed that the Trump’s supporters might leave the platform en masse to join another social networking site.
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