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Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors

Facebook sees $34 billion erased from market cap as Trump-ban fallout continues to spook tech investors

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Facebook tumbled as much as 4.5% on Monday as the company’s indefinite ban of President Trump continued to drive investors out of the stock. The plunge saw $33.6 billion erased from Facebook’s market cap at intraday lows. CEO Mark Zuckerberg announced the ban on Thursday, saying the president’s role in the violent storming of the Capitol makes it too risky to keep him on the platform. Twitter, which permanently banned Trump on Friday, also underperformed amid the broad market slump. Watch Facebook trade live here. Facebook sank as much as 4.5% on Monday as investors continued to balk at the platform’s ban of President Donald Trump. The slide saw $33.6 billion erased from Facebook’s market cap at intraday lows. Shares have since pared some losses and now trade about 2.6% lower. The stock’s decline comes as Wall Street reconciles with the president’s role in encouraging supporters to storm the Capitol on Wednesday. Facebook CEO Mark Zuckerberg announced on Thursday the company would ban Trump “indefinitely,” adding the risks of allowing him to remain on the platform “are simply too great.” Read More
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