Social media giants Facebook and Twitter collectively reported an initial market value loss of $51.2 billion after permanently banning President Trump from their platforms, Business Insider reports.
Facebook initially saw $47.6 billion erased from its public valuation; Twitter’s market cap dropped by $3.5 billion.
In response to alleged censorship of conservatives, Trump said, Big Tech is “doing a horrible thing to our country. … And I believe it’s going to be a catastrophic mistake for them.”
In North Dakota, a new bill proposed by Republican lawmakers would enable individuals to sue Twitter and Facebook and other social media giants whose accounts were deleted or censored.
The act, “to permit civil actions against social media sites for censoring speech,” stipulates that websites with more than 1 million users would be “liable in a civil action for damages to the person whose speech is restricted, censored, or suppressed, and to any person who reasonably otherwise would have received the writing, speech, or publication.”
Compensation for individuals who have been censored includes, “treble damages for compensatory, consequential, and incidental damages,” according to the bill.
As of Monday 11:20 a.m. ET, Twitter’s stock was trading at $44.96, a drop of half of one percent, and roughly 17 percent lower for the first few weeks of 2021.
CNBC analyst Jim Cramer warned last week that Twitter’s stock could drop even further.