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Twitter Suffers Big Loss After Trump’s Suspension From Social Apps

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Facebook, Instagram Restore Trump’s Accounts

United States President Donald Trump’s suspension from the Twitter app has reportedly brought about a loss of shares to the microblogging platform.

Naija News had reported earlier that Trump, on Thursday, joined another microblogging and social networking service called Parler following his suspension from Facebook, Instagram and Twitter.

The social media network had suspended the US president for sharing false and unsubstantiated reports on the invasion of the US Congress on Wednesday, this online news platform reports.

Trump within an hour after he joined Parler received about 2.4 million followership and continued to share his opinion on the violence that rocked the Capitol Hill.

However, subsequent reports emerging confirmed that Twitter’s German-listed shares sloped down as much as 8 per cent on Monday.

Naija News understands that President Trump has no fewer than 88 million followers on his suspended microblogging platform. The decision for the suspension of the president’s accounts was due to the risk of further violence, following the storming of the U.S. Capitol on Wednesday, the microblogging account owner noted.

The social media firm’s U.S.-listed shares were said to be off 6.8 per cent at $47.94 in thin premarket trading.

“Expect slight user decline, though engagement erosion is a bigger question”, Berstein analysts noted in a statement while looking into the issue.

“Far-right groups maintain a vigorous online presence on digital platforms like Parler, Gab, MeWe, Zello and Telegram and could disengage from mainstream social media. There could also be additional costs for Twitter and others as they seek to further moderate content uploaded by their users.

“Incremental moderation may be welcome but it’s not cheap and could benefit Facebook that already employees a moderation army (around six times) larger than Twitter’s workforce,” Berstein analysts said. Facebook Inc has suspended Trump’s account until at least the end of his presidential term later this month.” NAN reports.

Meanwhile, the President of Zambia, Edgar Lungu has sacked Chitalu Chilufya as the country’s health minister with immediate effect.
Naija News reports that the development was contained in a statement on Sunday by the presidency.