The other day Facebook’s stock plunged over 20 percent resulting in a record market cap loss. Twitter’s stock suffered a similar fate today.
Twitter’s stock plunged 20.5% by the time the markets closed Friday – the second-biggest loss for Twitter’s stock since the company went public in 2013.
Almost $5bn (£3.8bn) has been wiped off the market value of Twitter after the social media service reported a drop of 1 million users following its action to delete fake and offensive accounts.
Twitter’s shares had fallen by 15% when Wall Street opened on Friday before recovering slightly to be down 16% after investors were spooked by news that the number of active monthly users fell from 336 million to 335 million over the past three months.
The San Francisco-based company warned investors to expect user numbers to fall further as it took greater action to block fake and offensive accounts. The company told investors that the drop in users reflected “impact from decisions we have made to prioritise the health of the platform”.
It’s no surprise that they’re having problems maintaining their active user base. We’ve said all along that banning people for their political views was a stupid business strategy. The Alt-Right was the only group of people saying anything politically interesting on Twitter. They banned us simply because Jews at the Anti-Defamation League demanded it.
But the banter between the Alt-Right and our political enemies made the platform interesting and fun. Even our political enemies have to admit this. It’s obvious that they’re nowhere near as engaged now that there’s a lack of Nazis for them to yell at.
On top of that, they’ve gone so far as to alienate mainstream Republicans with shadow banning and other dirty tricks that effectively censor their views.
This is why the government needs to regulate sites like Twitter. A monopolistic private company should not have the final say as far as who is and who isn’t allowed to participate in the pubic square. It would also prevent the type of Jewish blackmail we’ve seen from groups like the ADL.
Twitter “SHADOW BANNING” prominent Republicans. Not good. We will look into this discriminatory and illegal practice at once! Many complaints.
— Donald J. Trump (@realDonaldTrump) July 26, 2018
The good news is that the President looks like he’ll eventually do something about this. Restoring free speech on these big social media sites will undoubtedly be a huge help to his 2020 re-election campaign.