Twitter's stock market drops sharply amid controversy in the US

January 11, 2021 14:00

Twitter shares fell by about 6% at noon in Germany, and lost almost 7% at the Wall Street pre-open in its first session after the controversial suspension of Donald Trump's account on this social network last Friday. The social network has justified this decision by claiming that the messages from the still president of the United States incited violence and occurred after the assault on the Capitol last Wednesday by Trump defenders.

Twitter is not the only social network which has blocked Trump's account, as Facebook has also made the same decision. Its shares also fall in the pre-market opening, although not as intensely as Twitter: around 1.5%. 

The controversy is splashing other companies as Trump supporters, in retaliation against Twitter and Facebook, are moving to Parler, a social network with a design similar to Twitter. This has prompted Google, Apple, and Amazon to remove Parler's app from their offering. 

Source: Admiral Markets MetaTrader 5. Daily CFD Twitter Chart. Data range: from February 1, 2019 to January 11, 2021. Prepared on January 11, 2021 at 12:30 p.m. Keep in mind that past returns do not guarantee future returns. 

 

As we see in the graph above, Twitter shares started a strong uptrend since hitting lows when the coronavirus pandemic began. However, they fell to around $ 39 in November and bounced back to $ 56. Now they are supported by the $ 50.50 support.

Twitter closed the past years with strong increases with the only exception of 2016: 2020, 69%; 2019, 11.5%, 2018, 19.7%; 2017, 47.3%; 2016, -29.5%.

 

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