Shares of social media and other tech companies dropped by more than 6% on Monday after they took action against Trump and his supporters.
Twitter, Facebook, Amazon and other tech companies suffered loss on Monday for banning and taking action against President Donald Trump after the US Capitol siege last week. Twitter's shares fell by 6.4 per cent after the company banned Trump's account permanently citing concerns over Trump misusing the platform and inciting more violence. Trump had 89 million followers on Twitter. Following the ban, Trump responded on Friday by saying that he would find an alternative or build his own platform in future to end the digital blockade.
Shares in Facebook too dropped by 4 per cent as it suspended Trump's account indefinitely. A protest was also held outside Twitter's headquarters in San Francisco but was attended by few. As a precautionary measure, Twitter and Facebook advised its employees to keep their profiles low as some of them had received security and death threats.
Parler, another social platform, which was used by Trump supporters, was removed from the app stores of Google and Apple. Amazon Web Services also suspended its relationship with Parler early Monday due to which it was removed from the web. Shares of Amazon, Apple and Alphabet, parent company of Google also slid by more than 2 per cent on Monday.
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