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Big Tech Stocks Plunge In Wake of Bans

Shares of twitter ended the day off more than 6% on news the company had permanently banned President Trump from its platform. Earlier in Monday trading the company fell 10%, but did recover some of its losses.

Facebook also traded down more than 4% while Amazon, Apple, and Google (Alphabet Inc) lost more than 2%.

Overall, the markets were slightly slower on the day after weeks of gains. The Dow ended down 0.29 percent, the S&P 500 traded down 0.66 percent, and the tech heavy Nasdaq composite index lost 1.25%.

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Investors are reacting to backlash against tech companies amid their recent efforts to “purge” conservative users. Over the weekend, Google Play and Apple both removed the Parler App, popular with conservatives, from their stores while Amazon web services cut off its server agreement with the company. Amazon, Apple and Google all accused the social media app of being in violation of its agreements.

Parler is suing Amazon alleging an antitrust violation and breach of contract.

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Trish Reganhttps://trishintel.com
Trish Regan is an award winning financial journalist, an American television talk show host and author who interprets political events through an economic lens.

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