Tag Archives: Twitter

Facebook, Twitter lose $51bn in value after booting out President Trump

Facebook and Twitter , the two largest social media platforms to permanently ban President Donald Trump for his role in last week’s Capitol riots, saw $51.2 billion in combined market value erased over the last two trading sessions.

Companies across sectors have responded to the president’s rhetoric in recent days by pausing political donations, making statements decrying his inflammatory remarks, and pulling products with links to right-wing movements.

Facebook and Twitter possibly took the biggest retaliatory steps when they indefinitely banned Trump from their platforms on Thursday and Friday, respectively.

Both companies cited the risk of additional violence for their bans, but investors largely balked at the action. Facebook tumbled 4% on Monday and another 2.2% on Tuesday as shareholders dumped the stock, likely fearing the ban could drive users off the platform. By the time markets closed on Tuesday, Facebook’s market cap sat $47.6 billion below its Friday level.

Twitter plunged 6.4% to start the week and dipped another 2.4% as the sell-off continued into Tuesday’s close. The declines saw Twitter’s market cap drop by $3.5 billion.

To be sure, Twitter rose as much as 2.9% on Wednesday while Facebook wavered at its previous closing level. And analysts haven’t lowered the stocks’ median price targets following the bans, signaling the slides were likely knee-jerk reactions that will reverse over time.

Other tech giants responding to last week’s insurrection have fared better through the week. Apple and Google have both climbed slightly since announcing after Friday’s close they would remove right-wing social network Parler from their app stores. Amazon shares are up 1.6% since announcing on Sunday that it kicked Parler off of its web hosting service.

Still, the actions could come back to bite tech companies in the final week of Trump’s presidency. CNN reported on Monday that Trump might retaliate against tech giants for their bans. It’s not yet clear what the president’s actions would look like and if they will materialize before President-elect Joe Biden is inaugurated.

Facebook traded at $251.70 per share as of 10:25 a.m. ET Wednesday, down roughly 8% year-to-date.

Twitter traded at $47.94 per share, down 12% year-to-date.

Twitter Accounts of Obama, Biden, Bill Gates, Jeff Bezos, Others ‘Hacked’ in  Bitcoin Scam

Several prominent Twitter accounts, including those of former US Vice President Joe Biden, former President Barack Obama, Tesla CEO Elon Musk and Microsoft co-founder Bill Gates, were compromised Wednesday in what appears to be a bitcoin scam.

The attack is likely the largest ever on Twitter’s security system and may have already cost users tens of thousands of dollars.

The accounts of several tech CEOs, including Musk, Gates and Amazon’s Jeff Bezos, posted similar messages offering to double bitcoin payments sent to an address during a set period of time.

The posts all included the address of the same bitcoin wallet, which has seen as much as $112,000 pour into it over the last few hours. It is unclear if this money came from unsuspecting users or the scammers themselves.

Other major accounts that were hacked include companies such as Uber, Square’s Cash App and Apple.

Celebrities including Kanye West also posted similar messages, along with political figures such as Biden, Obama and former New York City Mayor Michael Bloomberg.

All of the tweets have been deleted soon after being posted, but, given the size of the accounts, they have been viewed widely. While individual accounts are often hacked, especially ones that do not use security measures such as two-factor authentication, the scope of this effort suggests a deeper security failure.

Twitter support posted that “we are aware of a security incident impacting accounts on Twitter.”

“We are investigating and taking steps to fix it,” it continued. “We will update everyone shortly.”

(The Hill)