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Facebook and Twitter crossed the Rubicon by finally banning President Donald Trump, sparking a mass exodus of conservatives from their platforms. As it turns out, this move likely also cost them financially, to the tune of billions of dollars.
This week, Facebook and Twitter collectively lost $51.2 billion in market value, Business Insider reported. Facebook’s stock market value dropped $47.6 billion while Twitter’s value dropped by $3.5 billion. Both Facebook and Twitter lost value on Monday and Tuesday, while Twitter regained some of its value on Wednesday with Facebook wavering at its previous closing level.