It’s not at all shocking how the stock market reacted to Twitter’s anti-free speech efforts to remove opinions they don’t like from their platform.
One well-known fact about social media platforms that Twitter has seemed to have forgotten is that conservatives make up a massive portion of their user base.
Therefore, a logical person might conclude it would be a bad move to go on a censorship rampage against the group that gives you most of your business.
But in Twitter’s case, allegiance to CEO Jack Dorsey’s far-Left ideology prevailed over what would be in the best interest of the business or America itself.
In the past week, Twitter has permanently suspended President Trump, deleted attempted tweets from his government POTUS account, and banned his official campaign as well as many conservative journalists and users.
However, it is not panning out well for Twitter–and more importantly, Twitter stock value.
This unbelievable level of fascism from the tech company did not sit well with the stock market when it opened on Monday morning.
Twitter stock price plunged as much as 12% causing them to lose $5 billion in market value, Business Insider reported.
The outlet added that the company’s decline in profit was likely caused by concern that boycotts against the platform could arise, or that interest in joining the platform could shrink.
One platform that has arisen as a pro-free speech Twitter alternative, Gab Social, tweeted their glee for the financial hit Dorsey’s platform took.
“Twitter lost $4 Billion today. LOL”, Gab wrote.
Twitter lost $4 Billion today. LOL
— Gab.com (@getongab) January 11, 2021
The platform also indicated that since Twitter banned President Trump, Gab received 40 million visits and hundreds of thousands of new members.
Twitter’s plan to censor those they disagree with seems to be severely backfiring.
It turns out that Americans want access to social media platforms that support pro-American values such as free speech.
Hopefully, this is the beginning of a new era in social media where companies are forced, through capitalism, to accommodate what users want – which is to freely express ideas and opinions without fear of censorship. Of course, that means free speech with the exception of that which condones or plans acts of violence, and that balance can be hard to find.
But will this movement be enough to reign in Big Tech? We’ll have to wait and see.