Shares of Twitter (NYSE: TWTR) were sliding today after investors reacted poorly to the company’s decision Friday evening to permanently ban President Donald Trump from its platform. The decision comes after the president incited riots last Wednesday inside the Capitol building, and after the company suspended the account for 24 hours following the attack. Twitter explained the move in a blog post, saying that Trump had continued to violate the platform’s rules, including inciting violence, even after the suspension.
Trump, who’s tweeted under the account @realDonaldTrump, has been one of the most powerful voices on the platform, and investors seem to believe that the site will have less traffic and salience, especially in conservative quarters, without the outgoing president’s commentary.
As a result, the social media stock was down 5.7% as of 11:47 a.m. EDT, after sinking as much as 12.3% earlier in the morning. Shares of Facebook, which has also suspended Trump at least through the end of his term, were down 2.9% at the same time.