- Twitter’s stock price tumbled as much as 12% on Monday, erasing $5 billion from its market capitalization.
- The tumble followed the social-media group’s permanent suspension of President Donald Trump’s account on Friday.
- “After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said.
- Trump, who had about 88 million followers, generated enormous publicity for the platform with his controversial and incendiary tweets over the past six years.
Twitter announced on Wednesday its financial results for the fiscal year 2020, saying it recorded a net loss of $1.136 billion against net income a year earlier.
“2020 net loss was $1.14 billion, representing a net margin of -31 percent and diluted EPS [earnings per share – Ed.] of -$1.44. This compares to 2019 net income of $1.47 billion, representing a net margin of 42 percent and diluted EPS of $1.87.”