{"id":152467,"date":"2021-01-11T23:56:58","date_gmt":"2021-01-11T20:56:58","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/big-tech-stocks-plunge-as-backlash-against-silicon-valley-grows\/"},"modified":"2021-01-11T23:56:58","modified_gmt":"2021-01-11T20:56:58","slug":"big-tech-stocks-plunge-as-backlash-against-silicon-valley-grows","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/big-tech-stocks-plunge-as-backlash-against-silicon-valley-grows\/","title":{"rendered":"#Big Tech stocks plunge as backlash against Silicon Valley grows"},"content":{"rendered":"

“#Big Tech stocks plunge as backlash against Silicon Valley grows<\/strong>”
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Big Tech stocks tumbled Monday amid a growing backlash against Silicon Valley\u2019s crackdown on President Trump and his supporters.<\/p>\n

Twitter<\/a> shares plunged as much as 12 percent to $45.17 in the first trading session after it\u00a0booted Trump from the platform\u00a0on Friday, saying his account posed a \u201crisk of further incitement of violence\u201d after his supporters stormed the US Capitol on Wednesday.<\/p>\n

The stock pared the losses and was down 6.6 percent at $48.07 as of 3:20 p.m.<\/p>\n

Twitter\u2019s move against the outgoing president \u2014\u00a0whose account had more than 88 million followers \u2014 was the first permanent suspension for a head of state, and it\u2019s likely to spark furious debate about the role tech companies play in regulating speech.<\/p>\n

It may also hurt Twitter\u2019s user base as Trump supporters and right-wing activists pledged to boycott the company\u2019s blockbuster decision while Republican lawmakers pushed for regulatory changes.<\/p>\n

\u201cA lot of this is fueled by emotion,\u201d CFRA Research analyst John Freeman told The Post.<\/p>\n

The drop in Twitter\u2019s share price was driven by \u201cpeople who want to dump Twitter at any price because they just don\u2019t like it anymore,\u201d he added. \u201cIt\u2019s more people not wanting it in their portfolios for non-rational, non-economic reasons.\u201d<\/p>\n

Twitter\u2019s move to sanction Trump came a day after Facebook banned the president from posting to his page with 35 million followers for the final two weeks of his term.<\/p>\n

Chief operating officer Sheryl Sandberg told a Reuters conference Monday that Facebook wasn\u2019t planning to lift the ban on Trump\u2019s accounts, adding that he could app<\/a>eal the decision through the company\u2019s oversight board.<\/p>\n

Meanwhile, fledgling Twitter rival Parler slapped Amazon\u2019s cloud-computing business with a lawsuit after it booted the controversial social network from its servers, forcing it to go dark. Amazon shares slid as much as 2 percent Monday.<\/p>\n

Both Twitter and Facebook \u2014 whose stock dropped as much as 4.3 percent \u2014 cited the risk that Trump\u2019s posts could incite further violence. Twitter specifically said were plans in the works for more armed protests, \u201cincluding a proposed secondary attack on the US Capitol and state capitol buildings on January 17, 2021.\u201d<\/p>\n

But Republicans who contend Twitter went too far have called for for reforms to Section 230 of the Communications Decency Act, which shields social networks from legal liability for their users\u2019 posts.<\/p>\n

Democratic lawmakers poised to take control of Congress this month are also reportedly\u00a0looking to crack down on Twitter\u00a0and other social-media giants over their roles in the deadly Capitol riots.<\/p>\n

\u201cThe danger [for Big Tech] is that maybe those two sides meet in the middle and this is the one thing they can agree on,\u201d Freeman said.<\/p>\n

The use of social media to organize such violent uprisings could also lead Twitter and other firms to ramp up their content moderation efforts \u2014 which could come with increased costs.<\/p>\n

\u201cIncremental moderation may be welcome but it\u2019s not cheap and could benefit Facebook that already [employs] a moderation army [around six times] larger than Twitter\u2019s workforce,\u201d Bernstein analysts wrote in a research note.<\/p>\n

With Post wires<\/em>\n <\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Big Tech stocks plunge as backlash against Silicon Valley grows” Big Tech stocks tumbled Monday amid a growing backlash against Silicon Valley\u2019s crackdown on President Trump and his supporters. Twitter shares plunged as much as 12 percent to $45.17 in the first trading session after it\u00a0booted Trump from the platform\u00a0on Friday, saying his account posed…<\/p>\n","protected":false},"author":1,"featured_media":152468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/tech-stocks-decline.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[89048,2758,70359,4965,10401,70360],"class_list":["post-152467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-11-21","tag-amazon","tag-stocks","tag-technology","tag-twitter","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/152467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=152467"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/152467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/152468"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=152467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=152467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=152467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}