In a trading session on Monday, Twitter, Inc. (TWTR) has lost -6.41% to $48.18, since its decision to block Donald Trump’s account. The permanent suspension of the Twitter account of the outgoing president, decided by the social network last Friday, reignites the discussion on the role of social networks in democracy and revives concerns of strengthened social network control.
Facebook, Inc. (FB) was also at a loss of -4.01% to $256.84 on the stock exchange which also suspended Trump’s account for an undetermined amount of time, while Jefferies made the case for the Internet sector’s preferred wide market capitalization for 2021. As such, despite the impressive outperformance of recent months, Facebook replaces Amazon, the analyst’s former belief, but remains vigilant about the partition.
Shares of Alphabet Inc. (GOOGL) plummet -2.31% to $1756.29 as it removed the conservative chat app, Parler, from its platform, as did Apple Inc. (AAPL) following the prevalence of hate messages on their networks. Apple’s stock got a hit of -2.32% after the removal of that app, closing Monday session at $128.98. The software on its hosting site was also removed by Amazon.com, Inc. (AMZN) that resulted in the loss of -2.15% to $3114.21 for the tech giant. On Monday, Parler announced it had filed a lawsuit against Amazon.
Tesla, Inc. (TSLA) was down -7.82% to $811.19 on Monday. Tesla was the target of profit-taking, after a string of 11 uninterrupted sessions of profits, which retained the record-breaking tag, making boss Elon Musk the richest man in the world ahead of Jeff Bezos (Amazon). Following the stock rally and the announcement of fourth-quarter deliveries (180,750 units for an annual total of close to 500,000), Bank of America boosted its price target on Tesla from $500 to $. BofA believes that “the stock of Tesla is powered by valuation-enabled growth.” The analyst retained its ‘neutral’ view, however.