Twitter stock fell on Monday after the tech giant permanently banned President Trump.
The stocks fell by as much as 12% on Monday morning, with $5 billion wiped from the company’s market capitalization.
Twitter permanently banned Trump on Friday, saying his rhetoric posed a “risk of further incitement of violence” after protesters stormed the Capitol last Wednesday.
Trump had 88 million Twitter followers and was known for years to use the platform on a daily basis. He is the first head of state to be banned from the platform.
Business Insider reported that stocks likely fell on Monday due to investors fearing the ban on Trump would spark a loss of interest from other users.
The ban led to an influx of Trump supporters and conservatives flocking to alternative social media platforms, such as Parler and Gab.
Parler, however, faced pushback from other tech companies, including Amazon, Google, and Apple, that pulled the app from their platforms.
"We are the closest thing to competition Facebook or Twitter has seen in many years. I believe Amazon, Google, Apple worked together to try and ensure they don't have competition," Parler CEO John Matze said Saturday evening.
"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.