Twitter stocks dropped by as much as 12 percent Monday after permanently deleting Trump's account

The stock declined resulted in the social media giant losing $5 billion in market capitalization

Published: January 11, 2021 4:21pm

Updated: January 11, 2021 5:10pm

Twitter stock fell by as much as 12% on Monday after the social-media company permanently suspended President Trump's account on Friday evening. The stocks dropped 6.4% at the close of trading

The declined resulted in the social media giant losing $5 billion in market capitalization, according to Market Insider.

Twitter has since Trump took office in 2016 flagged the president's tweets over concerns about their content. However, the company temporarily suspended his official presidential account after the supporters on Wednesday stormed the U.S. Capitol Building. Twitter permanently banned Trump for a tweet he post after the 24-hour ban last week was lifted.

Trump had 88 million Twitter followers. The decision to ban Trump has been met with opposition from fellow Republicans, First Amendment advocates, Germany Chancellor Angela Merkel – and now investors.