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Once again, ex-President Donald Trump is causing concerns on Wall Street for Meta Platforms, the owner of Facebook. The company’s stocks dropped about 4% after Trump criticized Facebook as “an enemy of the people.” This came after a similar 1.2% dip on Friday when Trump called Facebook a “true Enemy of the People!” on Truth Social.

Since Thursday, Meta’s market value has fallen by over $60 billion due to Trump’s comments. The drop doesn’t seem related to any specific news, except for the criticism from the former president.

Trump changed his stance on TikTok last week, opposing the ban many in Congress support. He believes banning TikTok would benefit Facebook, a company he has a history of conflicts with. Trump stated on CNBC that he sees Facebook as an “enemy of the people” and expressed his dislike for the company.

Facebook had banned Trump for two years after the Capitol riot in January 2021, but his accounts were reinstated by Meta in February 2023. Trump accuses Facebook of dishonesty and being harmful to the country, especially in elections.

Investors are reacting to Trump’s attacks, with Meta shares dropping about 5% at one point on Monday. Analysts like Gil Luria from D.A. Davidson are concerned that Trump’s comments could make Facebook a target in Washington once again, potentially affecting the company’s ability to make future acquisitions.

Luria suggests that if Trump were elected president again, he might make it harder for Meta to make acquisitions, impacting the company’s competitiveness. Trump’s recent involvement in social media and the potential approval of the Truth Social merger further complicate the situation.

The House is expected to vote on a bill this week that gives TikTok five months to separate from its Chinese parent company. President Biden is ready to sign the bill into law if it passes Congress.

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