Facebook and Twitter shares fall as Trump targets social media
US President Donald Trump is going to battle against Twitter and Facebook — a move that could weigh on companies whose shares have so far outperformed during the pandemic, CNN reported.
Trump announced an executive order targeting social media companies on Thursday after Twitter applied a fact-check to two of Trump’s tweets, including one that falsely claimed mail-in ballots would lead to widespread voter fraud.
Trump then accused the social media company of censorship, warning that if it continued to tag his messages, he would use the power of the federal government to rein it in or even shut it down.
Twitter shares closed down 2.8% and are off another 3% in premarket trading. Facebook shares dropped 1.3% Wednesday and are down another 1.5% in premarket trading Thursday.