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Bad news for Twitter.
Twitter stock tumbled 25% amid their spat with the Indian government.
On February 26th the stock price was $80.75.
On June 16th Twitter stock closed at $59.93.
This represents a $13.87 billion dollar loss in Market Cap for Twitter.
Twitter stock slips 25% from 52-week high amid violation of Indian IT rules https://t.co/EnasaCU56A
— Jack Posobiec 🇺🇸 (@JackPosobiec) June 17, 2021
Shares of social networking service Twitter have taken a hit amid the tussle with Indian government over the new IT rules. Modi government’s decision to tame the networking site accused of spreading fake news has stemmed a rally in the NYSE-listed stock.
On June 16, the networking site lost its intermediary status in India, after government said it gave Twitter multiple opportunities to comply with the new IT rules. The stock closed at $59.93 on Wednesday, down 0.50% on NYSE. Market cap of the firm fell $0.43 billion to $47.64 against the market cap of $48.07 billion in the previous session.
The stock stood at $59.93 today, a decline of 25.78% after touching a 52-week high of $80.75 on February 26.
Since February 26, the firm has lost $13.87 billion or 22.54% in market cap till date.
Shares of Twitter Inc. TWTR, +0.29% slumped 0.50% to $59.93 Wednesday, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX, -0.17% falling 0.54% to 4,223.70 and Dow Jones Industrial Average DJIA, -0.47% falling 0.77% to 34,033.67. This was the stock’s second consecutive day of losses. Twitter Inc. closed $20.82 below its 52-week high ($80.75), which the company reached on February 25th.
The stock demonstrated a mixed performance when compared to some of its competitors Wednesday, as Microsoft Corp. MSFT, +0.10% fell 0.38% to $257.38, Alphabet Inc. Cl A GOOGL, +0.56% fell 0.53% to $2,415.45, and Facebook Inc. Cl A FB, +0.54% fell 1.68% to $331.08. Trading volume (9.3 M) remained 8.3 million below its 50-day average volume of 17.6 M.
Twitter’s stock may recover but governments worldwide have begun taking on Twitter.
Nigeria banned Twitter after they banned their president.
Trump responded to this by calling for more countries to ban it:
Once Trump’s social media platform launches, Twitter will be in deep, deep trouble.
The Palmieri Report is a Pro-America News Outlet founded by Jacob Palmieri four years ago at the age of 19. Since its founding, it has gotten over 2M pages views and over 20k followers. The Palmieri Report is dedicated to giving people the truth so that they can form their own informed political opinions.
