Meta drops 5% as Trump slams Facebook - Breaking The News

Meta drops 5% as Trump slams Facebook

11 March

1 min read

EPA-EFE/JOHN G. MABANGLO

Meta Platforms Inc. plunged over 5% during Monday's trading session after former United States President Donald Trump labeled Facebook as "enemy of the people."

In an interview with CNBC, Trump said that the planned ban of Chinese social network TikTok in the US would only give more power to Meta's Facebook. "I'm not looking to make Facebook double the size, and if you ban TikTok, Facebook and others, but mostly Facebook, will be a big beneficiary," he noted. In January 2021, Facebook suspended Trump's official account as a result of the Capitol riots, during which hundreds of his supporters attempted to stop the certification of the 2020 election results.

Meta's stock dropped 5.20% at 9:59 am ET, selling for $476.6500 apiece.

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