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Twitter shares slump and a further decline is expected with the opening of the US market

11 Jan 2021 01:10 PM

Twitter shares listed on the German Stock Exchange fell 8% on the first trading day, following Twitter's decision to permanently suspend US President Donald Trump's account last Friday.

Twitter commented on the reason for the suspension of Trump's account, which has more than 88 million followers, stating that the risks included more incitement to violence, following the storming of the US Capitol building last Wednesday.

The shares of the social media company in the United States fell by 8% in weak trading in the premarket this morning.

Trump commented on the suspension of his Twitter account, stressing that this measure will not make him silent, saying: "I expected this to happen", and he also added that he is considering creating a private platform in the near future, describing Twitter as a platform for left-wing extremists.

The stock is trading at $51.31 levels, about two dollars lower from its highest levels since April 2015 at $53.50, and the stock will face resistance at the $51.59 level that may push the stock back to $50 levels, which is the most likely scenario, but if prices exceed the level of $51.59, we may see it return to $52.50 levels, and then $53.60.

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