In a recent development, former President Donald Trump once again targeted Facebook, calling it the “enemy of humanity.” The comments shocked Wall Street and caused shares of Facebook parent company Meta Platforms (META) to fall 4% on Monday. In the media, particularly on Social Truth, he reiterated his displeasure with Facebook, calling it the “real enemy of the people”. Meta’s market cap has fallen by more than $60 billion since Trump launched his campaign last Thursday.
Analysts believe that Trump’s speech directly affected Meta’s shares and that there was no other important news that would cause sales. “This has a lot to do with President Trump’s comments. Facebook has faced a wave of political controversy; that’s not a good sign for them,” said Prosecutor Davidson analyst Gil Luria.
Trump’s recent attack on TikTok has added a new dimension to his criticism of Facebook. Now he is fighting to ban TikTok, arguing that banning the popular social media would benefit Facebook. The change in practice is cause for concern, especially given Trump’s history with Facebook.
Facebook had previously banned Trump for two years following the Capitol attack on January 6, 2021, but Meta reactivated his account in February 2023. Trump stated that he did not believe in Facebook’s impact on the elections and said: “I think Facebook is very bad for our country, especially when it comes to elections.”
Business people said that Trump’s comments were for Meta He sees it as potentially leading to greater scrutiny and regulatory competition. Luria expressed concern that Trump’s election could make it harder for Meta to achieve the future that is important for its growth.
Although Trump has criticized Facebook, he continues to work on social media through platforms like True Social. The recent approval of a joint venture between Trump’s media and technology group and a freelance auditing firm could further strengthen Trump’s standing in the media space.
As the situation unfolds and uncertainty remains about Meta’s future and its role in politics and media, Trump’s comments add new complexity to the ongoing debate over Facebook’s power.