CNBC host Jim Cramer offered a dire warning to Twitter on Monday amid the consequences of the tech giant’s decision to ban President Trump from the social media platform.
Squawk on the Street co-anchor Carl Quintanilla pointed out on Monday morning that Twitter was the only major company whose stock price fell substantially during the pre-market, losing more than 7% of its value after the expulsion of the president on Friday. (Twitter’s stock price fell 6.41% as the market closed on Monday.)
Cramer responded by explaining how important Trump has become to the social media company since he became president.
“I think a lot of people literally knew that the president was the most important person and that you would have to continue to check on him,” Cramer told Quintanilla. “And then you would have to check on the people who talk about it. You just had this endless wave, this web that the President created, and it was action and reaction.”
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Cramer said the “surprise factor” that Trump represented for Twitter “is over.” The CNBC star suggested that he didn’t check the platform as urgently as he used to since the president’s forced departure.
“I believe that, Carl, Twitter has to come up with a new thesis very, very quickly because I think they always – they never talked about Trump’s power to bring people in,” Cramer continued. “I’m telling you what [@]realDonaldTrump was a great Twitter seller. “
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Following Trump’s brief suspension following the violence that occurred on Capitol Hill on Wednesday, Twitter announced late on Friday that the president will no longer be able to tweet.
“After careful analysis of recent tweets from the @realDonaldTrump account and the context around them – specifically how they are being received and interpreted on and off Twitter – we have permanently suspended the account due to the risk of further incitement to violence,” says the company wrote in a blog post.