News

Twitter Joins Facebook In Massive Share Price Drop

In the last 24 hours, Facebook has seen a massive drop in the share price. This had let the company effectively losing around $120BN in just 1 day. With the data issues and hate groups plaguing the social media platforms social standing though, it’s another bad news story they didn’t need. A massive ‘stagnation’ of new users has led to the big drop in the share price and it seems that Twitter has the exact same problem.

In a report via the BBC, Twitter shares have also fallen by around 18% as monthly user figures start to decline.

Twitter Struggling As Well

I must admit, this surprised me. I had always assumed that while Facebook was struggling, Twitter was picking up the slack. In other words, their little blue bird mascot was pecking up all the crumbs that Facebook was shedding. It seems though that Twitter is struggling just as much as Facebook to get members or, indeed, keep them.

The drop in users may be due to the social media site starting a purge on fake/political accounts. A move that has already seen several hundred thousands of accounts dropped. It would, however, be a sad turn if this lost traffic were simply bots. Despite this seemingly bad news, amazingly though the company has reported good profits for the period!

Record Quarterly Profits

It seems that despite the drop in users or traffic, they are still making money and more than ever. The social media site has reported the highest quarterly profits on record. While they might be struggling on the stock markets, it still seems that Twitter still pulls in a lot of money.

What do you think? Which social media platform/s do you use? Did you leave one to join another? – Let us know in the comments!