Facebook stocks have plunged to their lowest point ever following the social media giant’s crackdown on conservative voices.
Their stock dropped a whopping 24% on Wednesday as millions of users were found to have abandoned the platform over censorship concerns.
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The tech-heavy Nasdaq was set for a big down day Thursday after disappointing quarterly results from Facebook sent the social media giant hurtling toward its biggest share price decline ever and on track to lose more than $125 billion in market value.
The Invesco QQQ Trust, which tracks the Nasdaq 100 index and can give traders a good idea of how the Nasdaq stocks will trade, was down more than 2 percent at one point in after-hours trading Wednesday. At last count, the ETF was off by about 1.5 percent. Nasdaq futures opened lower Wednesday evening, off by about 0.8 percent. Facebook lost more than a fifth of its value after hours.
Big technology stocks other than Facebook felt the collateral damage as investors fled the sector. Apple lost about 1 percent. Facebook’s “FANG” brethren were also lower. Amazon, which reports after the bell Thursday, lost 2.3 percent. Netflix, which disappointed FANG investors with its own set of weak results earlier this earnings season, shed about 3 percent in after-hours.
Google parent Alphabet fell 2.4 percent.
The stock plunge follows a study released Monday that confirmed that Facebook is deliberately silencing conservative voices at a staggering scale.
Thegatewaypundit.com reports: In 2017 Harvard and Columbia Journalism Review found that The Gateway Pundit was the 4th most influential conservative news source in the 2016 election.
Because of this we were targeted and have seen our numbers related to Facebook and Twitter decline dramatically.
In every single Facebook category our numbers are down. In page visits our numbers were skyrocketing before the election. Then in three distinct periods our numbers were cut off.
This had nothing to do with the quality of our posts as we have proof that our generic numbers are up and and continue to increase.
In all statistical categories provided to us by Facebook our current numbers are below linear projections of where we should be.
In February Facebook launched another algorithm change to their platform. With the changes we saw our traffic dwindle even further.
We weren’t the only ones to be affected. The algorithmic change caused President Donald Trump’s engagement on Facebook posts to plummet a whopping 45%.
In contrast, according to Breitbart’s Allum Bokhari, Senators Elizabeth Warren (D-MA) and Bernie Sanders (I-VT) do not appear to have suffered a comparable decline in Facebook engagement.
This is a criminal act. Facebook took our money for advertising and promised a fair playing field. Facebook lied to us and every conservative group in America.
Today despite the fact that we have 635,000 Gateway Pundit Facebook fans. We receive almost nothing from Facebook.
Facebook is doing this to a number of top conservative sites we are in contact with.
A recent Pew Study found that 71% of Americans see how tech giants are censoring political content.
And now this…
A Gateway Pundit June study of top conservative news outlets found that Facebook has eliminated 93% of traffic to top conservative websites.
Facebook began eliminating conservative content after the 2016 election.
Here are the full results from our study.
We have another study on Facebook censorship coming out in July.
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