Before we get into what drives markets, let’s take a look at what happened over the weekend.
Twitter (TWTR) – Request report followed in the footsteps of Facebook (FB) – Request report, Instagram, Snapchat (SNAP) – Request report, and others by permanently suspending President Donald Trump’s account this weekend.
Twitter announced its decision late Friday, citing concerns that the president’s accounts could be used to incite more violence following a rally in Washington DC where Trump continued to claim unproven concerns about electoral fraud among those in attendance. After the meeting, a crowd stormed the Capitol, resulting in the deaths of at least five people, including a Capitol police officer.
Live at 10:30 a.m. ET, Jim Cramer and Katherine Ross talk about social media stocks, bitcoin, President Trump, and everything that moves the stock market Jan. 11:
“After carefully reviewing recent Tweets from the @ realDonaldTrump account and the context surrounding it, we have permanently suspended the account due to the risk of further incitement to violence,” Twitter said in a statement.
However, the move has put a strain on social media stocks as investors sell after the decision.
The riot at the Capitol has sparked calls from Democrats and Republicans alike for Vice President Mike Pence to invoke the 25th Amendment, which would allow the cabinet and Vice President to remove President Trump from office.
If the amendment is not invoked, House Speaker Nancy Pelosi has threatened to impeach the president a second time in his term. On Sunday, Pelosi told House Democrats that an impeachment vote could take place this week, with just nine days left for the inauguration of President-elect Biden.
And then there is Bitcoin.
Bitcoin’s two-day decline, which caused the cryptocurrency to lose about $ 10,000 at its lows, is its worst drop since March.
Bitcoin hit $ 42,000 on Friday – a record high.
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