CNBC’s Jim Cramer Warns Twitter Could Be in Trouble as Stock Plummets: After Trump Ban, They Need a New Draw ‘Very, Very Quickly’


Twitter shares dropped significantly on Monday after the company permanently suspended President Donald Trump’s account — prompting CNBC’s Jim Cramer to urge the platform to find a new attraction “very, very quickly.”

Twitter shares sank nearly 10 percent right at the bell in the first trading session since the president lost access to his account, which Cramer blamed on the “endless wave” of content the company sacrificed. The stock has since made somewhat of a comeback, but as of this writing, is still down more than five percent for the day.

The platform barred the president after tweets he made following the violent pro-Trump mob’s attack on the U.S. Capitol, saying in a statement, “We have permanently suspended the account due to the risk of further incitement of violence.”

“I think that there are a lot of people who literally knew that the president was the most important person, and you had to keep checking him, and then you had to check people who talked about him,” Cramer said. “And you just had this endless wave, this web that the president created, and then it was like action and reaction, so I think that the surprise factor of going to Twitter, which was of course the president, is gone!”

Cramer admitted that he’s even checked his Twitter feed less now that Trump has been banned from the platform, noting that his attention has since moved to sports.

“Twitter’s got to come up with a new thesis very, very quickly because I think they always, they never talked about the power of Trump in bringing in people,” he added. “I am telling you the real Donald Trump was a great sales person for Twitter.”

Other social media companies that suspended Trump also traded lower on Monday. Facebook, which also indefinitely banned the president, was down roughly two percent, while Snap and Pinterest each traded around 1.5 percent lower.

Watch above, via CNBC.

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