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Data: FactSet; Chart: Axios Visuals

Twitter shares fell by as much as 12% on Monday after the company announced it had permanently banned President Trump's account.

Between the lines: While many were quick to say the decline was blowback for the company's decision, the performance of other social media companies' stock prices suggests there's more to the story.

On the other side: Snapchat banned the president's account on Wednesday and has seen its stock price jump since, gaining 5.3% on Thursday, 0.6% on Friday and another 3% on Monday.

  • Since banning Trump from its platform Snapchat shares are up 9.2%.
  • Twitter's shares have fallen 9.5% over the same time period, despite not announcing a ban on Trump until Friday after the market closed.
  • Facebook's stock price has declined by about 2.5% during that period, but gained 2.1% on the day it announced it was banning Trump for at least the remainder of his time in office.

The big picture: Twitter's shares have been in decline since hitting a record high of $55.87 on Dec. 18.

  • Still, over the last year Twitter stock has risen by 47%.
  • Facebook's stock has gained around 20%, trailing the overall market.
  • Snapchat is up by 212%, almost entirely since announcing spectacular and unexpected earnings growth last year.

Go deeper

Robinhood has a stacked policy team — and it's going to need it

Photo Illustration: Justin Sullivan/Getty Images

The stock-trading app Robinhood has an arsenal of political power brokers it can deploy on its behalf as it faces congressional inquiries over its role in an internet-fueled market manipulation frenzy.

Why it matters: The populist, discount trading platform is going to need that firepower because its decision to suspend trading of stock in GameStop and a number of other companies on Thursday has sparked criticism and promised inquiries from both sides of the aisle.

App rush: Talent over trash

Data: Knight First Amendment Institute at Columbia University. Chart: Michelle McGhee/Axios

Amid the sea of pollution on social media, another class of apps is soaring in popularity: The creators are paid, putting a premium on talent instead of just noise.

The big picture: Creator-economy platforms like Patreon, Substack and OnlyFans are built around content makers who are paid. It's a contrast to platforms like Facebook that are mostly powered by everyday users’ unpaid posts and interactions.

Jan 29, 2021 - Technology

Big Tech is outsourcing its hardest content moderation decisions

Illustration: Aïda Amer/Axios

Faced with the increasingly daunting task of consistent content moderation at scale, Big Tech companies are tossing their hardest decisions to outsiders, hoping to deflect some of the pressure they face for how they govern their platforms.

Why it matters: Every policy change, enforcement action or lack thereof prompts accusations that platforms like Facebook and Twitter are making politically motivated decisions to either be too lax or too harsh. Ceding responsibility to others outside the company may be the future of content moderation if it works.

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