Let’s break down what happened over the weekend before we dig into what’s driving markets.
Twitter (TWTR) – Get Report followed in the footsteps of Facebook (FB) – Get Report, Instagram, Snapchat (SNAP) – Get Report, and others by suspending President Donald Trump’s account permanently over the weekend.
Twitter announced its decision late Friday, citing concerns the President’s accounts could be used to incite more violence following a rally in Washington D.C., where Trump continued to claim unproven election fraud concerns to attendees. Following the rally, a mob stormed the Capitol, which led to 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 social media stocks, bitcoin, President Trump and everything moving the stock market Jan. 11:
“After close review of recent Tweets from the @realDonaldTrump account and the context around them we have permanently suspended the account due to the risk of further incitement of violence,” Twitter said in a statement.
The move has, however, put pressure on the social media stocks as investors sell following the decision.
The riot at the Capitol has led to calls from both Democrats and Republicans for Vice President Mike Pence to invoke the 25th Amendment, where the Cabinet and the VP could remove President Trump from office.
If the Amendment isn’t invoked, House Speaker Nancy Pelosi has threatened to impeach the President for the second time in his single term administration. On Sunday, Pelosi told House Democrats that an impeachment vote could take place this week, with just nine days left before the inauguration of President-elect Biden.
And then there’s Bitcoin.
Bitcoin’s two-day drop, which saw the cryptocurrency lose about $10,000 at its lows, is the worst drop since March.
Bitcoin, on Friday, hit $42,000–a record high.
Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer’s exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.