On Monday, social media stocks were under pressure after banning President Donald Trump’s accounts following last week’s siege on Capitol Hill. Twitter said the platform was permanently banning the outgoing President, while Facebook said it was indefinitely banning Trump. Yahoo Finance’s Alexis Keenan breaks down the latest.

Video Transcript

ALEXIS KEENAN: So yes, so I'll pick it up from there. President Trump banned from Twitter. That account was banned first on Wednesday temporarily and then later again on Friday. Facebook also banning Trump's accounts from posting for two weeks. Now, in addition, growing bans against right-wing platform really, Parler suspended on Saturday after those moves against Trump.

Apple, the app store, their app store as well as Amazon's web hosting service banning Parler this weekend. Amazon shutting that down late last night on Sunday. Google also-- it's app store banning the platform on Friday. Now this growing list you can see is not just related to those major companies Apple, Amazon, and Google, Facebook, and Twitter also Reddit, tWitch, Spotify, YouTube, Instagram, Stripe, and TikTok either shutting down or restricting Trump, and now Parler.

These moves, though, are generally based on claims that Parler and Trump violated their terms of service, particularly inciting violence. Now Reuters is reporting that Apple and Google offered Parler 24-hours to develop a remediation plan is what they called it. Amazon called Parler a very real risk to public safety. Now critics, though, say that those suspension efforts by these social media companies really shouldn't be celebrated at this point. That for years they've been profiting off of President Trump's similar tweets and his huge following on social media.

And when you look at, as for Twitter, the actual Trump tweets that supposedly offended and were kind of the last straw for the company oddly one of them said that he wouldn't attend the inauguration and another said that those who voted for him will have a giant voice long into the future.

So legally, of course, these private companies can choose to ban or allow what they want and who they want on their platforms. That's, of course, under that controversial law, section 230 of the Communications Decency Act, that allows any website to really have a legal shield for users' posts, even if those posts are things like terrorist recruitment videos, which we've seen in the past, hate speech. So critics are not really thinking that this move is really the best one. Maybe a little too little too late. Julie?