Facebook shares gain ground during morning session
Donald Trump will remain banned from Facebook (NASDAQ:FB) after an independent oversight board ruling.
The decision means the former US president will be without a major communication tool for the time being, as the company will review its ruling in the next six months, the panel concluded.
Just over four months ago the social media company gave Trump an indefinite ban as it feared he could incite further violence and civil unrest in the aftermath of the US Capitol Building being stormed by protesters on January 6.
“We believe the risks of allowing the president to continue to use our service during this period are simply too great,” Facebook CEO Mark Zuckerberg commented at the time.
Later in January, the month that the storming of the capital building occurred, Facebook requested an appointed oversight board to review the ban, in addition to making further recommendations about how the platform should treat rule-breaking continent from prominent politicians.
The board confirmed on Wednesday that it had upheld its decision to restrict Trump’s account it added that Zuckerberg’s decision to ban the former president “indefinitely” was an “indeterminate and standardless penalty”.
It added: “The Board insists that Facebook review this matter to determine and justify a proportionate response that is consistent with the rules that are applied to other users of its platform. Facebook must complete its review of this matter within six months of the date of this decision.”
The Facebook share price is up by 0.26% during the morning session to $319.17 as investors appear to have welcomed thee news. It followed days of consecutive falls in the company’s value as tech stocks were sold-off on mass.
Former deputy prime minister and current Facebook vice-president of global affairs and communications, Nick Clegg, reiterated that the company’s decision was the correct one: “We’re pleased the board has recognised that the unprecedented circumstances justified the exceptional measure we took.”