Shares of Twitter took a nosedive in early trading Monday, coming after the social network permanently banned Donald Trump — perhaps its highest-profile user.

Twitter’s stock dropped more than 11% at the open on Jan. 11, amid a smaller decline in the broader market. Facebook shares were down 4%.

Investors view the booting of Trump, along with the removal of other right-wing accounts, as a potential drag on Twitter’s user growth going into 2021. On Friday afternoon, Twitter issued a permanent ban on Trump, citing his repeated violation of the rules and risks that the outgoing president could incite further violence after the deadly riot at the U.S. Capitol on Jan. 6.

Just as media investors were quick to short Fox Corp.’s stock post-election over fears Fox News Channel will suffer lower viewership after Trump’s loss, Twitter is similarly at risk, MoffettNathanson senior analyst Michael Nathanson suggested in a research note Monday.

Twitter’s daily active users in the U.S. “are still very small and at risk of stalling” with Trump’s exile from the platform, Nathanson wrote. “We have always wondered how much of Twitter’s growth came from the ‘Trump Bump’… Now we will find out.”

Twitter’s stock climbed in the fourth quarter of 2020 over an expected bump in 2021 brand advertising, and the return of events like the Tokyo Summer Olympics and the NCAA men’s basketball championship, Nathanson noted. But at the same time the company faces increased regulatory risks, and Twitter continues to trail competitors like Facebook in monetizing its user base, the analyst wrote.

Twitter is scheduled to report Q4 2020 results on Feb. 9 after the market closes.

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