Meta’s stock price falls after President Trump calls Facebook an ‘enemy of the people’

Metaplatform shares fell Monday after former President Trump labeled Facebook an “enemy of the people” earlier in the day.

Shares in Facebook parent company Meta fell about 4.5% to just under $484 after President Trump’s Monday interview on CNBC’s “Squawk Box.” Forbes reported that this was Meta’s lowest closing since last July.

President Trump has strengthened his opposition to a ban on the video-sharing platform TikTok in the United States, which Congress is expected to enact this week. He said in an interview that Facebook will “become even bigger” if TikTok is no longer allowed in the United States.

“Frankly, there’s a lot of people who love TikTok. There’s a lot of young kids on TikTok who would be hooked without it. There’s a lot of users,” President Trump said in an interview Monday. Told.

“There’s a lot of good and bad about TikTok. But what I don’t like is that Facebook can be big without TikTok. And I think Facebook, along with the media, is the enemy of the people.” added Trump.

The House of Representatives is expected to vote this week on a bill that would force TikTok’s China-based parent company ByteDance to sell the video app or face a ban on the platform in the United States. Mr. Gallagher (R-Wis.) and Mr. Raja Krishnamoorthi (D-Ill.) on Thursday received unanimous support to run from the House Energy and Commerce Committee.

President Trump signaled his opposition to the bill last week, even though he supported banning video-sharing platforms during his time in office.

“If you take out TikTok, Facebook and Zuckerschmuck’s business will double,” Trump said Friday on Truth Social, referring to Meta CEO Mark Zuckerberg. Ta. “Facebook cheated in the last election and I don’t want them to do better. They are the true enemy of the people!”

CNN reported that Meta’s stock price also fell 1.2% on Friday following Trump’s post.

The Hill has reached out to Mehta for comment.