Donald Trump is poised to sign an executive order on social-media companies Thursday, escalating his war on Twitter Inc., although it remains unclear what it will entail.
A White House spokesperson confirmed the order late Wednesday, a day after Twitter (TWTR) issued its first fact-checking warning label to some of his tweets.
In a series of tweets Wednesday, Trump threatened to “regulate” or even “close” social-media platforms.
Twitter shares were down 2.6% in after-hours trading, while Facebook and Snap were down less than 1%.
Speculation centered on whether Trump would push for new legislation or pressure U.S. regulators to sue the companies. Facebook and Google parent Alphabet Inc. (GOOGL)(GOOG) are currently under investigation by the Federal Trade Commission and Department of Justice, respectively, for possibly violating antitrust law.
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Donald Trump is poised to sign an executive order on social-media companies Thursday, escalating his war on Twitter Inc., although it remains unclear what it will entail.
A White House spokesperson confirmed the order late Wednesday, a day after Twitter (TWTR) issued its first fact-checking warning label to some of his tweets.
In a series of tweets Wednesday, Trump threatened to “regulate” or even “close” social-media platforms.
Twitter shares were down 2.6% in after-hours trading, while Facebook and Snap were down less than 1%.
Speculation centered on whether Trump would push for new legislation or pressure U.S. regulators to sue the companies. Facebook and Google parent Alphabet Inc. (GOOGL)(GOOG) are currently under investigation by the Federal Trade Commission and Department of Justice, respectively, for possibly violating antitrust law.