Twitter and Facebook stocks both seem to be shrugging off a fine from the government of Turkey.
We would like to get a pullback in Facebook and Twitter stocks for a potential entry now that it looks like Biden is going to win the election.
Twitter (TWTR), Facebook (FB), Instagram, Periscope, and TikTok are being fined in Turkey for failing to comply with a new law that civil-rights activists have criticized as an attempt to stifle dissent, the Wall Street Journal’s David Gauthier-Villars reports. Omer Fatih Sayan, the country’s deputy minister of transportation and infrastructure, said the platforms have each been fined 10M Turkish lira, or $1.2M, for failing to meet a November 2 deadline to appoint a country representative, the author says. The new law, which was adopted several months ago and become effective in October, gives the Turkish government more power to police online content, the author notes. The Fly notes that Oracle (ORCL) and Walmart (WMT) have agreed to take stakes in TikTok Global, a newly created U.S. company that will own most of the app’s operations worldwide. Source: https://www.wsj.com/articles/twitter-facebook-fined-by-turkey-for-breaching-law-aimed-at-curbing-dissent-11604501440