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Biden, Joe

Twitter and Facebook to Hand Over Digital Keys to President-Elect Joe Biden

Strategic Insights

— 2 min read

As President-elect Joe Biden prepares to take office on January 20, Twitter and Facebook are set to transfer the digital keys to the @POTUS handle and other official social media accounts, paving the way for Biden to take control of the nation's online presence. The transfer will occur even as President Donald Trump continues to reject the results of the election. The social media giants have said they are working with the National Archives and Records to ensure a seamless transition.

Key Takeaways:

  • Twitter will transfer the @POTUS handle, as well as accounts for the White House, vice president, and first lady, to President-elect Joe Biden on January 20.
  • The transfer will be done in consultation with the National Archives and Records, as was the case during the 2017 presidential transition.
  • Facebook expects a "seamless" transition of the relevant Facebook and Instagram accounts to the new administration.
  • The @POTUS handle is separate from President Donald Trump's personal Twitter account, @realDonaldTrump, which has been his primary megaphone for tweets about trade deals, national security, and other topics.
  • Trump's tweets often have real-world reverberations, particularly in the financial world, and have been associated with negative market returns.
  • A Bank of America analysis found that days with more than 35 tweets from the President were associated with negative market returns.
  • A Barron's analysis found that the S&P 500 fell an average of 0.3 percent on days when Trump tweeted more than 20 times.
  • J.P. Morgan analysts created a "Volfefe index" to track the relationship between the President's tweets and Treasury yields, which has shown that Trump's tweets have surpassed traditional sources of monetary and economic policy announcements in terms of volatility.
  • Trump's recent tweets about election results have been repeatedly flagged by Twitter.
  • The President has also used the platform to announce the firing of certain officials, including Christopher Krebs and Mark Esper.

Statistics:

  • Trump has tweeted over 58,000 times since 2016.
  • He has nearly 89 million followers on Twitter.
  • A Bank of America analysis found that days with more than 35 tweets from the President were associated with a 0.3 percent average decrease in the S&P 500.
  • A Barron's analysis found that the S&P 500 fell an average of 0.3 percent on days when Trump tweeted more than 20 times.
  • J.P. Morgan's "Volfefe index" shows that Trump's tweets have surpassed traditional sources of monetary and economic policy announcements in terms of volatility.

Sources:

  • Reuters, "Twitter to transfer @POTUS handle to Biden on Inauguration Day"
  • Facebook, statement to The Post
  • Twitter, statement to Reuters
  • Bank of America, analysis from September 2020
  • Barron's, analysis from September 2020
  • Bloomberg, "Trump's tweets are now as volatile as traditional economic data"
  • The Post, "Trump's tweets on election results are repeatedly flagged by Twitter"

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