That’s the conclusion of Monness Crespi Hardt & Co. analyst James Cakmak, who said that the social media company would see as much as $2 billion in market value wiped out if @realDonaldTrump quit tweeting.

It’s not that the president’s defection would touch off a mass exodus, lowering the number of “monetizable” daily active users, Cakmak said in an interview. Instead, losing its most prominent user would hit Twitter’s intangible value and lead to what’s known as multiple compression.