With 36.2 million followers and 35,000 tweets since 2009, President Donald Trump could be worth as much as $2 billion to Twitter (TWTR) , according to Monness Crespi Hardt analyst James Cakmak. That's almost 20% of Twitter's $11 billion market value at stake on the @realDonaldTrump handle.

President Trump's hypothetical exit from Twitter probably wouldn't spark a mass exodus of users from the social network, Cakmak said, but rather hit Twitter's intangible value and lead to multiple compression. "There's no better free advertising in the world than the President of the United States," Cakmak said.

Twitter doesn't disclose how many daily users it has, but Cakmak estimates the number is about 125 million. That means almost 30% of all Twitter users are following the outspoken President.

Cakmak rates Twitter "neutral" and said that although the business doesn't face much risk from "diminishing political relevancy," it's important for Twitter to better execute on the Trump strategy. "At the present state we find Twitter not capitalizing on the opportunity that's in front of them," Cakmak wrote.

Twitter stock has dipped nearly 14% since President Trump was elected in November. Shares traded up 0.6% premarket Friday.

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