Media
Social Media Freedom Of Speech: What Are The Limits?
Traditional media has often been characterized by its inaccessible barriers to entry.
The costs associated with distributing content in major publications were, and still are, a prominent deterrent for parties looking to expose their messaging to a greater audience.
It was the industrialization of print media that afforded an opportunity to reach the masses at an unprecedented scale.
Though, it was the same innovative machinery that enabled companies to widely disseminate their publications, further restricting working-class demographics from propagating their views.
The Limitation Of Traditional Channels
In Power Without Responsibility, Curran and Seaton examine the history of British media. They found that fringe publications catering to a proletariat audience saw a steep decline in the mid-19th century, which persisted for many decades.
This can be attributed to the exorbitant financial capital required to leverage traditional media, which is reflected through historic trends about the value of newspaper enterprises.
In 1851, a New York City-based publication titled St. Louis Democrat was sold for $456,000; in 1920, similar localized publications were valued at $6 to $18 million.
As a result of this trend, the media of the last two centuries was largely influenced by a select few groups which had the sole means to exploit it.
This concentrated ownership of media channels saw a lack of diversity which was so critical that it could be likened to absolutism.
Throughout the 20th century, many nations found it necessary to enforce legislation that aimed to control the ownership of mass media. For example, Australia introduced the Broadcasting Services Act 1992.
This did little to alleviate the issue, for as of 2011, 11 out of 12 major newspapers in Australia were owned by two publications.
It seemed as though that even nations which are governed by liberal democratic administrations were impervious to the limitations that major publications imposed on their freedom of speech.
This was until the conception of social media.
The Rise Of Social Media
It’s no secret that digital channels are growing exponentially more popular by the day while traditional media is on the decline.
This can be corroborated by statistics indicating that users now spend nearly double the amount of time engaging with digital channels compared to traditional media.
It is further exemplified by the fact that newspaper publications have had their revenue drop by over 50% in the last two decades.
A Search Engine Journal article written by Shelley Walsh, titled What Is Social Media? states that:
“As of 2021, 84% of the U.S. population uses at least one social media network. China alone has 1 billion social media users, and 4.65 billion people use social media worldwide. That’s 58.7% (more than half) of the global population.”
It’s safe to say that social media is now well and truly a part of our everyday lives. This is illustrated through younger generations.
A study that polled over 2,000 British parents revealed that 14% of children had expressed interest in pursuing a career as an influencer or a Youtuber.
What Makes Social Media So Popular?
What has made social media so alluring in the zeitgeist?
Besides the fact that these platforms have been intentionally designed to be addictive, they also offer users the chance to connect with their peers.
A study shows that 47.1% of its participants claim that they use social media primarily to maintain contact with friends and family.
However, in the context of free speech, the popularity of these platforms could be attributed to separate reasons.
In its infancy, social media made it possible for anybody with an internet connection and a sufficient digital device to say just about anything they wanted online.
After decades of being limited to consuming banal content churned out by corporations, many valued these platforms for providing a breath of fresh air.
Subversive material, which was unlike any of the content being aired on traditional channels, proved to be an immediate hit and quickly accrued staggering viewership. Content of this nature was soon dubbed as “viral.”
The advent of this sensation demonstrated that it was no longer essential to have significant production value to create content nor a marketing budget to publish it.
Virality seems to have shifted away from single videos and rather to a certain type of video, which is then replicated by other users, perpetuating its popularity.
It’s only every couple of days that I am becoming aware of an emerging TikTok trend.
This wouldn’t necessarily be an issue if it weren’t for many of them involving harmful challenges, some of which proved fatal and resulted in the passing of several individuals.
As previously mentioned, many children engage with these platforms and are exposed to this dangerous content.
This is just one of the reasons why discussions involving the regulation of social media are continuing to become more prevalent.
Though censorship of such frivolous content may seem insignificant, it can have considerable real-world implications.
How Does Social Media Limit Our Freedom Of Speech?
It isn’t uncommon for brands to moderate content on their websites.
In fact, every major social media platform has Terms of Services in place, which outline what is and isn’t acceptable to post on their platforms. These rules are set in place to protect their users and reduce their risk of liability.
Content that is generally prohibited on most social media platforms are posts that include gore, child exploitation, hate speech, sexually explicit images, the promotion of self-harm, leaking private information without consent (doxing), the spread of misinformation, and more.
Here are Twitter’s rules if you wish to peruse a comprehensive list of examples.
Regulated platforms are received more favorably when compared to websites that offer little moderation, such as 4chan.
What sets 4chan apart from most other social sharing platforms is that they encourage users to post anonymously.
The platform also allows users to post content that would otherwise be deemed too extreme for most other major social media sites.
As a result, 4chan is regularly lambasted in the media and has accrued an infamous reputation.
The immense popularity of mainstream social platforms, and societal contempt for websites tailored towards radical communities, indicate that internet users are generally tolerant towards some limitation to their freedom of speech – so long as the content which is being censored is intrinsically harmful.
When Is It A Problem?
It’s easy to value our safety and well-being above unimpeded freedom of speech when the content we are censoring provides no value and serves only to offend.
But where do we draw the line? A large controversy that thrust this question into the limelight was the impact of social media on the 2016 United States presidential election.
The resulting discussions implied that social media platforms appeared doomed to pose a similar threat that concentrated traditional media ownership inflicts on democracy.
Meta, which owns Facebook, Instagram, and WhatsApp, is the eighth-largest lobbying organization in the United States, having spent over $15 million in total lobbying.
A majority of Meta’s contributions were received by the Democratic Party.
Twitter’s political donations follow a similar trend. Because of this, some were alarmed when Twitter allegedly began to shadow-ban prominent figures who opposed their preferred political party.
Shadow banning is when a social media platform or website blocks content or accounts from appearing to other users without the shadow-banned user’s knowledge.
Essentially, the content will remain visible to the original poster, but it will be hidden from others in the community.
This makes it difficult for those affected to gain followers, engage with others, or grow their audience.
Regardless of your personal political leanings, it is worrying that companies have the autonomy to silence you online completely.
Though Twitter was quick to remedy this issue, once it was brought to the public’s attention, it was already too late.
Concerns developed over the influence social media companies could have on significant events, impacting the lives of millions.
The Spread Of Misinformation
Another abstraction that was incessantly discussed during this time was the prevalence of fake news. The Cambridge Dictionary defines fake news as:
“False stories that appear to be news, spread on the internet or using other media, usually created to influence political views or as a joke.”
Traditional channels are regularly criticized for evident media bias and their penchant for skewing information to suit their agenda.
Though an argument can be made that social media platforms have even more disastrous consequences as they enable users to publish completely fabricated articles and disguise them as genuine news.
This online trend has resulted in fewer people trusting the credibility of the news.
See the following SEJ article on How To Identify Fake News From Real News Online.
The advent of fake news sparked a debate over whether or not social media companies or users were responsible for damages caused by the spread of misinformation.
Naturally, social media companies have tried to distance themselves from potential liability.
The CEO of Meta, Mark Zuckerberg, famously said in an interview, “I just believe strongly that Facebook shouldn’t be the arbiter of truth of everything that people say online.”
What Can We Do About It?
With social media platforms being as prominent as they are, it would be ignorant to suggest that users who are concerned about these issues should simply abstain from using them.
This is especially true when social media sites significantly impact the livelihoods of content creators, ecommerce business owners, journalists, and a number of other professionals who leverage these platforms for monetary gain.
So, what can be done to alleviate the threat that these platforms pose to our freedom of speech?
Governments around the world have proposed new legislation to tackle this issue, but many are failing to come to fruition.
In 2015, Australia formed the eSafety Commissioner, which claims to be the first government-backed agency aiming to improve online safety.
The eSafety Commissioner has been granted legislative function under the Online Safety Act 2021.
Though the pessimists among you may notice that some of the language used in this Act serves to further restrict freedom of speech – albeit for altruistic purposes. The eSafety Commissioner claims that this Act enables them to:
“Direct internet service providers to block access to certain material which could go viral and cause significant harm to the Australian community.”
“Gives eSafety new powers to gather information about people who use a social media service, relevant electronic service or designated internet service.”
Ultimately, unless you intend to commit a crime or post content that is generally regarded as harmful to your peers, it’s unlikely that you will be silenced on social media platforms.
Regardless, it is concerning that we currently do not have the infrastructure in place to protect our freedom of speech.
If worst comes to worst, several alternative social media platforms, such as BitChute or Mastodon, are starting to gain traction.
Though, please be warned that some of these platforms are known as stomping grounds for radical figures who have previously been banned from major platforms.
Knowledge is power.
With the understanding that social media platforms and traditional channels have the means to control the discussion effectively, you’ll be able to identify if/when a company is trying to manipulate you with its agenda.
More Resources:
Featured Image: Lightspring/Shutterstock
Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.
Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.
Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.
Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.
Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.
Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.
Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.
As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.
Cochise County, AZ — Law enforcement officials in Arizona have apprehended Ronald Lee Syvrud, a 66-year-old resident of Cochise County, after a manhunt was launched following alleged death threats he made against former President Donald Trump. The threats reportedly surfaced in social media posts over the past two weeks, as Trump visited the US-Mexico border in Cochise County on Thursday.
Syvrud, who hails from Benson, Arizona, located about 50 miles southeast of Tucson, was captured by the Cochise County Sheriff’s Office on Thursday afternoon. The Sheriff’s Office confirmed his arrest, stating, “This subject has been taken into custody without incident.”
In addition to the alleged threats against Trump, Syvrud is wanted for multiple offences, including failure to register as a sex offender. He also faces several warrants in both Wisconsin and Arizona, including charges for driving under the influence and a felony hit-and-run.
The timing of the arrest coincided with Trump’s visit to Cochise County, where he toured the US-Mexico border. During his visit, Trump addressed the ongoing border issues and criticized his political rival, Democratic presidential nominee Kamala Harris, for what he described as lax immigration policies. When asked by reporters about the ongoing manhunt for Syvrud, Trump responded, “No, I have not heard that, but I am not that surprised and the reason is because I want to do things that are very bad for the bad guys.”
This incident marks the latest in a series of threats against political figures during the current election cycle. Just earlier this month, a 66-year-old Virginia man was arrested on suspicion of making death threats against Vice President Kamala Harris and other public officials.
Media
Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition
Trump Media & Technology Group’s stock has taken a significant hit, dropping more than 11% this week following a disappointing earnings report and the return of former U.S. President Donald Trump to the rival social media platform X, formerly known as Twitter. This decline is part of a broader downward trend for the parent company of Truth Social, with the stock plummeting nearly 43% since mid-July. Despite the sharp decline, some investors remain unfazed, expressing continued optimism for the company’s financial future or standing by their investment as a show of political support for Trump.
One such investor, Todd Schlanger, an interior designer from West Palm Beach, explained his commitment to the stock, stating, “I’m a Republican, so I supported him. When I found out about the stock, I got involved because I support the company and believe in free speech.” Schlanger, who owns around 1,000 shares, is a regular user of Truth Social and is excited about the company’s future, particularly its plans to expand its streaming services. He believes Truth Social has the potential to be as strong as Facebook or X, despite the stock’s recent struggles.
However, Truth Social’s stock performance is deeply tied to Trump’s political influence and the company’s ability to generate sustainable revenue, which has proven challenging. An earnings report released last Friday showed the company lost over $16 million in the three-month period ending in June. Revenue dropped by 30%, down to approximately $836,000 compared to $1.2 million during the same period last year.
In response to the earnings report, Truth Social CEO Devin Nunes emphasized the company’s strong cash position, highlighting $344 million in cash reserves and no debt. He also reiterated the company’s commitment to free speech, stating, “From the beginning, it was our intention to make Truth Social an impenetrable beachhead of free speech, and by taking extraordinary steps to minimize our reliance on Big Tech, that is exactly what we are doing.”
Despite these assurances, investors reacted negatively to the quarterly report, leading to a steep drop in stock price. The situation was further complicated by Trump’s return to X, where he posted for the first time in a year. Trump’s exclusivity agreement with Trump Media & Technology Group mandates that he posts personal content first on Truth Social. However, he is allowed to make politically related posts on other social media platforms, which he did earlier this week, potentially drawing users away from Truth Social.
For investors like Teri Lynn Roberson, who purchased shares near the company’s peak after it went public in March, the decline in stock value has been disheartening. However, Roberson remains unbothered by the poor performance, saying her investment was more about supporting Trump than making money. “I’m way at a loss, but I am OK with that. I am just watching it for fun,” Roberson said, adding that she sees Trump’s return to X as a positive move that could expand his reach beyond Truth Social’s “echo chamber.”
The stock’s performance holds significant financial implications for Trump himself, as he owns a 65% stake in Trump Media & Technology Group. According to Fortune, this stake represents a substantial portion of his net worth, which could be vulnerable if the company continues to struggle financially.
Analysts have described Truth Social as a “meme stock,” similar to companies like GameStop and AMC that saw their stock prices driven by ideological investments rather than business fundamentals. Tyler Richey, an analyst at Sevens Report Research, noted that the stock has ebbed and flowed based on sentiment toward Trump. He pointed out that the recent decline coincided with the rise of U.S. Vice President Kamala Harris as the Democratic presidential nominee, which may have dampened perceptions of Trump’s 2024 election prospects.
Jay Ritter, a finance professor at the University of Florida, offered a grim long-term outlook for Truth Social, suggesting that the stock would likely remain volatile, but with an overall downward trend. “What’s lacking for the true believer in the company story is, ‘OK, where is the business strategy that will be generating revenue?'” Ritter said, highlighting the company’s struggle to produce a sustainable business model.
Still, for some investors, like Michael Rogers, a masonry company owner in North Carolina, their support for Trump Media & Technology Group is unwavering. Rogers, who owns over 10,000 shares, said he invested in the company both as a show of support for Trump and because of his belief in the company’s financial future. Despite concerns about the company’s revenue challenges, Rogers expressed confidence in the business, stating, “I’m in it for the long haul.”
Not all investors are as confident. Mitchell Standley, who made a significant return on his investment earlier this year by capitalizing on the hype surrounding Trump Media’s planned merger with Digital World Acquisition Corporation, has since moved on. “It was basically just a pump and dump,” Standley told ABC News. “I knew that once they merged, all of his supporters were going to dump a bunch of money into it and buy it up.” Now, Standley is staying away from the company, citing the lack of business fundamentals as the reason for his exit.
Truth Social’s future remains uncertain as it continues to struggle with financial losses and faces stiff competition from established social media platforms. While its user base and investor sentiment are bolstered by Trump’s political following, the company’s long-term viability will depend on its ability to create a sustainable revenue stream and maintain relevance in a crowded digital landscape.
As the company seeks to stabilize, the question remains whether its appeal to Trump’s supporters can translate into financial success or whether it will remain a volatile stock driven more by ideology than business fundamentals.
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