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Biased Media Spin Biden's Tirade Into a Triumph – RealClearPolitics

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5 years ago

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On Tuesday, Twitter was, well, atwitter with clips of Joe Biden’s confrontation with a union worker in a Detroit auto plant. The man in a hard hat told Biden, “You are actively trying to end our Second Amendment rights and take away our guns.” To which the former vice president responded, “You’re full of s—!” and the conversation went downhill from there. Nothing about the exchange was particularly flattering for Biden, who not only mangled the facts but threatened to “slap” the voter for good measure.

To hear the media tell it, this was great moment for Biden. In order to make that confounding claim, the media chose ignore the substance of what Biden said and his angry behavior, and skipped right to talking about the “optics” of the confrontation, which involves a lot of tendentious meta-analysis of how they think the event might be perceived by other voters. This is not reporting — it’s spin.

MSNBC anchor Joy-Ann Reid went so far as to declare, “Biden in this clip was forceful but composed, quite the opposite of what his foes have been depicting him as.” She was just one of a bevy of reporters and commentators who rode to Biden’s defense. 

Defending Biden in this instance would be bad enough, but excusing his outbursts is becoming a habit with the media. Biden was asked a perfectly legitimate question by a voter about how his son — who has a checkered personal history that involves drug addiction, taking bribes from Chinese businessmen, and fathering children with adult entertainers — got a no-show job with a Ukrainian gas company to the tune of a million dollars a years while Joe Biden was overseeing Ukraine affairs for the White House. Biden responded by not just calling the voter a “damn liar,” he called him “fat” and challenged him to take an IQ test.

The media, if it wants to retain any bipartisan credibility, can’t seriously be defending physical threats and gratuitous insults — but that’s exactly what they’ve done. CNN political reporter Maeve Reston wrote of the Iowa exchange, “In a human moment defending his son, Biden showed the authenticity, emotion and readiness for a fight that appeals to so many Democrats as they look for someone who can take on Trump.”

There has been no shortage of reporting on the business dealings of Trump’s children and son-in-law. Can anyone imagine Trump dismissing questions about his adult children with personal insults and a CNN reporter turning around and saying it was a “human moment” showing “authenticity”? What about Biden’s threat to “slap” the union worker while pointing a finger at him in close quarters? If Trump did that, would the media describe him as “forceful but composed”?

Similarly, the media are anxious to defend Biden this time around by bowling right over the facts. ABC News’ chief political analyst Matthew Dowd said the exchange over guns with a union worker was a “net plus” because “voters are sick of the typical political speak … Voters want somebody that they can trust, and is genuine, and has believability.”

It’s telling that Dowd is simply asserting his views, not making an argument on the merits that the exchange proves Biden is trustworthy. At one point, Biden referred to “AR-14s” when he clearly meant to say “AR-15s.”  Then Biden asked the worker, “Are you able to own a machine gun?” The worker rightfully noted, “Machine guns are illegal.” Biden seemed to think he had the man. “That’s right. So AR-15’s illegal,” he said. The worker incredulously – and quite correctly – responded, “That’s not a machine gun. It’s a semi-automatic.” The AR-15 is the most popular rifle in America – Americans own somewhere between five to ten million of them – so not knowing anything about it makes it hard to take Biden seriously on guns.

As for Biden’s denial that he wants to confiscate anyone’s guns, this, too, is a reasonable concern that demands a far better answer than “you’re full of shit.” Biden’s official campaign policy on guns is a reinstatement of the so-called “assault weapons ban” and “calls for a voluntary buyback program of assault weapons, stopping short of candidates and advocates who are calling for a mandatory gun buyback,” according to the Washington Post.

However, Biden has recently said he would appoint former Texas congressman Beto O’Rourke his “gun control czar,” after O’Rourke dropped out of the presidential race and endorsed Biden. O’Rourke is famous for declaring at a Democratic debate, “Hell, yes, we are going to take your AR-15.”

Biden himself seemed to tell CNN’s Anderson Cooper that gun confiscation is not out of the question. “To gun owners out there who say, well, a Biden administration means they’re going to come for my guns,” asked Cooper. Biden responded, “Bingo. You’re right, if you have an assault weapon … They should be illegal, period.”

Perhaps Biden is against gun confiscation, but that’s open to interpretation, and his policy position borders on the incoherent. Voters are hardly out of line to question him on this on this issue.

Instead, what we get out of this episode is facile analysis such as CNN’s Chris Cillizza saying, “Why Joe Biden’s confrontation with an auto worker in Detroit is probably a good thing for him.” According to Cillizza, Biden’s outburst is excusable because there’s “a huge double standard. When Trump tells people where they can stick it, his fans say he’s being tough and standing up for America. When Biden does the same, he’s unhinged.”

There’s a double standard here all right – but it’s not what Cillizza thinks it is. No one cares about the fact that political partisans are hypocritical — that’s obvious, and almost expected. The media, on the other hand, are supposed to assess events with at least a minimum level of professional detachment and objectivity. Yet, when Trump acts addled and insults people, the media has no trouble clearly saying what happened. When a 77-year-old Joe Biden, who was gaffe-prone back in his prime, mangles the facts, gratuitously insults, and physically threatens an ordinary voter whose only crime is asking a pointed question – the media have an obligation to tell it straight – not try and spin an embarrassing episode into a political victory.

Mark Hemingway is a writer in Alexandria, Va. You can follow him on twitter @heminator.

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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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3 weeks ago

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August 23, 2024

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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.

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Arizona man accused of social media threats to Trump is arrested

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3 weeks ago

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August 23, 2024

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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.

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Trump Media & Technology Group Faces Declining Stock Amid Financial Struggles and Increased Competition

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3 weeks ago

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August 20, 2024

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Tech News in Canada

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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