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Uncertainty hijacked media coverage in 2020

Published

4 years ago

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It’s been almost a year since we started hunkering down in our homes waiting for the virus to go away. In times of uncertainty we turn to the news for reassurances about the future, and it’s not the messenger’s fault if those reassurances don’t arrive as readily as we want them to. We still pay attention, and here are some things that caught my attention in 2020:

Media story of the year: Public response to COVID-19

When trying to explain why Japan has not suffered the same disastrous rates of coronavirus infection and attendant fatalities seen in Europe and the United States, domestic media have sometimes overreached for cultural indicators. Masks? Hardly uniquely Japanese. A spoken language with fewer plosives? Give me a break. “Mindo”? Does anyone really know what that means? The best they’ve come up with is a Japanese tendency to think that what’s good for your neighbor is good for yourself. Again, such a tendency is not distinctly Japanese, but it’s as good a cultural explanation as you’re going to get.

More to the point is the political response to the pandemic. If Europe and the United States failed, it wasn’t because their people, with exceptions, wouldn’t do what was needed, but rather because their leaders lacked the will to enact and enforce necessary measures. In places where such will was apparent — New Zealand and Taiwan — the virus made no headway.

Like those two democracies, Japan is an island, so geography may also have something to do with it and, in that light, it’s tempting to wonder if Japan would have been spared much of its current anxiety if the political will were as committed. Instead, we’ve gone through one officialized deviation after another: From the need to keep the spirit of the 2020 Tokyo Olympics alive to a state of emergency that wasn’t very urgent to ill-timed government stimulus campaigns such as the Go To Travel and Go To Eat promotions. It’s a roller coaster, and the media is hanging on for dear life.

Media person of the year: Naomi Osaka

In 2019, Naomi Osaka said she would renounce her U.S. citizenship and play on Japan’s tennis squad in the 2020 Tokyo Olympics. The games have yet to take place, but, in the meantime, Osaka’s star has risen spectacularly thanks to her athletic accomplishments and her identifying as a Black American, stories the Japanese media never quite articulated. In a real sense, it was impossible to celebrate Osaka’s performance on the court without referencing her uncompromising support for the Black Lives Matter movement that has dominated the American news cycle for much of this year, since the two issues were inextricably linked as she rallied to victory during her finest hour at the 2020 U.S. Open.

As the most famous Japanese athlete in the world, Osaka’s activism, which sprang from the part of her identity that had less to do with her birthplace, was problematic for many Japanese reporters. It wasn’t so much that they had to explain the BLM movement, but that they had to explain it in a way that made it meaningful to Japanese people. Some got it and some didn’t, a wavering response that was mirrored in the online reaction to a Nike commercial featuring young Japan residents, some of mixed heritage, who turn to sports as a means of asserting their individuality and self-worth in the face of bigotry. Is there racism in Japan? The media could try asking Naomi Osaka herself, or, for that matter, Yu Darvish and Rui Hachimura, two other proud Japanese athletes of mixed parentage who also, as The New York Times put it, “promote social justice” in the country where they currently make a living — the United States.

Most valuable player: Yuko Shimizu

It’s unlikely that Yuko Shimizu, a successful, controversial entrepreneur who hosts the YouTube talk show “Hitotsuki Mansatsu,” actually reads 10,000 books a month, as the title of the program suggests. His web page says it’s more like 1,500 to 3,000, but given his grasp of current affairs, as well as his ability to produce up to five hour-long programs a day stuffed with hard data and informed opinion, it doesn’t appear to be an empty conceit.

Still, there was no media outlet this year that showed up the deficiencies of the mainstream press with more thoroughness and credibility than “Hitotsuki Mansatsu,” especially when it came to the postponed 2020 Tokyo Olympics. Frequent guest Ryu Honma, a longtime critic of the games, continually discussed his conviction that they are doomed. Another freelance journalist, Hiromichi Ugaya, went beyond the usual gripes about the country’s press clubs to savagely question the whole purpose of the mainstream media’s coverage of the government on a range of issues.

During an August discussion of the machinations behind the government’s reservation of millions of doses of COVID-19 vaccine from foreign pharmaceutical companies, University of Tokyo professor Ayumi Yasutomi marveled at Shimizu’s command of the topic and wondered if “Hitotsuki Mansatsu” was the only place where you could get such information. Perhaps, but only if you have a lot of free time.

Most relevant TV drama series: “Stranger” (Netflix)

In a year when video streaming came into its own, Japanese content was dominated by anime, fantasy and, before it was canceled, “Terrace House,” but the narrative series that may have been the most pertinent was actually South Korean. “Stranger,” or “Himitsu no Mori” (“Forest of Secrets”), takes place in the Seoul Prosecutor’s Office. Its hero, senior prosecutor Hwang Si-mok, is literally incapable of empathy due to a neurological condition caused by an operation he underwent as a boy. He has no emotional investment in his cases, nor in the hierarchical intrigues that typically play out in bureaucratic organizations. He cannot be bribed with perks or intimidated by threats of demotion or transfer. Nothing matters to him except pursuit of the truth.

Consequently, Hwang is a handful for his colleagues, especially his superiors, some of whom he exposes as being corrupt and venal during the course of his investigations into other matters. The show is acutely relevant to the current situation in South Korea, where the president is waging a fierce battle with prosecutors. In Japan, prosecutors in TV series are usually portrayed as staunch protectors of society, so a local version of “Stranger” would probably be difficult. However, given the testy relationship between the current administration and the Tokyo District Prosecutor’s Office, I’m sure there’s probably a lot of great story material available.

 

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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

By

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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