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For Donald Trump, Sarah Palin’s Fall Shows the Limits of Media Obsession – Vanity Fair

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The former Alaska governor dominated coverage while she was seen as a GOP kingmaker and potential presidential candidate—until reality (or at least reality TV) set in. The spotlight on Trump, too, may dim without a social media megaphone and as new outrage makers, like Marjorie Taylor Greene, grab headlines.

Back in the before times of January 2015, when I was a reporter for CNN, I did a weekend live shot from the Iowa Freedom Summit in Des Moines, one of those political cattle calls where Republican presidential hopefuls take turns onstage professing their Christian faith before a crowd of people harvested from a Grant Wood painting, hoping to impress the state’s conservative activists. Most of the supposedly serious 2016 contenders had flown to Iowa: Scott Walker, Ted Cruz, Chris Christie, Mike Huckabee. But the CNN anchor that day, Michael Smerconish, asked me a reasonable question about two attention-grabbing Republicans who were also there, Donald Trump and Sarah Palin, and whether they might run for president too. Like most Very Savvy political journalists at the time, I laughed off Trump’s appearance as just another thirsty White House tease. And having covered Palin up close since she was chosen as John McCain’s running mate, I knew her best shot at the Republican nomination was back in 2012.

Soon after the segment aired, CNN president Jeff Zucker, who is always watching, emailed me and a few other producers demanding that we not cover Trump or Palin, explaining that both Republicans were carnival acts, attention-seekers, two unserious distractions from the real presidential race to come. At the time, few in politics would have disagreed. I think about that moment from time to time, and not just because CNN’s position on covering Trump so famously changed once he actually became a candidate, delivering ratings galore. But the Iowa story is worth remembering, too, because of the way Trump and Palin were lumped together by the smart set as little more than a sad and desperate right-wing sideshow, when in truth, they were two of the most consequential political figures in American history.

These days Palin has receded to a historical footnote and a punch line for a news media that’s become even more cocooned in its urban bubble since 2008, with Trump now receiving most of the credit for upending the presumed order of national politics. But it was Palin who opened the door for Trump, the first politician to fuse together backlash politics and anti-elitism with the mighty American power of celebrity. “The impact that she has had on rejuvenating almost the Republican Party, it’s been unbelievable,” Trump said of Palin in 2008, soon after she was picked from obscurity to join McCain on the ticket. After McCain lost, Palin resigned from the governorship in Alaska but continued to gather strength as a fixture on the conservative political circuit, publishing a best-selling memoir, headlining Tea Party rallies, joining Fox News, and coming close to running for president in 2012. And she did most of it while bypassing the “lamestream” media by posting her musings and rants on Facebook for an enormous community of die-hard fans.

Like Trump, Palin had powers beyond the campaign trail: She wore a celebrity halo rarely seen on a politician. Her traveling circus in the fall of 2008 proudly embraced redneck America, Hank Williams Jr. and Gretchen Wilson, hunting and fishing, Carhartts and Walmart. Her crowds were rapturous. Rural Americans and working people who didn’t go to college saw her as one of their own, while liberals and journalists loved to mock her lack of sophistication and manner of speaking. It was a partisan culture clash that only gave Palin more strength. Tina Fey’s scornful impression of Palin on Saturday Night Live was only the beginning. After Palin came on the scene, as Nancy Isenberg recounted in her book White Trash, a history of class in America, Hollywood unleashed a crop of new TV shows that played off the redneck trope that Palin ushered into the mainstream: Swamp People, Here Comes Honey Boo Boo, Redneck Island, Duck Dynasty, Moonshiners, Appalachian Outlaws. Her family dramas became tabloid favorites. And Palin would go on, fittingly, to star in her own reality show, Sarah Palin’s Alaska, produced by Mark Burnett, Trump’s beloved reality-show producer.

Barack Obama later wrote in his 2020 memoir, A Promised Land, that Palin’s explosive rise was “a sign of things to come, a larger, darker reality in which partisan affiliation and political expedience would threaten to blot out everything—your previous positions, your stated principles, even what your own senses, your eyes and ears, told you to be true.” More than any politician that came before her, Palin made politics purely about cultural identity—and there would be no turning back. Obama left readers to draw the obvious comparison to Trump. Whether Trump was watching closely or not, Palin carved out a new path to power. And now, in his postpresidency, Trump’s future might also look a lot like Palin’s. Out of the White House and essentially deplatformed from Twitter and Facebook, Trump is inhabiting something of a media time warp, now much more dependent on traditional media for attention. He’s still the hottest story in the world, but Palin’s moment in the sun, which began more than a decade ago, offers a possible glimpse into how the next few years will unfold for the former president—and how his hold on Republican politics and the media, which seems overpowering today, will fade with time.

Between 2009 and 2011, Mitch McConnell might have controlled the official levers of GOP politics in Washington, but no Republican occupied the public consciousness more than Sarah Palin. The country might have had its first Black president in office, grappling with seismic economic distress, but Palin was the entertainer in chief. Her face was splattered on magazines, on cable and broadcast news, on Entertainment Tonight and Access Hollywood, on Oprah and CBN, on Facebook and Twitter, on weirdo fan blogs and international news sites alike. She was inescapable. In 2009, my colleague Michael Calderone wrote for Politico about the “Palin-media codependency,” noting that Andrea Mitchell had hosted her MSNBC show from a Barnes & Noble in Grand Rapids, Michigan, where Palin was scheduled to stop on her book tour for Going Rogue. That year Andrew Sullivan blogged about Palin more than 24 times in two days for The Atlantic. National Review launched a blog dedicated solely to observing Palin. The Huffington Post helped usher in the “outraged fact check” genre, with “The 18 Biggest Falsehoods in Palin’s book” driving plenty of clicks. Palin sat down for a big exclusive with Barbara Walters, with ABC dripping out teaser clips across Good Morning America, World News Tonight, and Nightline. She was inescapable.

As the Tea Party movement forced its way into the national conversation, she emerged as its de facto standard-bearer. Political pundits were at once confounded and bewitched. Matthew Continetti of The Weekly Standard placed Palin’s defiant anti-intellectualism in the tradition of American populism. Maureen Dowd wrote that “Democrats would be foolish to write off her visceral power.” Matt Taibbi, in Rolling Stone, celebrated her ability to trigger know-it-all political reporters. Any of this sound familiar? Her arrival in politics came just as the legacy news media was succumbing to its current social media addiction, but Palin held attentional singularity, commanding clicks and TV ratings alike. In 2010, my colleague Gabriel Sherman wrote in New York that no politician in history had “marketed herself over multiple platforms with the sophistication and sheer ambitiousness that Palin has shown.” Every time she appeared on Fox News, where she signed on as a contributor in 2009, ratings shot up 10-15%, Sherman reported, a phenomenon that repeated itself at MSNBC. Fox even sidelined one of its own reporters after she delivered a tiny morsel of Palin criticism on air. With a $100,000-a-pop speaking fee, TV contracts, and a best-selling memoir, Palin was monetizing the whole time, making upward of $12 million in the year after leaving the Alaska governor’s mansion, out of power but more powerful than ever.

Palin leaned into the media chaos with a smile and not an ounce of restraint, giving her limitless political abilities. When Palin coined the phrase “death panels” during the fight to pass Obamacare, it became the Tea Party’s signature rally cry, repeated endlessly despite being a falsehood. Her appearances at conservative conventions and Tea Party rallies, often while wearing jewelry festooned with American flags, were aired in full on cable news, with reporters assigned to follow her every move. Her ability to raise small-dollar donations from grassroots conservatives was unparalleled. In 2009, when Palin was waffling about speaking at a Washington fundraiser for Senate and House Republicans—a D.C. micro-drama if ever there was one—the back-and-forth was covered exhaustively by NBC News, CNN, The New York Times, Politico, and dozens of other outlets. Republican elites were sick of her: The National Journal conducted an “Insiders Poll” of 85 GOP strategists in Washington, and Palin was the top response when asked: “Which voice in your party would you most like to mute?” Of course those insiders only uttered their concerns on background, fearing a GOP base that felt differently.

When Palin started picking favorites in GOP primaries during the 2010 midterms, she instantly became the most coveted endorsement of the election cycle. With her small-staffed political outfit, SarahPAC, Palin didn’t bring much of a political machine to the table, but a single social media post could generate enough media coverage and fundraising dollars to flip the direction of a primary overnight. In May 2010, when Palin endorsed Nikki Haley just before South Carolina’s four-way gubernatorial primary and appeared with her at a rally in Columbia, Haley was left for dead in last place. A few weeks later she was the Republican nominee. Former Haley adviser Rob Godfrey, who was then working for a rival candidate, told me at the time that Palin’s endorsement was “an earned media blowtorch.” The Washington Post launched a “Palin endorsement tracker” to follow along. Some of Palin’s picks were conspiracy lunatics and helpless eccentrics—Republicans like Sharron Angle in Nevada and Christine O’Donnell in Delaware—who won their primaries but went on to lose in November, infuriating Republican strategists in Washington who saw their more electable candidates swamped by a single Palin tweet.

It’s memory-holed now, but Palin’s stardom continued unabated all the way through late 2011, a full three years after her arrival on the national scene. Her flirtation with running for the 2012 Republican nomination—never ruling out a bid and allowing supporters to build an operation for her in Iowa—kept her in the headlines. While dancing around a bid of her own, Palin threw carefree darts at declared candidates Mitt Romney and Rick Perry. Her newest adviser, a filmmaker named Steve Bannon, helped position Palin as a populist alternative to the “crony capitalism” that had infected Republican politics. Advisers to the Republican candidates all groused privately to reporters about Palin’s headline-grabbing ways, but on the record, they politely welcomed Palin’s possible endorsement and shied away from criticizing her. In the summer of 2011, she announced a “One Nation” bus tour of historical sites up the East Coast, making stops at Fort McHenry, Gettysburg, and Bunker Hill, teasing a presidential run with her telegenic family in tow. Local TV news choppers chased the bus driving up Interstate 76 to air live coverage. ABC News, clearly interested in service journalism, added a helpful interactive map of the Palin bus tour to its website. The only event that managed to push Palin’s bus tour off of cable news was the “hacked” picture of Anthony Weiner’s junk that surfaced on Twitter. But some two months later, Palin was back at it, drawing a horde of press during her visit to the Iowa State Fair.

Only that October, when Palin declared that she wouldn’t run, did her influence begin to wane. Media attention drifted from Palin to the presidential race—and to wackier Tea Party characters like Michele Bachmann, Herman Cain, and the birther kingpin himself, Donald Trump. Romney wrestled the nomination away from his conservative rivals, temporarily snuffing out the restive grassroots wing of the GOP. Palin lingered on the scene, still showing up at conservative events, posting on Facebook, and handing out endorsements. But her schtick just got old, fading with time. Fox News dropped Palin in 2015. Her husband, Todd, later divorced her, a story that made barely a ripple. She surfaced recently with a strange Instagram video threatening to primary Alaska senator Lisa Murkowski, and she showed up in Georgia to campaign for Republicans ahead of the January runoff elections. The appearance was met with a shrug and, according to script, a handful of snarky reporter tweets about her wardrobe.

Right now, for Trump, that kind of political trajectory—from the center of the known universe to a lesser moon orbiting Pluto—feels like an impossibility. Unlike Palin, Trump was an actual president who changed the course of history, with a vise grip on the Republican Party and most of its voters. Trump has only just left office; he has yet to give an interview; his second impeachment trial is underway; and his influence on the GOP seems secure enough. The media will cover him for a long time to come, and hangers-on like Matt Gaetz will always be available for #content. He will tease a presidential run, and maybe box out other Republican contenders in the process. But the center of gravity in politics always changes, whether he decides to run or not. Trump’s shocking deplatforming following the January 6 Capitol Hill riot, predicted by no one, immediately neutralized the predictable “Trump 2024!” takes that followed his November loss. What is Trump without his tweets? It was proof, yet again, that the political class is permanently addicted to the present, rarely looking up from Twitter to think about future possibilities that might contradict it. With his social media megaphone gone, Trump is quite obviously a diminished man, operating in a media environment that looks a little more like 2011, when the establishment media had a bit more power, and a little less like 2021. Yes, there are more conservative outlets today, and more discreet communities where the cult of Trumpism can flourish. But going back to his real estate days, Trump’s power has always depended on the mainstream media’s addiction to his antics. Without social media, his influence moving forward will now be much more dependent on the media and the Republican Party, and how much they choose to accommodate him. Right now they are. But they won’t forever. Bad politicians like Missouri senator Josh Hawley will try to Xerox Trump and fail. Better politicians, as always, will find ways to win by wresting power away from those who hold it, marshaling voters with messages of their own.

It’s already getting dark out there for Mister Trump. Without the presidency, he already commands much less of our mindshare than he did only a few weeks ago. Like Palin, Trump himself will recede over time, even if the damage he has inflicted on our political culture remains. The media has started to search for the next ambassador from Crazytown, the next ratings grab. In just the last two weeks, as cable-news ratings started to tumble without the constant drip of Trump outrage, Marjorie Taylor Greene, the QAnon Karen, became the new hotness. The Washington Post reported last week that Greene’s name had been mentioned about 400 times on MSNBC and 200 times on CNN since November. The writers, as the Twitter joke goes, have embarked on a new season, with some wild new plot twists and characters. “Palin is the perfect analogy here,” said Adam Kinzinger, one of the few Never Trump Republicans in Congress, who also happened to be blessed with a Palin primary endorsement back in 2010. “She was this fierce populist figure, and people couldn’t get enough of her. And then it stopped. Trump will certainly be relevant and a player in the next cycle, but that will decrease over time, and without Twitter and the trappings of power, I think people will get tired of him. People will finally start to see he’s not as powerful as he claims to be.” As a hockey mom from Wasilla once said: You betcha.

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

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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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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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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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