Media
Activists, journalists face social media crackdown amid Indian farmer protests – Global News
When Vinod K. Jose, executive editor of The Caravan, India’s leading investigating magazine, logged onto Twitter on Monday, he was shocked to find the magazine’s account blocked.
Jose was already dealing with a case of sedition and other charges against him, the magazine owners and a freelance journalist. At the heart of the allegations is the magazine’s coverage of the ongoing farmers’ protests that have gripped India for more than two months.
As the farmers camp out at the edges of the capital, protesting new agricultural laws they say will devastate their earnings, the mainstream and social media have come under unprecedented attacks from Prime Minister Narendra Modi’s Bharatiya Janata Party. Critics say it has used the massive demonstrations to escalate a crackdown on free speech, detaining journalists and freezing Twitter accounts.
“It’s a very chilling development for the press,” said Apar Gupta, executive director of the Internet Freedom Foundation, a digital rights advocacy group.
Jose shared a screenshot of the blocked account from his personal handle. Soon outrage ensued. Activists, journalists and media watchdogs rushed to condemn Twitter, which said it had acted upon a “valid legal request” issued by an Indian authority.
Hundreds of Indian Twitter accounts, including those of news websites, activists and a farmers’ union, were suspended on Monday. Some, including The Caravan’s, have since been restored.
Offline, at least nine journalists have been charged in the last few weeks for covering the protests.
The trigger for the clampdown was the death of a protester, Navneet Singh, when the largely peaceful rallies turned violent on Jan. 26 after a group of farmers veered from an agreed protest route and stormed New Delhi’s 17th century Red Fort. Hundreds of police and farmers were injured in clashes.
Farmer leaders condemned the violence but refused to call off the protest.
Authorities say no shots were fired and that Singh died because his tractor overturned. His family alleged he was fatally shot. Their account has been published by several outlets, including The Caravan.
Ministers in Modi’s government accused the journalists and a prominent opposition parliamentarian of inciting hatred and endangering the nation’s integrity through inaccurate reporting and tweets. It led to the filing of colonial-era sedition charges, which carry a maximum five-year prison term.
The law, like its equivalent in other former British colonies, is viewed as draconian and was revoked in the United Kingdom in 2010.
Prosecutions on sedition charges are rare but their use to silence journalists, critics and dissenters in India isn’t new and previous governments had resorted to it. But official data shows that Modi’s government has used the law more than any other — up by nearly 30%. It has also repeatedly rejected demands to repeal it.
Calls and messages seeking comment from four BJP spokespersons went unanswered, Calls to the party’s media office also were unsuccessful.
Media watchdogs and rights groups, including Human Rights Watch, condemned the government’s actions as censorship. The Editors Guild of India said the cases against journalists were “an attempt to intimidate, harass, browbeat, and stifle the media.”
Daniel Bastard, the head of Reporters Without Borders’ Asia-Pacific desk, said the government was trying to impose its own narrative.
Critics say India under Modi is growing intolerant. Its ranking on the World Press Freedom Index has fallen every year, and it ranked 142nd out of 180 places in 2020.
Reporters Without Borders noted “police violence against journalists” and increased “pressure on the media to toe the Hindu nationalist government’s line” as a major reason for the demotion.
But similarly, Twitter’s reaction of suspending accounts has also “set a terrible precedent” for free speech and press, said Jose.
“We like Twitter to stand neutral as opposed to being vulnerable to the pressures of power,” he said.
India’s Ministry of Electronics and Information Technology in its notice to Twitter on Monday said that it directed the company to take down accounts that had used incendiary hashtags during the Jan. 26 violence. But Jose said The Caravan never used such hashtags and that Twitter did not notify the magazine before suspending its account.
The ministry did not respond to calls and emails but issued another statement Wednesday, accusing Twitter of “unilaterally” restoring the accounts “despite orders to withhold them.”
It said the platform had to adhere to the authorities’ directions and may face criminal charges “for not complying with government orders.”
Twitter declined to comment.
Gupta from Internet Freedom Foundation said the IT law the government invoked to freeze the Twitter accounts gives it the power to direct online intermediaries and internet service providers to block certain content without providing any explanation.
“In the past, governments have blocked individual journalistic accounts, but the blocking of an account of an entire publication is a level of escalation,” said Gupta.
The government’s response to the farmer protests has gone beyond India’s borders.
On Wednesday, India’s Ministry of External Affairs condemned “vested interest groups trying to enforce their agenda” after pop star Rihanna and teenage climate activist Greta Thunberg tweeted in support of the protests.
Entertainers in India haven’t been spared either.
On Jan. 1, Muslim comedian Munawar Faruqui was arrested for allegedly insulting Hindu sentiments while performing in Indore, a city in Madhya Pradesh state that’s ruled by Modi’s party.
In India, intentionally hurting religious sentiments is a criminal offence. But Faruqui was arrested preemptively before his performance even began.
“Before he could even make the joke, before he could even really start the show, police came and dragged him away,” said Anshuman Shrivastava, Faruqui’s lawyer.
The show was cancelled and police have since admitted they have no evidence against the comic. He was granted temporary bail by the Supreme Court on Friday, after three lower courts refused to do so.
The Associated Press reached out to five prominent comedians who didn’t want to speak on record but said they were increasingly scared of making jokes against the government and Hindu religion.
“What we are witnessing right now is a blatant violation of free speech in India, which the government has legitimized in full public view,” said Sanjay Rajoura, a prominent Indian satirist. “The government first came after Muslims because they are an easily visible minority. But now it is coming after anyone who has an informed, intelligent expression.”
The ire of Hindu nationalist groups aligned with Modi’s party has also caught streaming platforms off guard. Many of their shows have faced boycott calls and legal cases. Recently, the Supreme Court issued a notice to Amazon Prime over its show “Mirzapur” after a petition claimed it hurt cultural sentiments.
Such incidents haven’t inspired much faith in the courts, said The Caravan’s Jose. He and the owners are still battling criminal charges.
“I hope the courts see that the world is watching how the largest democracy’s judiciary defends personal liberties,” Jose said.
© 2021 The Canadian Press
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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