Advertisers agree deal with social media on steps to curb harmful content

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Advertisers agree deal with social media on steps to curb harmful content

Published

4 years ago

September 23, 2020

Harry Miller

By Martinne Geller

LONDON (Reuters) – Facebook, YouTube and Twitter have agreed with big advertisers on first steps to curb harmful content online, following boycotts of social media platforms that advertisers had accused of tolerating hate speech.

The agreement comes three months after Facebook was hit by a boycott from major advertisers in the wake of anti-racism demonstrations that followed the death of George Floyd, an American Black man, in police custody.

Advertisers have complained for years that big social media companies do too little to prevent ads from appearing alongside hate speech, fake news and other harmful content. Big tech companies, meanwhile, want to be seen as taking action on the issue to fend off calls for more regulation.

Under the deal, announced on Wednesday by the World Federation of Advertisers, common definitions would be adopted for forms of harmful content such as hate speech and bullying, and platforms would adopt harmonised reporting standards.

The platforms agreed to have some practices reviewed by external auditors, and to give advertisers more control of what content is displayed alongside their ads. The deal comes less than six weeks before a polarising U.S. presidential election.

“This is a significant milestone in the journey to rebuild trust online,” said Luis Di Como, executive vice president of global media at Unilever, one of the world’s biggest advertisers. “…Whilst change doesn’t happen overnight, today marks an important step in the right direction.”

Carolyn Everson, Vice President for Global Marketing Solutions at Facebook, said the agreement “has aligned the industry on the brand safety floor and suitability framework, giving us all a unified language to move forward on the fight against hate online.”

SCEPTICAL

Campaigners who want more regulation of social media companies have been sceptical of voluntary measures such as those announced on Wednesday.

“Any progress in reducing harmful online content is to be welcomed. However, up to now voluntary action from social media companies has rarely lived up to its initial promises. So time will tell how much of a difference this latest industry-led initiative will make,” David Babbs of UK-based group Clean Up the Internet told Reuters by email.

The Stop Hate for Profit campaign behind the Facebook boycott is backed by the Anti-Defamation League and NAACP, two of the oldest and biggest anti-racism campaign groups in the United States. The campaign did not immediately respond to a message seeking comment.

In a statement last week, it said: “Facebook’s failures lead to real-life violence and sow division, and we’re calling on the company to improve its policies. We need to urge people to vote and demand Facebook stop undermining our democracy. Enough is enough.”

(Reporting by Martinne Geller; Editing by Peter Graff)

Source:- TheChronicleHerald.ca

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Trump Media alerts Nasdaq to potential market manipulation from 'naked' short selling of DJT stock – CNBC

Published

48 mins ago

April 19, 2024

Harry Miller

In this article

Jonathan Raa | Nurphoto | Getty Images

Trump Media has warned the CEO of the Nasdaq Stock Market of ‘potential market manipulation’ of the company’s stock by “naked” short selling of shares.

The warning came as Trump Media has offered shareholders detailed instructions on how to avoid someone loaning out their DJT shares to short sellers, who then execute trades betting that the price of the stock will fall.

Trump Media disclosed the warning to Nasdaq CEO Adena Friedman in a filing Friday morning with the Securities and Exchange Commission.

DJT’s share price has rallied in recent days, but is still sharply lower than the more than $70 per share it debuted with on March 26. Former President Donald Trump owns nearly 60% of Trump Media shares. The paper value of his stake has dropped by billions of dollars since DJT began public trading last month.

Trump Media CEO Devin Nunes in his letter to Friedman did not directly accuse anyone in particular of naked short selling, which is the sale of stocks without first having borrowed such sales for that purpose.

But Nunes noted that as of Wednesday “DJT appears on Nasdaq’s ‘Reg SHO threshold list,’ which is indicative of unlawful trading activity.”

“This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” Nunes said.

Nunes, who company owns the Truth Social app, pointed to circumstantial evidence, which included DJT being in early April the most expensive stock to short in the United States, which he said would give brokers “significant financial incentive to lend non-existent shares.” The letter links to a CNBC article detailing the sky-high premiums brokers were charging short sellers for loans of DJT shares to sell.

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“I write to bring your attention to potential market manipulation of the stock of Trump Media & Technology Group Corp.” Nunes wrote.

“As you know, ‘naked’ short selling — selling shares of a stock without first borrowing the shares of stock deemed difficult to locate — is generally illegal pursuant to Securities and Exchange Commission (‘SEC’) Regulation SHO,” he wrote.

“Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital,” Nunes wrote.

“In light of the foregoing, and Nasdaq’s obligation and commitment to protect the interests of retail investors, please advise what steps you can take to foster transparency and compliance by ensuring market makers are adhering to Reg SHO, requiring brokers to disclose their ‘Net Short” positions, and preventing the lending of shares that do not exist,” Nunes wrote.

“TMTG looks forward to assisting your efforts.”

Trump, the presumptive Republican presidential nominee, currently is on trial in New York state court on criminal charges related to a 2016 hush money payment by his then-lawyer to the porn actor Stormy Daniels.

This is breaking news. Please check back for updates.

Correction: This article has been updated to correct the spelling of Adena Friedman’s name.

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Taylor Swift's new album apparently leaks, causing social media chaos – CBC News

Published

12 hours ago

April 18, 2024

Harry Miller

The hype for Taylor Swift’s new album went into overdrive as it appeared to leak online two days ahead of its Friday release.

Swifties started sharing tracks on X that they claimed were from the singer’s upcoming album, The Tortured Poets Department, saying they came from a Google Drive link containing all 17 songs.

Some fans were upset by the leak and said they would wait until Friday to listen while others started frantically posting fake links on X to bury the “real” tracks.

“Raise your hand if ur an ACTUAL Taylor Swift fan and aren’t listening to leaks,” one user wrote.

Several media outlets reported that X briefly blocked the search term “Taylor Swift leak” on Wednesday.

CBC has reached out to Swift’s publicist for comment.

Swift announced the release, her 11th studio album and the first with all new songs since 2022’s Midnights, at the Grammy Awards ceremony in February.

Fans have been speculating about the lyrical themes that would appear on The Tortured Poets Department, based in part on a physical “library installation” that opened Tuesday in Los Angeles, curated with items that drop hints and references to the inspirations behind the album.

Swift’s 2022 album Midnights, which featured the hit Anti-Hero, also leaked online ahead of its scheduled release date, and went on to win the Grammy for album of the year. Swift’s previous albums 1989, Reputation and Lover also leaked ahead of their official releases.

The singer is in the midst of her billion-dollar-grossing Eras tour, which is moving through the U.S. and is scheduled to conclude in Vancouver in December.

Swift was added to Forbes magazine’s annual new billionaires list earlier this month, with Forbes saying she was the first musician to become a billionaire based solely on her songs and performances.

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