Media
Biden’s Low-Key Media Strategy Draws Allies’ Concern – The New York Times
So far in his tenure, the president has given far fewer one-on-one interviews than his two predecessors. Some Democrats are asking if he could be making better use of his White House pulpit.
As president, Donald J. Trump was a media maximalist whose unavoidable-for-comment style helped generate saturation news coverage, for better or worse.
President Biden has taken a stingier approach to his dealings with the press — and not all his allies believe it’s working out.
After nine months in office, Mr. Biden has conducted roughly a dozen one-on-one interviews with major print and television news outlets. That compares with more than 50 for Mr. Trump, and more than 100 for Barack Obama, in the same period, according to West Wing record keepers.
If the pulpit is one of a president’s most powerful tools of communication, Mr. Biden has opted to rely more heavily on fleeting, impromptu exchanges with White House reporters, often taking a few shouted questions as he boards a helicopter or exits a photo-op. He has not sat for interviews with The Associated Press, The New York Times, Reuters, The Washington Post, The Wall Street Journal or USA Today. Even friendly venues like “The Late Show With Stephen Colbert” have gone unvisited.
It’s a Rose Garden strategy in decidedly un-rosy times. As Mr. Biden’s approval ratings have sagged in recent weeks, and his party confronts a tough outlook for next year’s midterm elections, some Democrats have asked if the president has yielded too much control of the public narrative of his administration to others.
“What I believe in is sell, sell, sell,” James Carville, the veteran Democratic strategist, said in an interview. “What they’re missing is salesmanship. Everybody wants to be a policy maven, and no one wants to go door to door and sell pots and pans.”
Mr. Carville expressed concern about a poll last month showing roughly 7 in 10 Americans knew “just some or little to nothing” about the president’s signature domestic policy plans. The leader of the House Democrats’ campaign arm, Representative Sean Patrick Maloney of New York, recently criticized the White House for “not getting the job done on messaging.”
“Free Joe Biden,” Mr. Maloney said, urging the president “to get himself out there.”
White House aides reject the idea that Mr. Biden is avoiding the spotlight. Jen Psaki, Mr. Biden’s press secretary, noted that on a day-to-day basis, the president has entertained informal questions from White House reporters more often than either Mr. Trump or Mr. Obama in their early tenures (although these exchanges, and his answers, tend to be brief).
“Taking 30 questions from the national press in a week, or over the course of 10 days or two weeks, is an opportunity for the national press corps to ask him tough questions and do follow-ups,” Ms. Psaki said in an interview. “He fully expects it and he engages in it.”
And after months of negotiations in Congress leading up to passage of the newly signed public works bill, Ms. Psaki said the president was now “in the early stages of a massive selling plan across the country.” Last week, he visited a General Motors plant in Detroit, where he zipped around in an electric S.U.V. — “That Hummer is one hell of a vehicle, man,” the president remarked — and toured a dilapidated bridge in Woodstock, N.H. On Monday last week, he presided over a pomp-filled signing ceremony on the White House lawn that was carried live on national TV.
Whether these efforts are coming too late is an open question. One recent poll showed a declining number of Democrats with favorable views of Mr. Biden’s job performance. The president’s social safety net and climate bill passed the House, but now faces an arduous path in the Senate. The danger, journalists and media strategists say, is that Mr. Biden has allowed his opponents too much room to set the terms of debate.
“The first impression of these packages was framed already by the Republicans,” said Kurt Bardella, an adviser to the Democratic Party. “Now that we see more activity from the White House, they’re coming up against a narrative that was painted by other people, and it becomes a little bit more challenging to stem that tide.”
Scott McClellan, who served as press secretary to former President George W. Bush, said that presidents “can be overly cautious to your own detriment at times.”
“There are risks, and certainly Biden has a history of sometimes going off-script and off-the-cuff, and message discipline is really critical at a time like this,” Mr. McClellan said. “But those high-profile interviews give you the opportunity to really get across key points that you want to make, that are important in building public support.”
Ms. Psaki said concerns that Democrats have already lost the framing battle “sounds awfully defeatist to me,” pointing to polls showing that the underlying policies of Mr. Biden’s legislative agenda remain broadly popular.
Mr. Biden’s messaging team also prides itself on adapting the traditional White House media playbook to a new age of microscopic attention spans and 24/7 social media, where politicians are as likely to shape public perception with a TikTok video than a sit-down with a baritone-voiced news anchor. The Biden digital campaign has featured cameos from YouTube stars and celebrities like Olivia Rodrigo and Ciara. “We want to meet people where they are in 2021,” Ms. Psaki said.
Still, there are moments where Mr. Biden seems to have set aside some of the unique advantages of his office.
Last week’s bill-signing ceremony at the White House began at 3 p.m., a contrast from Mr. Trump’s inclination to hold major events, like the naming of a Supreme Court nominee, in the evening to capture prime-time levels of viewership. Those events were criticized as reality-show-style stunts, but they usually proved effective in dictating the national news cycle.
“Every network would give him time if he asked for it,” Mr. Bardella said, speaking of Mr. Biden. “He needs to use the trappings of the presidency.”
The president has sat for a few major televised interviews with anchors from CBS, NBC, and ABC (twice). He also enjoys venues where he can answer questions from voters rather than reporters, appearing on three prime-time town halls on CNN. But his most recent CNN appearance, with Anderson Cooper in October, required some cleanup: His remarks suggesting muscular American support of Taiwan against a Chinese attack had to be clarified later by his press team.
The viewership for the October town hall on CNN also left something to be desired — a point in favor of the White House’s argument that traditional media simply matters less these days. The 90-minute event attracted fewer viewers than simultaneous programming on MSNBC, and Fox News’s hosts Tucker Carlson and Sean Hannity were seen by more than double Mr. Biden’s audience that night.
“I suspect that they are of the understandable view of, ‘What difference does it make?’” Mr. Carville said of the Biden team’s cautious approach. “‘Why do I have to sit there and be interrogated for 20 minutes when all I can do is make a mistake, and I can’t move a Popsicle in terms of poll numbers?’”
How a president meets the media is just as often determined by personality as politics.
Mr. Obama was less enthused about facing gaggles of reporters, preferring one-on-ones where he could sidestep “topic of the day” lightning rounds and delve into a subject of his choice. Mr. Trump relished his jousts with journalists, even as he vilified the news media in increasingly menacing ways.
There is little doubt that Mr. Biden takes a brighter view than his predecessor of the news media and its role in the democratic process. Mr. Trump revoked White House press passes, labeled the media as the “enemy of the people” and increasingly restricted his appearances to Fox News opinion shows and other sympathetic stages. His administration also withheld press briefings for months on end. By contrast, Ms. Psaki holds extensive briefings nearly every day.
Still, Mr. Biden — who built his appeal on a colloquial, off-the-cuff style that leaves him vulnerable to gaffes — has never been especially chatty with reporters. One of his key advisers, Anita Dunn, was opposed to Mr. Biden regularly opening himself up to queries, an exercise that Ms. Dunn believed offered little upside and lots of downside.
Mr. Biden’s reluctant media habits set off a minor revolt from his press corps last week: After he broke precedent by skipping a news conference with the leaders of Canada and Mexico, the White House Correspondents’ Association formally complained. “Is the worry that you don’t want the president taking questions?” one reporter asked a Biden press aide. (Reply: “The president often takes questions throughout the course of the day.”)
“A calculation is made about the risk versus benefits of talking extemporaneously,” said Jonathan Lemire, the host of “Way Too Early” on MSNBC and Politico’s White House bureau chief. “But you sacrifice part of the megaphone by not having the president do these interviews.”
Mr. McClellan, of the Bush White House, cautioned that Mr. Biden’s advisers should work to avoid letting the perception of a disengaged Mr. Biden become ingrained in the public imagination.
“They may have been waiting until they’d gotten the legislation passed,” he said, referring to the infrastructure law. “I’m not sure, given where things are right now in his presidency and given the outcome of the November elections — and looking ahead to where the midterms are trending — that they can wait too much longer.”
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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