Media
Detroit officials to the media: Drop dead – Detroit Free Press
The basement is no place for watchdogs. Yet even after two dozen news leaders put aside their differences to call for a press room in city hall, Detroit officials declined to provide more transparency
Advocating for media work space
M.L. Elrick, the “On Guard” columnist with the Detroit Free Press, speaks to members of the Detroit-Wayne Joint Building Authority presenting the board with a letter signed by two dozen Detroit newsroom leaders who supported creating a free newsroom.
David Rodriguez Muñoz, Detroit Free Press
The first sign this story was not going to end well came early, literally two minutes after I asked the Detroit-Wayne Joint Building Authority where a Free Press photographer could set up at their May meeting.
I don’t believe any reporter has ever covered the proceedings of this obscure governing board, which controls all the office space in the Coleman A. Young Municipal Center. Then, out of nowhere, I asked to be put on the agenda to make my pitch for the creation of a free media workspace in city hall open to every reporter and photographer in town. I wanted a photographer to come along so you could see how authority officials reacted.
I can hear you laughing already at my naivete (you can be so cruel sometimes!).
But some mistakes only become obvious in hindsight.
And I’m big enough to admit to what you already knew — that I went about this the wrong way from the start.
First, I described how the old press rooms down the hall from the mayor’s offices helped us get a sense that Kwame Kilpatrick was putting self service before public service.
Stupid! Stupid! Stupid!
Then I suggested that public officials who have nothing to hide should welcome watchdogs outside their door. As if politicians liked reporters watching over their shoulders to make sure they were doing what they were supposed to do!
I foolishly saved the best — or worst — for last. I mentioned that a press room close to the seat of power could provide a safe space for insiders to sit and relax and have candid conversations with reporters about what’s really going on in government.
Upon reflection, the response I received from a building authority spokeswoman should not have come as a surprise.
“No photographer inside the meeting,” she texted.
“How’s that?” I replied. “It’s a public meeting.”
She sent me some gobbledygook about the authority’s photography policy.
I told her I would share the policy with our attorney. The Free Press’ legal eagle, Herschel Fink, sent me a copy of the Michigan Open Meetings Act with with the following passage highlighted in red italics: “The right of a person to attend a meeting of a public body includes the right to tape-record, to videotape, to broadcast live on radio, and to telecast live on television the proceedings of a public body at a public meeting. The exercise of this right does not depend on the prior approval of the public body.”
Translation: State law supercedes goofy obscure governmental agency policy.
So Free Press photographer David Rodriguez Munoz brought his camera to the meeting and shot video of my plea for a press room. To our surprise and delight, no one interfered with him.
The authority board members smiled, nodded, and accepted a letter signed by two dozen newsroom leaders from throughout metro Detroit supporting the creation of a press room for all media.
David and I left without a commitment, but with a glimmer of hope.
Again, I can hear you laughing …
NIBMY City
There’s an acronym that anyone who has covered government has heard so often it sounds funny: NIMBY.
It’s short for “Not In My Backyard.”
In other words, everyone agrees that we need places to park garbage trucks, house prisoners and store nuclear waste. We just don’t want those places “in our backyard.”
Detroit elected officials, at least on the record, feel the same way about having the media working nearby.
Detroit City Council President Mary Sheffield lauded the media as an “integral part of the democratic process” and “critical for maintaining transparency in government.” Then she said the City Council has “no room to house the press” on the 13th floor, where the council is located.
Mayor Mike Duggan initially had no position on whether the media should move back to the 11th floor, where the mayor’s offices are located. That’s where we used to work until 2010, when the Free Press and The Detroit News were banished to the basement by then-Mayor Dave Bing, who presided over Detroit’s financial crisis which ultimately led to the largest municipal bankruptcy in United States history.
After I sent Duggan a letter signed by even more newsroom leaders — representing print, television, radio, online, mainstream and alternative media organizations, as well as Black, Latino, Arab and Asian professional journalism associations and publications — the mayor sent me a letter in which he said: “I fully support the ability of members of the media to work out of dedicated space inside ther Coleman A. Young Municipal Building.” Then he added that the media’s old workspace on his floor “has long since been integrated into the operation of the Mayor’s office, which is currently cramped for space.”
Duggan, like the building authority, noted that the Free Press served notice earlier in the year that we would not renew the lease on our space in the basement of city hall. Hizzoner also wrote: “I must say I am somewhat skeptical of your claim that the drop in news output experienced in the Detroit market over the last 13 years was caused by the relocation of a news office.”
Regardless of whether Duggan was adding insult to injury, there is no denying cutbacks in the news industry have reduced the number of reporters covering city hall. He should know better than anyone; he has hired many of those reporters. And while it’s hard to believe the mayor would welcome more reporters scrutinizng his administration and pestering him with more questions, there’s no contesting that saving money is one reason the Free Press planned to move out of city hall after 70 years.
Still, Hizzoner’s jibe conveniently ignores that reporters have gone from having a prime perch from which to watch mayors and other city officials to being buried in the basement where you can’t tell whether it’s day or night, let alone bump into Bernard Kilpatrick coming to hit his son up for tickets to the city’s suite at Comerica Park. The current offices are so bad that a reporter almost died while working there.
Even if the Free Press signed a long-term lease locking us into our subterranean exile, there would still be no place else in city hall for other reporters or photographers to work because we are the last news organization that rents space in the CAYMC.
With mere days left before our lease expired, the building authority graciously allowed the Free Press to keep our stuff in the basement until they responded to my proposal for a free media workspace for all journalists.
Like the low-rent numbskull Lloyd Christmas in the movie “Dumb and Dumber,” after the posh and sophisticated Mary tells him there’s a one-in-a-million chance they could someday end up together, I felt: “So you’re telling me there’s a chance!”
I hear you laughing yet again, but now I can’t be sure whether you’re chuckling at me or Jim Carrey.
En garde
Two months after I launched my campaign to create space for more watchdogs in city hall, one thing had become clear: Even if the building authority was willing to give the media free space, the only way we were going to get back to where we belong is if the council or mayor carved out some of their space for us.
“Space allocations within leased premises remain under tenant control,” the authority told me in a June 27 letter when they finally responded to my proposal. “As such, we are unable to grant your request for free space on the 11th and 13th Floors.”
Sadly, it either never occurred to authority officials — or they just didn’t care — that space in the basement other news organizations relinquished during the pandemic could be made available to the dozens of journalists who want to work in city hall. While it’s obviously far from ideal, it’s better than nothing. Today, that space is essentially wasted, filled with boxes of computer mouse pads and water bottles.
At the risk of sounding melodramatic, the stakes in this standoff were high.
If the Free Press moved out of city hall, reporters would likely never again have a place to work in one of the most important buildings in Michigan. Those who would suggest we could use our laptops or phones to work in public spaces never got broomed when the building closed for the day or stood with me outside city hall when building authority security interfered with my attempts to question recalcitrant city officials by trying to remove me from the parking lot outside CAYMC while making the ludicrous argument that this city- and county-owned land was not public property.
I said at the beginning of this column that the story wasn’t going to end well, but I didn’t say it was going to end in tragedy.
The only truly bad news I have is for those who thought the Free Press was going to abdicate its role as government watchdogs just to save several thousand dollars.
We renewed our lease and, in the process, reaffirmed that we will remain On Guard.
That doesn’t mean we’re going to stop trying to get out of the basement. It does mean that, in the meantime, anyone who thought the Free Press would give up should beware that the last laugh may be on them.
M.L. Elrick is a Pulitzer Prize- and Emmy Award-winning investigative reporter and host of the ML’s Soul of Detroit podcast. Contact him at mlelrick@freepress.com or follow him on Twitter at @elrick, Facebook at ML Elrick and Instagram at ml_elrick. Support investigative reporting and use this link to invite a friend to become a subscriber.
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.
Alouettes receiver Philpot announces he’ll be out for the rest of season
David Lipsky shoots 65 to take 1st-round lead at Silverado in FedEx Cup Fall opener
Canada’s Marina Stakusic advances to quarterfinals at Guadalajara Open
12 Bizarre Things People Did Just To Make Social Media Content
dynaCERT Inc. Invites You to Join Us at the Vancouver Resource Investment Conference | INN – Investing News Network
AP source: Bears acquiring quarterback Nick Foles from Jaguars – Sportsnet.ca
-
Sports7 hours agoLawyer says Chinese doping case handled ‘reasonably’ but calls WADA’s lack of action “curious”
-
News7 hours ago
RCMP say 3 dead, suspects at large in targeted attack at home in Lloydminster, Sask.
-
News6 hours ago
A linebacker at West Virginia State is fatally shot on the eve of a game against his old school
-
News6 hours ago
Hall of Famer Joe Schmidt, who helped Detroit Lions win 2 NFL titles, dies at 92
-
News6 hours ago
B.C. to scrap consumer carbon tax if federal government drops legal requirement: Eby
-
News17 hours ago
Reggie Bush was at his LA-area home when 3 male suspects attempted to break in
-
News17 hours ago
The bells are back at Notre Dame Cathedral in Paris. They’ll ring for the post-fire reopening
-
News7 hours ago
Bad weather and boat modifications led to capsizing off Haida Gwaii, TSB says
