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Don Lemon, CNN Star Anchor, to Leave the Network

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1 year ago

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Mr. Lemon, one of the network’s most recognizable stars, had been under scrutiny since an uproar over on-air remarks he made about women and aging in February.

Don Lemon is out at CNN.

CNN said on Monday that it was parting ways with Mr. Lemon, a star anchor who was a fixture of the network’s prime-time lineup before enduring a short but controversial tenure as a morning show co-host.

“CNN and Don have parted ways,” the network said in a statement on Monday. “Don will forever be a part of the CNN family, and we thank him for his contributions over the past 17 years. We wish him well and will be cheering him on in his future endeavors.”

The network said Mr. Lemon’s morning show, which he hosted with Poppy Harlow and Kaitlan Collins, would continue. “‘CNN This Morning’ has been on the air for nearly six months, and we are committed to its success,” CNN said.

Mr. Lemon, 57, appeared on air on Monday morning as normal. Three hours after he signed off, he issued a scathing statement on Twitter aimed at his employer.

“I was informed this morning by my agent that I have been terminated by CNN,” Mr. Lemon wrote. “I am stunned. After 17 years at CNN I would have thought that someone in management would have had the decency to tell me directly. At no time was I ever given any indication that I would not be able to continue to do the work I have loved at the network.”

One of CNN’s most recognizable stars, Mr. Lemon had a reputation as a fiery political commentator during his eight years as a prime-time anchor. But inside the network, he began to lose support after he made remarks in February about women and aging that were widely perceived to be sexist. The incident generated a national uproar and a rare public rebuke from CNN’s chairman, Chris Licht.

Mr. Lemon had asserted on-air that Nikki Haley, the 51-year-old Republican presidential candidate, “isn’t in her prime, sorry,” adding, “A woman is considered to be in her prime in her 20s and 30s and maybe 40s.” He dismissed the objections of his female co-hosts by responding, “I’m just saying what the facts are — Google it.” He later apologized to the CNN newsroom and agreed to a corporate training program to address his on-air behavior.

Allies of Mr. Lemon had hoped he would turn the page from the incident. But executives at CNN gradually concluded that his future at CNN had become untenable, according to two people who spoke on condition of anonymity because the internal discussions were sensitive.

In recent weeks, CNN’s bookers had discovered that some guests did not want to appear on-air with Mr. Lemon, and research on the morning show reviewed by CNN executives found that his popularity with audiences had fallen, one of the people said.

Monday’s announcement capped a dramatic fall for Mr. Lemon, who just seven months ago was happily ensconced in a prime-time anchor chair. His long-running 10 p.m. program, “Don Lemon Tonight,” drew fans for his spiky exchanges and pull-no-punches commentary on politics and the Trump White House.

Mr. Lemon imported that persona to “CNN This Morning,” but it was an awkward fit for an hour when many viewers — making breakfast and getting children off to school — want easygoing patter, not thundering monologues.

Tensions also emerged between Mr. Lemon and one of his co-anchors, Ms. Collins. In December, “CNN This Morning” crew members were rattled after a backstage incident where Mr. Lemon accused Ms. Collins of interrupting him too often.

Mr. Lemon has a long history at CNN, and his outsize public profile meant that executives were willing, for a time, to be patient with him.

He joined the network in 2006 from a local NBC station in Chicago. In 2011, he made waves when he acknowledged in a memoir what many of his colleagues already knew: he is gay. At the time, few national television newscasters were out in public. Mr. Lemon was upfront about what he described as the risks of coming out as a Black man, sharing his concerns “that people might shun me.”

In recent weeks, CNN leaders were hopeful that Mr. Lemon would adjust to his new morning-show role and that higher ratings would follow.

Last Wednesday, Mr. Lemon made headlines again after a highly contentious on-air exchange with Vivek Ramaswamy, a Republican presidential candidate. The segment deteriorated as the men fiercely debated questions of Black history and the Second Amendment; Mr. Lemon’s co-anchor, Ms. Harlow, could be seen sitting silently beside him, at times casting her gaze elsewhere and scrolling through her smartphone.

The incident left several CNN leaders exasperated, the people said.

Mr. Lemon’s exit introduces the possibility of an entire overhaul of “CNN This Morning,” which started in November. Ms. Collins, a former White House correspondent, recently drew solid ratings during a weeklong run as a substitute host at 9 p.m., fueling speculation within the network that she might be considered for a permanent position in the time slot.

“CNN This Morning” was a marquee initiative of Mr. Licht, a former morning-show producer who succeeded Jeff Zucker as CNN’s leader in May 2022. The show has gotten off to a very slow start in the ratings, and struggled to keep pace with its predecessor, “New Day.”

At an appearance last week at the Paley Center for Media, Mr. Licht said that mornings were “the most competitive” hours in television.

“It’s the last bastion of passive television viewing, really, where you’re getting your kids ready, or you’re brushing your teeth,” Mr. Licht said. “To launch a new show takes time. And so it absolutely has had growing pains, and it will absolutely continue to evolve.”

In September, shortly after Mr. Lemon’s new morning role was announced, the anchor issued a statement praising Mr. Licht.

“I was honestly floored when Chris Licht asked me to do this, and I’m honored by his belief in me,” Mr. Lemon wrote at the time, adding, “Set your alarms folks, because we’re going to have a lot of fun.”

 

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

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3 weeks ago

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August 23, 2024

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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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3 weeks ago

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August 23, 2024

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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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3 weeks ago

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August 20, 2024

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Tech News in Canada

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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