Media
Even without listening, you live in Limbaugh's media world – Richmond News
NEW YORK — You didn’t have to like or even listen to Rush Limbaugh to be affected by what he did.
Conservative talk radio wasn’t a genre before him. Without Limbaugh, it’s hard to imagine a Fox News Channel, or a President Donald Trump, or a media landscape defined by shouters of all stripes that both reflect and influence a state of political gridlock.
To his fans, Limbaugh’s death Wednesday of lung cancer at the age of 70 was an occasion for deep mourning. For his foes, it was good riddance. Somewhere, Rush could surely appreciate it.
He left a legacy.
“He was the most important individual media figure of the last four decades,” said Ian Reifowitz, professor of historical studies at the State University of New York and author of “The Tribalization of Politics: How Rush Limbaugh’s Race-Baiting Rhetoric on the Obama Presidency Paved the Way for Trump.”
That assessment was freely offered even though Reifowitz, as the title of his book suggests, isn’t a fan. He blames Limbaugh for setting a blueprint for white identity politics and the dividing of the nation into uneasy tribes.
Limbaugh’s death led Trump to call in to Fox News Channel for his first television interview since leaving office — and he did it twice.
Former Vice-President Mike Pence told Fox he was inspired by Limbaugh to become a talk radio host himself, which launched his political career. Ex-White House Press Secretary Kayleigh McEnany reminisced about riding as a child in her father’s pick-up truck as Limbaugh’s show played on the radio.
“I am the definition of a ‘Rush baby,’ and it’s not just me,” McEnany said on Twitter. “There are tens of thousands of us all across the conservative movement.”
Radio hosts talked politics before Limbaugh, men like Jerry Williams in Boston and Barry Farber in New York.
But the idea of conservative talk radio didn’t take hold until Limbaugh, after bouncing through DJ jobs in Pittsburgh, Kansas City and Sacramento, went national from a perch at New York’s WABC in 1988, said Michael Harrison, publisher of Talkers magazine.
Limbaugh was a sensation among people who liked to tweak liberals, outraging with political incorrectness. Before Limbaugh, only 30 or 40 stations did “talk radio,” and many weren’t political, Harrison said. Now there are thousands.
To the end, Limbaugh led the field. He reached an estimated 15.5 million people each week and lost in the ratings for three months only once in some three decades, to advice host Laura Schlesinger, Harrison said. Bumper stickers proclaimed, “Rush is Right.”
“There is no talk radio as we know it without Rush Limbaugh. It just doesn’t exist,” said Sean Hannity, who has 15 million radio listeners beyond his Fox News Channel show. “And I’d even make the argument in many ways: there’s no Fox News or even some of these other opinionated cable networks.”
Rupert Murdoch and Roger Ailes launched Fox News in 1996. MSNBC started the same year.
Politics seemed second to entertainment in Limbaugh’s early years.
“I’m trying to attract the largest audience I can and hold it for as long as I can so that I can charge advertisers confiscatory advertising rates,” Limbaugh told Steve Kroft of “60 Minutes” in 1991. “This is a business.”
But he soon became more than a business leader. Republicans credited Limbaugh for helping them win the House majority in 1994.
“It wasn’t just that he transformed the media landscape, but he transformed the Republican Party,” said Nicole Hemmer, author of “Messengers of the Right: Conservative Media and the Transformation of American Politics.” “He became a power player and someone who could move voters.”
Conservative radio host Mark Levin called Limbaugh “a tremendous patriot.” Once a universally accepted compliment, the term “patriot” has become more complicated through its use by some of the rioters at the U.S. Capitol on Jan. 6.
“He refused to accept the attacks that came against this country from within,” Levin said on Fox News. “He refused to accept the ideological changes in this country. He defended the traditions of this country. And he spoke for tens of millions of us.”
To SUNY’s Reifowitz, Limbaugh led the way in getting people “scared about the browning of the country.”
Some of Limbaugh’s language was downright ugly. He invented the term “feminazi,” called Chelsea Clinton a “dog” when she was 12 years old and had to apologize for calling a young woman a “slut” for arguing that birth control be covered by health insurance. He mocked the death of AIDS victims and played the parody song “Barack the Magic Negro” when Barack Obama was elected president.
The headline on HuffPost’s obituary on Wednesday said Limbaugh “saturated America’s airwaves with cruel bigotries, lies and conspiracy theories.” The Root called him a “spouter of racist, hate-filled garbage.”
On Foxnews.com, Limbaugh’s obituary’s headline was “Greatest of All Time.”
Limbaugh didn’t embrace Trump right away, but soon fell in line. Trump’s appeal mystified many in politics at first, but “if you had been listening to Rush Limbaugh for 20 years, he sounded very familiar,” Hemmer said.
As Limbaugh’s political strength became evident, many Republican politicians felt they couldn’t cross him, or run the risk of alienating his millions of listeners, Hemmer said.
“Many of these listeners didn’t care if Rush Limbaugh crossed the line (of propriety),” she said. “They cared more about loyalty to him than any kind of underlying set of principles.”
The economic lessons taught by Limbaugh are clear each night on Fox, CNN and MSNBC, routinely the three most-watched cable networks. They’re not really news networks in prime time; they present political talk.
“It’s hard,” Hemmer said, “to overstate his importance.”
Harrison, who interviewed Limbaugh several times over the years, said the talk show host “began to take himself more seriously” in his later years.
Limbaugh even appeared to measure words more carefully. After receiving social media blowback in December for suggesting that the nation was “trending toward secession,” he later made clear he wasn’t advocating that.
To the end, however, he remained loyal to Trump, who awarded Limbaugh a Presidential Medal of Freedom at the State of the Union address last year.
Limbaugh supported Trump’s false claims that the election was stolen and, on Jan. 7, compared rioters at the Capitol to people who sparked the Revolutionary War.
David Bauder, The Associated 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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