Florida’s House of Representatives has greenlit what could be one of the nation’s strictest laws aimed at protecting children online, passing a bill that would bar anyone 16 and younger from using social media.
Media
Florida lawmakers move to bar kids from social media in latest statehouse push
While lawmakers voiced some concerns about enforcement, parental rights and First Amendment issues, the bill passed with overwhelming bipartisan support, and on Thursday moved to the state Senate, which is expected to take up the bill soon.
“They are targeting our babies,” said Rep. Michele Rayner, a Democrat from St. Petersburg who sponsored a similar bill last year. “You all know I’m a civil rights lawyer, but the fight to protect our children on social media is a fight I will take every day and twice on Sundays.”
It’s the latest in a slew of statehouse proposals to crack down on what is increasingly seen as a threat to children — and their childhood. U.S. Surgeon General Vivek H. Murthy issued an advisory last year declaring social media “an important driver” of a “national youth mental health crisis.” According to the Pew Research Center, approximately 95 percent of kids ages 13 to 17 are on social media, with more than a third of them admitting “they use social media ‘almost constantly.’”
The bill, if passed, is likely to encounter resistance in court. Critics, including free speech advocates, say such proposals are unconstitutional.
“If enacted, it will jeopardize the privacy and security of Floridians who use the internet,” said Carl Szabo, vice president and general counsel for NetChoice, a D.C.-based trade association. “The Free State of Florida deserves better than a massive, unconstitutional internet surveillance program.”
NetChoice has filed four lawsuits against state laws restricting youths’ use of social media in Arkansas, California, Ohio and Utah. They recently won temporary injunctions blocking the laws in Arkansas and California while the cases proceed.
Meta, the company that owns Facebook and Instagram, asked Florida lawmakers to consider other options, such as requiring parental approval to download apps.
“While our company recognizes the goals of House Bill 1, we believe this bill, as currently drafted, not only fails to empower parents to make the decision regarding whether their teen may use a social media platform but also fails to create robust, industry-wide standards that help parents and teens manage their online activity,” Caulder Harvill-Childs, a public policy manager for Meta, wrote in a letter to Florida legislators.
X did not respond to a request for comment.
Legislators said they’ve lost patience with social media companies.
“It’s not a cure-all … but it will help and it will be a start,” said Rep. Katherine Waldron (D), one of the bill’s sponsors. “And perhaps it will be a shot across the bow to the social media entities such as Facebook, X and Instagram to push them to help protect our children, because they have shown no interest in offering legitimate protections.”
Rep. Fiona McFarland (R) said “even the most plugged-in parent” is unable to protect kids online because of the way social media algorithms encourage near-constant use.
“These dopamine hits are so addictive,” McFarland said. “It’s like a digital fentanyl.”
The bill is aimed at social media platforms that use “addictive, harmful, or deceptive design features, or any other feature that is designed to cause an account holder to have an excessive or compulsive need to use or engage with the social media platform.” It’s unclear how it would be enforced, but says the Florida Department of Legal Affairs could issue fines of up to $50,000 “per violation” under the state’s Deceptive and Unfair Trade Practices Act.
The proposal would require social media companies to terminate existing accounts on platforms belonging to anyone 16 and under. It would also require all Floridians opening a new social media account to provide proof of their age.
Members of the public opposed to the bill included some in the LGBTQ community who said children often use social media to find support that can be lifesaving for them.
“It’s really intentionally a positive bill, I think the intention of the bill and those who filed it is golden,” said Rep. Anna Eskamani (D). “We need to provide oversight and regulation. But it doesn’t have to be a complete all-out ban where many of our most vulnerable kids will not have the space to be themselves, to find affirming environments.”
Others said it goes too far in taking power away from parents.
“With this bill, we are telling parents you are not fit to be a parent, to make the best decision for your child,” said Rep. Daryl Campbell (D). “This is a complete governmental overreach.”
Florida passed a law last year that prohibits cellphone use during class time and blocks students’ access to social media on school WiFi. But legislators say kids need to be protected both inside and outside of school.
House Speaker Paul Renner made the issue his legislative priority this year. Jeremy Redfern, a spokesman for Gov. Ron DeSantis, said in an email statement that the governor “will review the legislation once it’s in its final form and delivered to our office.”
At least 35 states and Puerto Rico have proposed legislation to prevent social media from harming youths, according to the National Conference of State Legislatures. That includes blue states like New Jersey, where Deputy Assembly Speaker Herb Conaway, a Democrat, proposed two bills this session to restrict youth social media access.
Jonathan Bick, an adjunct professor at Rutgers Law School, sees a consensus building as more states propose and pass laws that may ultimately result in overarching federal legislation.
Bick noted that a federal law, the Children’s Online Privacy Protection Act, already holds social media companies liable if someone under 13 uses their platform. What further federal restrictions on social media could look like isn’t clear, he said.
“The president and the courts have agreed that this sort of restriction on the ability to get information is appropriate” under the First Amendment, Bick said of COPPA. “The next question is where do you draw the line: Is it 13, 16? That is a question for the legislature and the president to deal with.”
Cat Zakrzewski and Cristiano Lima-Strong contributed to this report.
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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.
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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