Media
Hong Kong Security Law Squeezes Space for Media, Choking RTHK – The New York Times
HONG KONG — Hong Kong’s public broadcaster has long been a rare example of a government-funded news organization operating on Chinese soil that fearlessly attempts to hold officials accountable.
The broadcaster, Radio Television Hong Kong, dug into security footage last year to show how the police failed to respond when a mob attacked protesters in a train station, leading to widespread criticism of the authorities. The broadcaster also produced a three-part documentary on China’s crackdown on Muslims in Xinjiang. One RTHK journalist, Nabela Qoser, became famous in Hong Kong for her persistent questioning of top officials.
Now, RTHK’s journalists and hard-hitting investigations appear vulnerable to China’s new national security law, which takes aim at dissent and could rein in the city’s largely freewheeling news organizations. The broadcaster, modeled on the British Broadcasting Corporation, has already been feeling pressure.
RTHK has drawn fire in recent months from the police, establishment lawmakers and pro-Beijing activists. Its critics have filed thousands of complaints accusing the broadcaster of bias against the government and regularly protest outside its studios.
“If you want to enjoy freedom, you have obligations to follow,” said Innes Tang, the chairman of Politihk Social Strategic, a nonprofit pro-Beijing group that has organized protests and petitions against RTHK. “You cannot use fake news to attack people. That is not part of freedom of expression.”
As the objections mounted, RTHK was forced to suspend a satirical program that made fun of the police. It was criticized by the Hong Kong government for asking the World Health Organization if Taiwan could join the global health body from which Beijing has shut it out. The broadcaster faces a formal government review into its operations starting next week.
The sweeping national security law China imposed last week on Hong Kong is directed at quelling the pro-democracy protest movement that roiled the territory last year, but it also calls for tougher regulation of the media. The worry is that the law would be used to muzzle outlets by requiring publishers and broadcasters to avoid content and discussions that could be seen by the authorities as subversive. The worst-case fear is that RTHK, as a government department, could be forced to become an organ of state propaganda.
The city’s news outlets have faced an onslaught. Reporters covering protests have been pepper-sprayed and detained by the police. Jimmy Lai, the publisher of the Apple Daily, a pro-democracy newspaper, was one of several opposition figures arrested early this year, and state media have accused him of fomenting unrest.
Pro-Beijing lawmakers have urged the government to register journalists. The new security law also calls for a group of government bodies, including the national security office, to oversee foreign journalists, raising concerns about the erosion of press freedoms.
A reporter asked Carrie Lam, the city’s leader, at a briefing on Tuesday if she would guarantee that journalists in the city would be free to report with the new law in place. Mrs. Lam responded that if “all reporters in Hong Kong can give me a 100 percent guarantee that they will not commit any offenses under this piece of national legislation, then I can do the same.”
Yuen Chan, a senior lecturer of journalism at City, University of London who worked for RTHK in the late 1990s and early 2000s, said the broadcaster was in an “extremely perilous situation” because its status as a government department made it easier for Beijing to exert control.
The news organization appears to be taking pre-emptive steps to avoid falling afoul of the security law. In recent weeks, several RTHK journalists say, editors have told reporters not to emphasize pro-independence slogans in their news reports.
An RTHK spokeswoman, Amen Ng, said that RTHK journalists “have been doing their job professionally” but added that the broadcaster was not a “platform to promote Hong Kong independence.”
But there were already signs in RTHK’s newsroom that a chill was setting in.
Kirindi Chan, a top RTHK executive, announced unexpectedly in June that she would resign, citing health reasons. Days later, she met with RTHK reporters who pressed her if she was being forced out over their coverage of the antigovernment demonstrations. Ms. Chan denied being ousted, but she sought to deliver some solemn advice.
Ms. Chan reminded the reporters and producers of their role as civil servants, and urged them to comply with the government’s code of conduct, according to two people who attended the meeting and spoke on condition of anonymity to discuss an internal matter.
She did not go into details, but the civil service code calls for impartiality and loyalty to the government, values the authorities have stressed to discourage government employees from joining the protests.
Over an RTHK career of nearly three decades, Ms. Chan earned the respect of her staff for being a staunch defender of the organization’s editorial independence. At the end of the somber half-hour meeting, the reporters gave Ms. Chan a bouquet of red and yellow tulips, but an employees’ union said her departure was an ominous sign.
“We worry that Ms. Chan’s resignation would set the scene for further attacks on RTHK,” the union said in a statement.
RTHK has also found itself caught in geopolitical wrangling between China and Taiwan, the self-governing island that Beijing claims as part of its territory.
In April, the government criticized RTHK over an interview the broadcaster ran with a World Health Organization official, Dr. Bruce Aylward, who was asked whether Taiwan should be allowed to participate in the health body. Taiwan had been shut out by Beijing in recent years.
In an awkward exchange that highlighted the sensitivity of the topic, Dr. Aylward first said he did not hear the question, then asked to move on. When the reporter repeated it, the line went dead; minutes later, asked again, Dr. Aylward replied, “We’ve already talked about China.” The interaction gave further ammunition to critics who say the health body is unduly beholden to Beijing.
Edward Yau, the Hong Kong secretary for commerce and economic development, which supervises RTHK, accused the broadcaster of having breached China’s official stance toward Taiwan. Such a rebuke now carries more significance against the backdrop of the security law, which focuses heavily on perceived threats to China’s sovereignty.
If RTHK were forced to adopt a new role as a broadcaster that serves as the voice of the government, it would be the culmination of a decades-long campaign by its pro-Beijing critics.
RTHK was founded as a government radio station in 1928, when Hong Kong was a British colony, and broadcast official bulletins for half a century before it set up its own newsroom in 1973. Not long after the territory returned to Chinese rule in 1997, pro-Beijing politicians started urging RTHK to fall in line with the central government.
Editorial independence is enshrined in RTHK’s charter. But unlike the United States or Britain, where public broadcasting is given greater autonomy from the government through nonprofit corporations, RTHK is a government department, which makes it far more vulnerable to official intervention.
The government flexed its grip over RTHK most overtly in May when it complained about “Headliner,” a satirical program that had taken pointed jabs at the police. That prompted the broadcaster to apologize and suspend the show, a decision that caused some alarm within the organization.
“If those who are in power cannot tolerate ‘Headliner,’ then their intolerance will extend to other current affairs programs,” said Gladys Chiu, the chairwoman of RTHK’s labor union.
On a recent Wednesday, the staff of “Headliner” gathered in RTHK’s aging studio for a final shoot. Ng Chi-sum, a longtime host of the show, portrayed Carrie Lam, Hong Kong’s leader, as Cixi, the out-of-touch empress dowager during the final decline of the Qing dynasty, donning a gaudy headdress, a fake pearl necklace and a gown.
The hosts kept up a light banter between takes, but off camera, Mr. Ng, 61, spoke gloomily of the show’s prospects, and those of the city itself.
“The worst is yet to come,” Mr. Ng said. “The overall trend nowadays is an exhaustive takeover of Hong Kong.”
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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