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How China’s social media echo chamber fuels coronavirus fears

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5 years ago

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VANCOUVER—Corpses lie on the ground near hospitals. People kill their pets for fear the animals will spread disease. Mobs chase down people without masks and angrily force them to cover up.

These are the scenes flooding social media in China as the country grapples with the novel coronavirus that has prompted the World Health Organization to declare a global emergency.

But how much of what the Chinese people and international observers are seeing on social media is true?

Public mistrust of government authorities in China has reached such a severe level, observers say, that many Chinese people have turned to alternative online sources of information — often of questionable veracity.

“Many Chinese people are well aware of the government’s long track record of censoring information about threats to public health,” said Sarah Cook, director of the China Media Bulletin at human rights research group Freedom House.

“This fuels deep mistrust in official updates and undermines efforts to reduce fear and anxiety,” she told The Star.

There’s history to the earned mistrust. In the first few months of the SARS outbreak in 2003, the Chinese government tried to keep it a secret. By the time the new virus was publicly reported, five people had died and hundreds had already fallen ill. It was a health disaster that led to heaps of global backlash, and China sacked its health minister and the mayor of Beijing in apparent contrition about the mishandling.

While central government authorities in Beijing were much quicker to publicly report the new coronavirus, the local Wuhan city government initially censored the first reports of a new illness emerging in the city last December. Medical experts said in a research paper published in The Lancet that they’ve found new evidence that the origin of the outbreak may not have been a seafood market in Wuhan as the Chinese government reported, and the first human infections may have occurred in November.

 

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Li Wang is among those glued to social media.

The economics researcher at the University of New Brunswick and former Canadian student is currently on lockdown in Wuhan after flying home to visit family during Lunar New Year.

To pass the time, he was one of millions of Chinese glued to their screens watching a livestream of a hospital being built in ten days to house patients that have overwhelmed Wuhan’s hospitals. The government says a crew of 7,000 worked around the clock to build the 1,000-bed hospital, and vowed to build another this week.

“Everyone is afraid to go outside … Almost everyone I have talked to online are panicked,” Wang said. Because he is not a Canadian citizen or permanent resident, he’s not able to board the chartered flight Canada is sending to bring back Canadians from the city.

China’s control of social media is a factor that adds to the confusion. Many people are familiar with mainland China’s “Great Firewall,” the internet censorship apparatus that automatically blocks international social media platforms such as Twitter, Facebook, YouTube and Instagram as well as many news outlets and the entire suite of Google services.

Chinese authorities are continually developing and fine-tuning their ability to censor social media posts on domestic websites such as the Twitter-like Weibo blogging platform. They even have the ability to surveil and automatically block parts of private conservations on chat apps such as WeChat.

WeChat is the preferred platform for many in China during the coronavirus outbreak because the chat groups there tend to be small or medium-sized groups where some users know each other personally.

“People are getting at least some information from individuals they personally know and trust (on WeChat typically), but that doesn’t make them insusceptible from the spread of false information,” said Cook.

“But for those who personally know the original source — say a relative who is a nurse in Wuhan — her information will likely appear very credible and believable to them and possibly rightly so.”

However, like all social media platforms, the quality of what a user sees depends on the quality of the people they have in their circles. A WeChat user who is friends with many doctors and nurses would likely get more reliable information.

Perhaps aware of the communication challenges government control over the scarce number of independent media outlets in China has seemed to lighten over the past several weeks.

As a result, members of the public in China are turning to respected Chinese publications like Caixin to read quality journalism about the outbreak. The magazine recently published a four-part series produced by dozens of journalists including a detailed account of the Wuhan government’s coverup of the crisis.

 

So are the images on social media real?

Yuri Qin, an editor at the Berkeley-based China Digital Times, a bilingual website that monitors the Chinese internet, says that unfortunately, some of the horrible videos and photographs might be real, although they are difficult to verify.

“Authorities in Wuhan have imposed some brutal measures to prevent the spread, and because of the panic some people are cruel to each other and sometimes they use extreme means to drive out or detain suspected carriers of the disease,” Qin told The Star in an email.

She says the loss of credibility of the local government has seemed to exacerbate paranoia and fear among citizens of Wuhan.

However, it’s also helpful to keep in mind that among the hundreds of millions of Chinese social media users, some have retained their sense of humour even during a health crisis. Some videos that have gone viral are jokes, and likely stem from people trying to make the best of their situations.

What are some reliable sources of English-language translations of Chinese social media posts on coronavirus?

The China Digital Times verifies and translates blog posts and diary entries from people living in China dealing with the coronavirus enforced quarantines and health checks.

The website What’s on Weibo tracks and analyses viral social media posts on China’s most popular platforms.

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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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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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