Media
Indian journalists say BBC raid part of drive to intimidate media
“Did BBC Take Cash From China For Propaganda?” ran the opening title on the primetime news debate. As the flashy graphics of Republic TV, India’s hardline and overwhelmingly popular news channel, faded and its presenter Arnab Goswami appeared on the screen, he addressed millions of viewers across the country directly. “Ladies and gentlemen, our worst suspicions have been proved absolutely correct,” he said. “The BBC is funded by China.”
Two weeks later, on Tuesday, more than 50 officers from the income tax department descended on the Delhi and Mumbai offices of the BBC. Over the course of three days, officials went through documents, searched emails and cloned phones and laptops, according to BBC employees who were inside the building. At least 10 BBC employees, including five senior editors, were kept there for three nights until the “tax survey” was finally completed on Friday.
The government insisted it was simply carrying out routine checks. “There is absolutely no correlation between what the BBC has put out and what the income tax authorities in India have done,” said Kanchan Gupta, an adviser at the ministry of information and broadcasting.
“This is not a raid or a seizure, it is a scrutiny process. From what I understand, at least 10 notices were sent to the BBC to come clean on certain issues before the documentary. The BBC did not respond to those notices, and that prompted the action.” A statement from the Central Board of Direct Taxes on Friday said the survey had detected “several irregularities and discrepancies”. The BBC has said it is cooperating with the investigation.
Yet the timing of the raids raised eyebrows, and was cited by many observers as an escalation of threats to press freedom and authoritarianism in India under the prime minister, Narendra Modi.
In January, the BBC had broadcast a documentary about Modi in the UK that the Indian government had evidently loathed. The two-part series, called India: the Modi Question, examined rising tensions between Modi’s Hindu nationalist government and the minority Muslim population.
Most controversially, it revisited allegations that as chief minister of Gujarat, Modi had been complicit in the deaths of hundreds of Muslims during religious riots that broke out in 2002. Although the documentary cited previously unreported UK diplomatic cables, the allegations were not new, and had followed Modi for years. In 2012, he was cleared of all charges relating to the riots by India’s supreme court.
The documentary was not released in India but the government went full throttle in condemning it, calling it “colonial propaganda”, “hostile garbage” and evidence of western powers trying to undermine India’s rise to a global superpower. Emergency laws were swiftly invoked to ban any clips or footage of the documentary being shared online.
A hate campaign portraying the BBC as corrupt circulated among rightwing social media users. In particular, the allegation that the broadcaster was being funded by India’s foe China began to take hold, based on a 2022 report in the Spectator magazine that the BBC had accepted advertising revenue from the Chinese company Huawei. Not long after, several of India’s biggest news channels began alleging China was paying the BBC to create anti-India propaganda and it became the topic of multiple television debates, often featuring members of the ruling Bharatiya Janata party (BJP).
“It was a pattern we’ve seen so many times before,” said Raqib Hameed Naik, an Indian journalist who runs Hindutva Watch, a website monitoring hate speech and disinformation on Hindu nationalist social media, from the safety of the US. “These fake allegations are first pushed by rightwing IT cells on Twitter, then they make it onto primetime television debates and eventually they end up with raids by government agencies.”
“The aim is always the same,” he added. “To silence critics of the government. They’re trying to create this single echo chamber, where only their message resonates and all the critical media is silenced.”
India has a chequered history of freedom of expression and press freedoms, mostly notably during the “Emergency” years in the 1970s when the then prime minister, Indira Gandhi, suspended the constitution and jailed and expelled journalists.
Since Modi came to power in 2014, some journalists and other media workers have alleged that a systematic silencing of critical reporting has taken place and that journalists have been targeted as “anti-national” threats to the state. In this year’s World Press Freedom Index, India dropped down to 150 out of 180 countries, its lowest ranking on record.
Gupta denied there was a government crackdown on media. “This is not on the government’s agenda,” he said. “I really do not see the media cowing in fear, sitting quietly in a corner. But media houses are not above scrutiny, the tax laws apply equally to them.”
A large number of newspapers, magazines, digital media and television news channels still exist in India, creating what can appear to be a vibrant media landscape. However, many in the sector describe an environment where mainstream news publications and channels, largely owned by figures who have corporate interests tied into the government, refuse to publish stories that criticise Modi, the BJP or those close to the ruling establishment.
“You have a landscape in India where the legacy media news organisations and channels are so compromised they have just become cheerleaders of the government,” said Abhinandan Sekhri, the CEO of Newslaundry, a digital news organisation.
Critics accuse the government of escalating its crackdown by introducing draconian legislation regulating digital media – including laws giving the government the power to decide what is fake news – and more news organisations have found themselves the subject of government investigations. While numerous Indian publications have been targeted, the BBC raids this week were a first for an international news organisation, though foreign correspondents based in India have faced increasing difficulties over visas and access to sensitive areas of the country.
As the raids took place, figures from the BJP doubled down on the BBC. Its spokesperson Gaurav Bhatia called the BBC the “most corrupt organisation in the world” while the vice-president Jagdeep Dhankhar, a BJP member, said that “sinister designs” who wanted to undermine the country should be “boldly neutralised”.
The BBC raid came as little surprise to Sekhri. Newslaundry – part of a small but defiant pool of digital media organisations which have refused to toe the government line – faced the same “survey” by income tax officers twice in 2021. “Whenever this government is displeased with the kind of coverage they’ve got in the news, their response is use the agencies for intimidation,” he said.
The harassment of Newslaundry did not stop after the raids. Failed attempts were made to file criminal charges against Sekhri and he still receives notices from the income tax department every two months or so, demanding documents. “I don’t even know what they are investigating us for,” he said. “It’s a drain on resources but it won’t change what we report.”
A very real fear now also exists among journalists that they will be prosecuted under stringent laws for producing critical work. Digital websites such as The Wire and magazines such as Caravan have faced raids and lawsuits for their reporting, while last year the journalist and fact-checker Mohammad Zubair was arrested and detained, following a sustained campaign against him on social media.
This month, the Keralan journalist Siddique Kappan was released from prison after more than two years, having been detained under terrorism laws as he was on his way to report on a high-profile gang-rape case. He has still not faced trial for the charges he says were politically motivated; among them, the accusation of stirring up religious hatred through his reports and laundering 5,000 rupees (the equivalent of £50).
“I was targeted because I have written pieces that have been critical of the ruling BJP and the government policies,” said Kappan. “The situation for independent journalists is dangerous in India and is deteriorating quickly. What happened to me was meant as a warning to others.”
Nowhere has the Modi government’s media crackdown been more visible and more effective than in Kashmir. Since 2019, when the government unilaterally stripped the troubled, Muslim-majority state of the autonomy it had enjoyed for decades – and subsequently imposed an internet blackout for 18 months – the media landscape has effectively been suppressed almost to the point of extinction.
Three Kashmiri journalists are still detained under draconian terrorism laws, while others who still attempted to report have been detained, beaten, faced constant harassment and interrogation by police and authorities and placed on an arbitrary no-fly list which bars them from leaving the country. Last year, the state’s press club was shut down.
“We had problems before 2019 but it was never this bad,” said Anuradha Bhasin, the executive editor of the Kashmir Times. “There’s been a systematic crushing of journalists and an overwhelming climate of fear so you won’t find a single critical story in the local papers anymore, the front pages just look like a publicity pamphlet for the government. It’s censorship by default now.”
Those in the region say the tactics increasingly being used against journalists elsewhere in India – heavy regulation, harassment by authorities, prosecution under terrorism and sedition laws – are straight out of the playbook that has effectively shut any independent media in Kashmir.
“Kashmir was an experimental laboratory where the Indian government managed to successfully silence the media,” said Bhasin. “That is now being extended to the rest of India in ways that are very brazen and very worrying.”
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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