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It's not Gen Z who need to be protected from social media – it's boomers – The Independent

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5 months ago

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Hi mum, my phone has broke and I have a new one, please save this number x.” Remember this infamous scam text that did the rounds back in 2022 and 2023? Sent to a huge number of users on WhatsApp, it was a simple yet brilliant trick – spam a load of people purporting to be their children, and a proportion of those targeted will be in the right demographic. There were variations, but the messages usually involved entreating the parent to urgently lend money for rent or similar, to be transferred directly to a “landlord’s” bank account.

The scammers would rely on an emotional response – tugging at the heartstrings by pretending there was an emergency of some kind and their child needed help – to override parents’ suspicion. It worked. An estimated £1.5m was handed over to fraudsters between February and June 2022, according to Action Fraud, the UK’s reporting centre for fraud and cybercrime. The racket also swept across Australia in 2022, with over 11,000 people reporting they had fallen victim to it and losses totalling A$7.2m (£3.7m).

It was obviously a hugely upsetting experience for victims. But it’s also one way in which, contrary to popular opinion, baby boomers might just need protecting from the risks posed by social media more than Generation Z.

Much has been made of the fact that the younger generation can’t get off their phones and struggle with IRL interactions; that they’re all addicted to TikTok and regularly get sucked down YouTube rabbit holes pushing ever-more polarising viewpoints. But, in some ways, they are best adapted to digital life – there’s an argument that, having grown up online, they understand its pitfalls better than their older counterparts.

Take, for example, posting offensive opinions or thoughtless comments on social media. We’ve all heard the horror stories of both celebrities and civilians burned on the pyre of so-called “cancel culture” after an off-the-cuff comment or tasteless remark went viral. And that’s before you even get to the problematic IRL behaviour that can get individuals into trouble when it’s videoed, uploaded and shared (the whole “Karen” phenomenon being a good example).

“Baby boomers/Gen X really took to early social media platforms, especially Facebook, and one of Facebook’s characteristics that suits a lot of members of these generations is that it feels more closed,” says Eve Ng, an associate professor of media arts and studies at Ohio University and author of Cancel Culture: A Critical Analysis. “Sure, you’re able to set posts to ‘public’, but my sense is that the default settings for most FB users is having their content visible only to friends and friends of friends. So on FB, there’s a lot more open expression about (potentially) contentious topics.”

From being fired to having their TV shows cancelled or film franchises revoked, various baby boomer and older Generation X media personalities have paid the ultimate price for sharing “jokes” online that hit the wrong note. Radio presenter Danny Baker, 66, was axed by the BBC for comparing Meghan Markle and Prince Harry’s child to a chimp; ABC ceased airing the rebooted Roseanne sitcom after its star and co-creator Roseanne Barr, 71, referred to Barack Obama aide Valerie Jarrett, who is Black, as an “ape” in a tweet; comedian Kathy Griffin, 63, lost her gig presenting CNN’s new year coverage in 2018 for sharing a picture of a decapitated Donald Trump online; and actor James Gunn, 57, was swiftly fired from the Guardians of the Galaxy movie series when tweets emerged in which he joked about Aids, sexual assault and adult relationships with children. Trump didn’t even let being Potus stop him from tweeting his every passing thought, regardless of the global political implications (such as the potential to start World War Three).

Roseanne Barr had her show cancelled after racist tweets (Getty)

And then there are the contingent of divisive characters like JK Rowling and Graham Linehan, both of whom have traded well-respected careers and critically acclaimed bodies of work for being more closely associated with increasingly savage social media crusades against transgender people. Controversy surrounding the Harry Potter author’s ideological stance on gender had been bubbling for years, but her most recent tirade on Twitter/X felt particularly vicious. The more nuanced arguments Rowling used when she first started writing about these issues have slowly been cast aside in favour of stronger positions online – culminating this month in her sharing a thread naming various trans women, finishing with the line: “Obviously, the people mentioned in the above tweets aren’t women at all, but men, every last one of them.”

Linehan, meanwhile, has swapped a reputation for being the creator of some of the most genius comedy series of the past 30 years – Father Ted, The IT Crowd, Black Books – for that of a vehement anti-transgender “activist” on social media (it is the sole topic occupying his incredibly active Twitter/X account, which has been suspended on numerous occasions for causing offence). His recently released autobiography, Tough Crowd, even acknowledges this trajectory in the tagline: “How I Made and Lost a Career in Comedy”. Both he and Rowling seem to have fallen victim to the curse of the social media echo chamber, which often serves to further galvanise views and inherently encourages more and more extremist rhetoric over time by rewarding it with increased engagement.

It perhaps makes sense that a certain demographic – those young enough to feel compelled to engage with social media, but not young enough to have a healthy respect for the potential reach a post might have if it goes viral – is more susceptible to sharing “cancel”-worthy opinions online.

“Boomers may not always remember that anyone can screenshot anything – even on a relatively closed platform like Facebook – and repost elsewhere,” says Professor Ng. “I am still surprised how much I see my own Facebook friends share there (I’m Gen X), given that fact.”

Boomers may not always remember that anyone can screenshot anything – even on a relatively closed platform like Facebook

Eve Ng, associate professor of media arts and studies at Ohio University

Gen Z are much more likely to agree that the rise of cancel culture has meant they increasingly self-censor when and with whom they share their opinions, according to one study from 2022 – 40 per cent compared to just 21 per cent of baby boomers. The same research found that Gen Z are also the generation most likely to hide their perspective on topical issues because they’re afraid of how people will respond (35 per cent compared to 16 per cent of baby boomers).

It’s not to say that we should all go around censoring our true opinions – more that native internet users better understand there’s a time and a place to do so, and that social media might not always be the most safe or sensible platform. Even if that thoughtless post or comment doesn’t turn around to bite you immediately, there’s every chance it could be dredged up to haunt you in 10 years, ruining your career prospects or relationship. Cautionary tales like that of former Teen Vogue editor Alexi McCammond – who was forced to resign from her dream job after homophobic and racist tweets she’d written a decade previously while still a teenager resurfaced – are etched on young people’s memories.

“I think I made a Facebook account when I was about 10 years old,” Emily*, 23, tells me. “When my friends and I got home from school, we would update our Facebook statuses and write on each other’s walls, chatting about what happened at school that day. I’d also make albums on my Facebook profile documenting days out with my mates and would post cryptic song lyrics when I was feeling sad. Basically, we posted every aspect of our lives online!”

This early behaviour of over-sharing prompted a social media “clean-up” from Emily and her Gen Z peers when they got older, she says. “There came a point in sixth form when I realised, damn, this is embarrassing – and also, do I want a future employer to see the inner workings of my 10-year-old brain? Only the brave of my generation keep their old statuses or Instagram posts. I feel like a lot of us had a reckoning before going to university or joining the workforce when we realised our childhood digital footprint needed to be invisible.

Baby boomers are more susceptible for certain types of online fraud (Getty)

“I think in general my generation are a lot more careful about what we post because we embarrassed ourselves very early on.”

This stance is backed up by data that suggests Gen Z is more privacy conscious than previous generations, with 64 per cent switching on privacy settings on their Facebook accounts compared to just a third of users aged 65 and over, according to a survey by Pew Research Center.

And it’s not only misjudged Insta posts that baby boomers are more prone to – they’re far more likely to circulate fake news on social media. One 2019 study conducted by NYU and Princeton found that American Facebook users over the age of 65 shared nearly seven times as many articles from fake news domains as those aged between 18 and 29.

I think in general my generation are a lot more careful about what we post because we embarrassed ourselves very early on

Emily*, 23

Scam-wise, they’re also at risk of losing more money to romance fraud – schemes which draw people in with fake tales of love via social media or dating apps, then ask for payments of gift cards, wire transfers and cryptocurrency – than younger cohorts. The median reported loss across all romance scams in the US in 2021 was $2,400 (£1,930) – but this amount was more than three times higher ($9,000) among adults aged 70 and over.

In the UK, meanwhile, “when it comes to romance fraud, those aged 51-65 accounted for the majority of cases where money is lost”, says Dr Jessica Barker MBE, author of Hacked: The Secrets Behind Cyber Attacks. “Romance fraudsters often play a long con, spending a lot of time manipulating victims who may be vulnerable, for example targeting people who have recently lost a spouse.”

However, she stresses that no one is immune from this kind of scam – “the data shows that, ultimately, romance fraud does not discriminate. There was an 80-year age gap between the youngest and oldest victims of romance fraud reported to TSB Bank. None of us are immune.” Regardless of age, the signs to look out for remain the same, including “love bombing and a keenness to send you gifts – a way to accelerate the relationship and make you feel that you owe them something, as well as a ploy to manipulate you into sharing personal information that can be used for identity fraud”.

The moral of the story is this: young or old, we’re all at risk when we go online. And with the rise of AI, deepfakes and more, those risks are only set to grow in number and complexity. So let’s swap “OK boomer” tropes for compassion and understanding to others on social media – and maybe keep the more contentious jokes offline.

*Name has been changed

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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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Tech News in Canada

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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