Media
New York gun applicants will have to list social media accounts for a review – Global News
As missed warning signs pile up in investigations of mass killings, New York state is rolling out a novel strategy to screen applicants for gun permits. People seeking to carry concealed handguns will be required to hand over lists of their social media accounts for a review of their “character and conduct.”
It’s an approach applauded by many Democrats and national gun control advocacy groups, but some experts have raised questions about how the law will be enforced and address free speech concerns.
Some of the local officials who will be tasked with reviewing the social media content also are asking whether they’ll have the resources and, in some cases, whether the law is even constitutional.
Sheriffs haven’t received additional money or staffing to handle a new application process, said Peter Kehoe, the executive director of the New York Sheriffs’ Association. The law, he asserted, infringes on Second Amendment rights, and while applicants must list their social media accounts, he doesn’t think local officials will necessarily look at them.
“I don’t think we would do that,” Kehoe said. “I think it would be a constitutional invasion of privacy.”
The new requirement, which takes effect in September, was included in a law passed last week that sought to preserve some limits on firearms after the Supreme Court ruled that most people have a right to carry a handgun for personal protection. It was signed by Gov. Kathy Hochul, a Democrat, who noted shooters sometimes telegraph their intent to hurt others.
Increasingly, young men have gone online to drop hints of what’s to come before executing a mass killing, including the gunman who killed 19 children and two teachers at an Uvalde, Texas, elementary school.
Under the law, applicants have to provide local officials with a list of current and former social media accounts from the previous three years. It doesn’t specify whether applicants will be required to provide access to private accounts not visible to the general public.
It will be up to local sheriff’s staff, judges or county clerks to scroll through those profiles as they check whether applicants have made statements suggesting dangerous behavior.
The law also will require applicants to undergo hours of safety training, prove they’re proficient at shooting, provide four character references and sit for in-person interviews.
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The law reflects how the Supreme Court ruling has shifted responsibility to states for vetting those who carry firearms in public, said Tanya Schardt, senior counsel and director of state and federal policy for gun control advocacy organization Brady.
Her group said it was not aware of any other states requiring gun permit applicants to submit social media profiles.
The new approach, however, comes amid growing debate over the policing of social media posts and a legacy of unwarranted surveillance of Black and brown communities.
“The question should be: Can we do this in an anti-racist way that does not create another set of violence, which is the state violence that happens through surveillance?” said University of Pennsylvania social policy, communications and medicine professor Desmond Upton Patton, who also founded SAFElab, a research initiative studying violence involving youths of color.
Meanwhile, gun rights advocates are blasting the law.
“You’re also going to have to tell them your social media accounts because New York wants to thoroughly investigate you to figure out if you’re some of those dangerous law-abiding citizens who are taking the country by storm and causing crime to skyrocket,” Jared Yanis, host of the YouTube channel Guns & Gadgets, says in a widely viewed video on the new law. “What have we come to?”
Hochul, who also has tasked state police with routing out extremism online, didn’t immediately respond to a list of questions about the social media requirement, including how the state will address free speech and privacy concerns.
“Often the sticking point is: How do we go about enforcing this?” Metro State University criminal justice professor James Densley, cofounder of research initiative The Violence Project, said. “I think it starts to open up a bit of a can of worms, because no one quite knows the best way to go about doing it.”
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It can be tricky, he said, to decode social media posts by younger people, who could simply be expressing themselves by posting a music video.
“Where this will get tricky is to what extent this is expression and to what extent is this evidence of wrongdoing?” Densley said.
Spokespeople for the social media platforms Facebook, Twitter, 4Chan and Parler didn’t immediately respond to requests for comment.
New York should instead consider giving the job to a trained group tasked with figuring out how to best reach out to people online who are showing signs of radicalization or trauma and may need help, Patton said.
“There’s a lot of nuance and contextual issues. We speak differently; how we communicate, that could be misunderstood,” Patton said. “I’m concerned we don’t have the right people or the right tools in place to do this in a way that’s useful in actually preventing violence.”
Adam Scott Wandt, a public policy professor at the John Jay College of Criminal Justice, said that he supports gun control, but that he worries the New York law could set a precedent for mandatory disclosure of social media activity for people seeking other types of licenses from the state.
New York’s law is rushed and vague, said Wandt, who teaches law enforcement personnel how to conduct searches on people through social media.
“I think that what we might have done as a state here in New York is, we may have confirmed their worst fears _ that a slippery slope will be created that will slowly reduce their rights to carry guns and allow a bureaucracy to decide, based on unclear criteria, who can have a gun and who cannot,” Wandt said. “Which is exactly what the Supreme Court was trying to avoid.”
© 2022 The Associated Press
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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