Media
Queen's death triggers media bonanza in works for decades – Halifax.CityNews.ca
NEW YORK (AP) — When word came that Queen Elizabeth II was close to her death, media organizations around the world sprang to life, dispatching reporters to a royal castle in Scotland and breaking out coverage plans decades in the making.
At age 96, the queen’s passing was hardly a surprise. Still, the British royal succession is a media event on steroids that will culminate in Monday’s live coverage of funeral services from Westminster Abbey.
“It’s something I’ve always sort of dreaded and anticipated and worried about,” said Deb Thompson, assistant London bureau chief for CBS News in the United States, recalling nights spent obsessing over the details.
So far, it’s all gone smoothly and she pronounces herself awed by the spectacle.
Woe to those who didn’t plan ahead, however.
The director of U.K.’s Foreign Press Association said the organization has been inundated with requests for accreditation from television and radio broadcasters all over the world. The association tries to help them navigate government and royal protocols.
“You’d have thought the royal weddings reached the maximum level of interest, but no,” said director Deborah Bonetti. “It’s a tsunami of people who have no idea what to do in order to broadcast these proceedings from London.”
Even accredited journalists are fighting for positions, “so if you’re just flying in … you’re unlikely to get one,” she said.
Within Britain, the well-rehearsed coverage of remembrances and ceremonial events has been deferential to a fault, said Steven Barnett, communications professor at the University of Westminster. Critical reflection on the queen’s life or the monarchy’s role in modern society — of which there has been coverage around the world — has almost entirely been banished to social media, he said.
In a circling of the wagons, The New York Times was criticized in Britain for an article that talked about the “hefty” price tag of a royal funeral being paid for by state funds at a time many Britons are hurting financially.
“There are no depths to which the @nytimes won’t stoop to in its anti-British propaganda,” journalist Andrew Neil, a former editor at the Sunday Times in London said on Twitter.
In the United States, the coverage has mostly focused on the passing of an era, and the solemn services, said Marlene Koenig, who manages the Royal Musings blog from her Virginia home.
“It has been respectful,” she said. “I won’t use the term reverential. We have to remember the British monarch is very much a part of our history and heritage.”
Mourners who sought to pay their last respects to the queen as her coffin was lying in state this week were met with a crowd of reporters, microphones and video cameras as they waited to enter Westminster Hall and again as they left.
Why did they come? What did the moment mean to them? How did it feel to see the coffin? Reporters asked to check the wristbands of people in line to get a sense of how many were waiting.
On Thursday, the media’s desire to show as much as it could of mourners passing by the monarch’s coffin conflicted with the control-conscious palace’s desire for dignity and decorum.
The palace issued a list of rules for video coverage that included, for example, no depiction of the royal family “showing visible signs of distress” or “any inappropriate conduct” by members of the public or otherwise.
When one of the ceremonial guards beside the queen’s coffin fainted, the BBC cut off its live feed, and the use of video that showed what happened was restricted, even though still pictures showed up on newspaper websites.
Many news organizations had long-term agreements on where their journalists would be placed for the signature events. NBC News, for example, is using the same location it used to cover King Charles III’s wedding to Diana and Prince William’s wedding to Kate Middleton.
“The Brits do pomp and circumstance like no others,” said Tom Mazzarelli, executive producer of NBC’s “Today” show in the U.S.
American broadcasters have been all-in on queen coverage, too. Television networks are sending their biggest news stars to anchor Monday’s funeral coverage: Robin Roberts and David Muir of ABC News; Savannah Guthrie, Lester Holt and Hoda Kotb of NBC; Gayle King and Norah O’Donnell of CBS.
Princess Diana’s funeral in 1997 was watched by a huge audience: 33 million in the United States alone on a Saturday morning.
Even without royalty, funerals of major figures symbolize an era’s end and are often big television draws. Former President Ronald Reagan’s prime-time burial in 2004 had 35 million viewers, the Nielsen company said.
The queen’s death received major coverage elsewhere in the world, often dictated or complicated by Britain’s relationships with the countries where it was shown.
In Hong Kong, a former British colony turned over to China in 1997, most local news outlets ran reports on the British ceremonies. But some television channels have been careful reporting on the city’s own tributes to the queen.
The Now TV network edited a Facebook post and news report that showed Hong Kong residents leaving flowers at the British consulate to remove an interview with one resident who said a long line of people waiting to pay respects to the queen “shows what people want.”
Local media reported the pro-Beijing head of news at Now TV ordered the changes. The network did not give an explanation.
Heavy coverage of the queen’s death in India, once Britain’s largest colony, quickly faded. For older residents, the British royal family represents a painful part of history, but to most Indians they’re just another celebrity family.
In Syria, where President Bashar Assad considers Britain part of a coalition funding insurgents in the country’s 11-year conflict, state TV gave little attention to the news.
Co-hosts of the major morning TV shows in Australia, a constitutional monarchy where the queen was sovereign, traveled to London to cover the events. Regular guests of the programs were required to dress in dark clothing.
Widespread coverage in Japan often drew parallels to the increasingly controversial state funeral plans later this month for the assassinated former leader Shinzo Abe.
British ceremonial events are “catnip for television networks,” said Mark Lukasiewicz, a veteran American network executive now dean of Hofstra University’s School of Communication.
But after more than a week, they have their limits, said Barnett, the British professor.
“It’s gotten to the point where a lot of people are thinking, ‘we’ve kind of had enough now,’” he said.
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Sylvia Hui, Samya Kullab and Jill Lawless from London; Bassem Mroue from Beirut, Lebanon; Mari Yamaguchi from Tokyo, Japan; Zen Soo from Hong Kong; Krutika Pathi from New Delhi, India; and Rod McGuirk from Canberra, Australia contributed to this report.
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Follow AP’s coverage of Queen Elizabeth II at https://apnews.com/hub/queen-elizabeth-ii
David Bauder, 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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