Media
Russian media serve up smugness, mockery after U.S. vote – CBC.ca
In the aftermath of the still-to-be-officially-called U.S. election, the hot take from Russian state TV pundits was that the election’s chaotic, indecisive conclusion demonstrates how far the mighty superpower has fallen.
The implications for what a Joe Biden presidency might mean for relations between the United States and Russia appeared secondary to the propaganda bonanza.
“The borders of insanity are limitless,” said political scientist Andranik Migranyan on the talk show Big Game on state-owned NTV.
“Each of the candidates accuses the other of stealing votes. This shows the deep crisis in the U.S.A.”
Stolen votes?
Guests on talk show 60 Minutes feigned being scandalized as they borrowed Donald Trump’s lines that mail-in votes in tight races such as Georgia and Pennsylvania had to have been “stolen” because there was no way so many of them were going Democratic.
WATCH | U.S. election exposes flaws, Moscow says:
The Kremlin says outdated rules in the United States have led to ‘shortcomings’ in the voting process. Russian state television has been repeating Donald Trump’s claims, without evidence, that the election is fraudulent and ‘rigged.’ 3:10
Other prominent voices struck an almost apocalyptic note.
The situation in the U.S. is “extreme,” said Gennady Zyuganov leader of Russia’s Communists, the second largest party in the country’s parliament.
He went on to raise the prospect of “anarchy” coupled with a looming “nuclear threat” to Russia as a result of the contested outcome.
Maria Zakharova, who speaks for Russia’s Foreign Ministry, said she hoped Russia could avoid “mass riots” in the country.
Election fairness especially sensitive
The U.S. frequently accuses Russia of rigging its elections — particularly those involving President Vladimir Putin — and the ongoing uncertainty has offered the Kremlin’s friendly voices an irresistible opportunity to turn the tables.
Putin won the last presidential race in 2018 with 77 per cent of the vote in a contest that was so heavily stage managed that potential challengers had to be approved or vetoed by the Kremlin.
The question of election fairness is especially sensitive as it has been the trigger for large scale unrest.
In the summer of 2019, authorities refused to allow several opposition candidates to run for seats in Moscow’s municipal elections leading to weeks of large street protests.
One of Putin’s frequent pronouncements is that liberal democratic values around the world are in decline, as well as the country that purports to be their greatest champion, the U.S.
To what extent Russians actually believe that is unclear, but the fallout from election night has been covered extensively.
No ‘best candidate’ for Russia
Still, beyond propaganda value, there appeared to be little sign of remorse from commentators that Trump — the man the Kremlin was repeatedly accused of trying to install in the White House — was probably on his way out.
“There is no ‘best candidate’ for Russia in the United States,” said Aleksey Pushkov, a member of the ruling United Russia party from the Duma’s upper house.
While many state TV hosts continue to mockingly refer to Trump as “our guy,” the conventional wisdom from most pundits is that his administration failed to deliver for Russia.
Despite Trump’s unwillingness to personally criticize Putin, the U.S. imposed a succession of economic and political sanctions on Russia over the 2016 election interference and Russia’s use of nerve agent Novichok in an assassination attempt in 2018.
Tatiana Stanovaya, a Paris-based scholar with Carnegie Moscow Center who studies the power plays within Russia’s ruling elite, said there is no single “Kremlin view” about what a Biden presidency could mean.
In an Carnegie essay, she claims that there are nuanced positions among the groups closest to Putin, with some influencers feeling Trump’s ability to “sow chaos” among Western allies helped the Kremlin, while others believe his unpredictably did more harm than good.
“The problem is that Russia became a key tool for the [U.S. political] opposition to hit Trump,” Stanovaya told CBC News in a followup interview.
“So in the Kremlin now, they hope that this factor will disappear, and it will open the doors for bilateral dialogue.”
A topic of common interest
If, as it now appears more likely, Biden does move into the Oval Office in early January, the new dynamic may get an early test over the issue of extending a key nuclear arms pact, START III.
Putin has been pushing the Trump administration to accept a single year extension to give both sides time to negotiate a new agreement on nuclear weapons.
The move would also allow Russia to continue developing its next generation “hypersonic” weapons, which limit strategic nuclear missile launchers but does not address the number of warheads a country can possess.
Trump, however, appears to have little interest in extending the life of the agreement that was negotiated by his predecessor, Barack Obama, and shepherded through Congress by none other than Biden.
“About 90 per cent of all nuclear warheads, which together can destroy the planet several times, are in the possession of Russia and the United States. Is there a topic for common interests? Certainly,” former Russian ambassador to Washington Vladimir Lukin said in an interview published in the Daily Storm.
Russian-American agenda
But other veteran foreign policy watchers doubt a single issue will be enough to move the needle and warm up a frozen relationship that nosedived after Russia annexed Crimea in 2014. Ukraine — and much of the world — considers the annexation illegal.
“I think that Russian-American agenda is limited to one issue — and that issue is preventing a military collision that leads to war,” said Dmitri Trenin, director of the Carnegie Moscow Center.
Trenin said a Biden presidency would also be more focused on pursuing a human rights agenda, and that would likely include addressing perceived violations inside Russia.
“I think the front line of Russia-U.S. confrontation will be extended to fully include Russian domestic politics — which Trump doesn’t really care about democracy, human rights and whatever you can think of,” Trenin said.
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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