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Social media companies go into fire-alarm mode over Trump diagnosis – POLITICO

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Social media companies scrambled within minutes of President Donald Trump’s shocking 1 a.m. tweet Friday announcing that he’d tested positive for the coronavirus, seeing it as a moment to show how far they’ve come in handling crises.

Facebook, Twitter, YouTube and others got to work quickly, pulling together staff to predict what type of lies and rumors were likely to surface and how to deal with them — drawing on policies they’ve developed in recent months for pandemic and election misinformation.

But the social media giants are straining to make real-time judgment calls on borderline content, having to quickly figure out what counts as a conspiracy and what’s just speculation at a time in politics when anything seems possible. As they grapple with that task, voters could be inundated with a new wave of misinformation just weeks ahead of the election.

There are posts circulating, for example, that — without evidence — raise doubts about whether Trump is being honest about his diagnosis or that speculate that the episode is part of a plan for Trump to retreat before declaring war on his political enemies buried deep inside government.

The companies began moving nearly immediately after Trump’s tweet. YouTube started responding to searches for Trump and Covid with authoritative news videos from sources like CBS and the BBC “within minutes of their diagnosis being made public,” spokesperson Ivy Choi said. TikTok focused its so-called elections war room on tracking Trump’s diagnosis within 20 minutes of the tweet, according to spokesperson Jamie Favazza.

And Facebook, the world’s largest social network, stood up an ad hoc “operations center” — like the ones built around presidential debates and primary election contests — to tackle the Trump-Covid news well before the work day started in Washington, spokesperson Andy Stone said.

Some calls are easy, the companies say. Posts hoping President Trump will lose his life to the virus are banned under the major platforms’ restrictions on bullying or hateful conduct.

“Content that wishes, hopes or expresses a desire for death, serious bodily harm or fatal disease against an individual is against our rules,” Twitter said in a statement. Facebook and TikTok have similar policies.

For those that provided clearly false or misleading information, the platforms employed a technique they adopted in the aftermath of the disastrous 2016 presidential election: outsourcing the calling of balls and strikes to third party fact checkers.

On Friday, a widely circulated post said that military “Doomsday planes” were spotted on the east coast of the U.S. — put there to defend against attacks from foreign adversaries taking advantage of a supposedly incapacitated Trump. Facebook attached a “Missing Context” label to it, based on reports from fact checkers including The Associated Press.

Similarly, Instagram, which is owned by Facebook, put a “False Information” label on posts suggesting that “The Simpsons” animated television program once featured a cartoon Trump in a coffin, citing outside fact checkers.

Other content, the companies say, is more challenging, like posts arguing that Trump is using his diagnosis — perhaps falsely — to avoid his Oct. 15 debate with Joe Biden or to gin up sympathy before the November election.

Many such claims fall into a bucket that YouTube and others call “borderline content” — posts that toe right up against the line of what the platforms prohibit but don’t cross it.

Conspiracy theories pose a particular challenge for the platforms for many reasons, including that it can be difficult to disprove a negative and they often are cloaked in coded language that is meaningful only to their targeted audience.

In many cases, the sites respond by attempting to limit the spread of that sort of material, like by ranking it lower in search results, rather than getting rid of it altogether.

The companies are facing tough calls — sometimes where questionable posts are coming from high-profile accounts. Sen. Kelly Loeffler (R-Ga.) tweeted Friday morning, “Remember: China gave this virus to our President @realDonaldTrump and First Lady @FLOTUS. WE MUST HOLD THEM ACCOUNTABLE.”

A Twitter spokesperson said that the tweet didn’t violate any Twitter rules and thus no action would be taken on it.

Asked about another eye-catching post — one circulating that said that Trump’s current quarantine is part of a plan, detailed by the group QAnon to hide away before launching battle against a supposed pedophile ring run by prominent Democrats — Facebook spokesperson Andy Stone said that the post was going through Facebook’s third-party fact-checking process, adding that how long that took was up to the fact checkers.

In the meantime, said Stone, the post’s distribution has been reduced, including it ranking lower in Facebook’s algorithm-driven news feeds as it otherwise might. The major platforms argue that they’ve generally figured out how to push that sort of conspiracy thinking to the margins of their sites.

And some prominent social platforms said that they aren’t seeing any meaningful misinformation or questionable content pop up around the Trump diagnosis.

“We haven’t seen a ton of this content yet thankfully,” said TikTok spokesperson Jamie Favazza, pointing to the generally light vibe of the platform and the lack of traction there for political disinformation.

Many of the social media companies have been upbraided by critics for not taking more seriously the threat of disinformation ahead of the 2016 election, and for being slow to come to terms with threats to this election.

Facebook, for example, was widely criticized for taking months before deciding to add flags calling into question some of Trump’s posts that sowed doubt about mail-in voting and only moving in August to crack down on QAnon groups on the platform.

Graham Brookie, the director of the Atlantic Council’s Digital Forensic Research Lab, said it’s too soon to judge how well the major platforms performed in the first 24 hours of the Trump diagnosis news because it typically takes days for disinformation to move from the Internet’s fringes to the mainstream.

But Brookie says the worry is the platforms retreat to their old playbook for handling bad political information. Said Brookie, “I would hope that their approach to public health misinformation is the standard that is applied, as opposed to their approach to political content,” which he called “reactive” and “backfooted.”

But one big advantage they had this time around: time zones. The companies said they were helped by the fact that they were getting the news of Trump’s tweet — sent around 10 p.m. California time — when much of the rest of the country was asleep. That allowed them to get a jump on preparations before much of the United States woke up.

The platforms are so massive and content moves so quickly, however, that the deluge can make getting ahead of misinformation a monumental task. Trump’s tweet announcing his diagnosis — his most popular tweet ever — was retweeted more that 894,000 times.

Mark Scott contributed to this report.

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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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August 20, 2024

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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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