Media
Social Media’s “Frictionless Experience” for Terrorists
The incentives of social media have long been perverse. But in recent weeks, platforms have become virtually unusable for people seeking accurate information.
Dangerous Incentives
“For following the war in real-time,” Elon Musk declared to his 150 million followers on X (formerly Twitter) the day after Israel declared war on Hamas, two accounts were worth checking out. He tagged them in his post, which racked up some 11 million views. Three hours later, he deleted the post; both accounts were known spreaders of disinformation, including the claim this spring that there was an explosion near the Pentagon. Musk, in his capacity as the owner of X, has personally sped up the deterioration of social media as a place to get credible information. Misinformation and violent rhetoric run rampant on X, but other platforms have also quietly rolled back their already lacking attempts at content moderation and leaned into virality, in many cases at the cost of reliability.
Social media has long encouraged the sharing of outrageous content. Posts that stoke strong reactions are rewarded with reach and amplification. But, my colleague Charlie Warzel told me, the Israel-Hamas war is also “an awful conflict that has deep roots … I am not sure that anything that’s happened in the last two weeks requires an algorithm to boost outrage.” He reminded me that social-media platforms have never been the best places to look if one’s goal is genuine understanding: “Over the past 15 years, certain people (myself included) have grown addicted to getting news live from the feed, but it’s a remarkably inefficient process if your end goal is to make sure you have a balanced and comprehensive understanding of a specific event.”
Where social media shines, Charlie said, is in showing users firsthand perspectives and real-time updates. But the design and structure of the platforms are starting to weaken even those capabilities. “In recent years, all the major social-media platforms have evolved further into algorithmically driven TikTok-style recommendation engines,” John Herrman wrote last week in New York Magazine. Now a toxic brew of bad actors and users merely trying to juice engagement have seeded social media with dubious, and at times dangerous, material that’s designed to go viral.
Musk has also introduced financial incentives for posting content that provokes massive engagement: Users who pay for a Twitter Blue subscription (in the U.S., it costs $8 a month) can in turn get paid for posting content that generates a lot of views from other subscribers, be it outrageous lies, old clips repackaged as wartime footage, or something else that might grab eyeballs. The accounts of those Twitter Blue subscribers now display a blue check mark—once an authenticator of a person’s real identity, now a symbol of fealty to Musk.
If some of the changes making social-media platforms less hospitable to accurate information are obvious to users, others are happening more quietly inside companies. Musk slashed the company’s trust-and-safety team, which handled content moderation, soon after he took over last year. Caitlin Chin-Rothmann, a fellow at the Center for Strategic and International Studies, told me in an email that Meta and YouTube have also made cuts to their trust-and-safety teams as part of broader layoffs in the past year. The reduction in moderators on social-media sites, she said, leaves the platforms with “fewer employees who have the language, cultural, and geopolitical understanding to make the tough calls in a crisis.” Even before the layoffs, she added, technology platforms struggled to moderate content that was not in English. After making widely publicized investments in content moderation under intense public pressure after the 2016 presidential election, platforms have quietly dialed back their capacities. This is happening at the same time as these same platforms have deprioritized the surfacing of legitimate news by reputable sources via their algorithms (see also: Musk’s decision to strip out the headlines that were previously displayed on X if a user shared a link to another website).
Content moderation is not a panacea. And violent videos and propaganda have been spreading beyond major platforms, on Hamas-linked Telegram channels, which are private groups that are effectively unmoderated. On mainstream sites, some of the less-than-credible posts have come directly from politicians and government officials. But experts told me that efforts to ramp up moderation—especially investments in moderators with language and cultural competencies—would improve the situation.
The extent of inaccurate information on social media in recent weeks has attracted attention from regulators, particularly in Europe, where there are different standards—both cultural and legal—regarding free speech compared with the United States. The European Union opened an inquiry into X earlier this month regarding “indications received by the Commission services of the alleged spreading of illegal content and disinformation, in particular the spreading of terrorist and violent content and hate speech.” In an earlier letter in response to questions from the EU, Linda Yaccarino, the CEO of X, wrote that X had labeled or removed “tens of thousands of pieces of content”; removed hundreds of Hamas-affiliated accounts; and was relying, in part, on “community notes,” written by eligible users who sign up as contributors, to add context to content on the site. Today, the European Commission sent letters to Meta and TikTok requesting information about how they are handling disinformation and illegal content. (X responded to my request for comment with “busy now, check back later.” A spokesperson for YouTube told me that the company had removed tens of thousands of harmful videos, adding, “Our teams are working around the clock to monitor for harmful footage and remain vigilant.” A spokesperson for TikTok directed me to a statement about how it is ramping up safety and integrity efforts, adding that the company had heard from the European Commission today and would publish its first transparency report under the European Digital Services Act next week. And a spokesperson for Meta told me, “After the terrorist attacks by Hamas on Israel, we quickly established a special operations center staffed with experts, including fluent Hebrew and Arabic speakers, to closely monitor and respond to this rapidly evolving situation.” The spokesperson added that the company will respond to the European Commission.)
Social-media platforms were already imperfect, and during this conflict, extremist groups are making sophisticated use of their vulnerabilities. The New York Times reported that Hamas, taking advantage of X’s weak content moderation, have seeded the site with violent content such as audio of a civilian being kidnapped. Social-media platforms are providing “a near-frictionless experience for these terrorist groups,” Imran Ahmed, the CEO of the Center for Countering Digital Hate, which is currently facing a lawsuit from Twitter over its research investigating hate speech on the platform, told me. By paying Musk $8 a month, he added, “you’re able to get algorithmic privilege and amplify your content faster than the truth can put on its pajamas and try to combat it.”
The Annoyance Economy
By Annie Lowrey
Has the American labor market ever been better? Not in my lifetime, and probably not in yours, either. The jobless rate is just 3.8 percent. Employers added a blockbuster 336,000 jobs in September. Wage growth exceeded inflation too. But people are weary and angry. A majority of adults believe we’re tipping into a recession, if we are not in one already. Consumer confidence sagged in September, and the public’s expectations about where things are heading drooped as well.
The gap between how the economy is and how people feel things are going is enormous, and arguably has never been bigger. A few well-analyzed factors seem to be at play, the dire-toned media environment and political polarization among them. To that list, I want to add one more: something I think of as the “Economic Annoyance Index.” Sometimes, people’s personal financial situations are just stressful—burdensome to manage and frustrating to think about—beyond what is happening in dollars-and-cents terms. And although economic growth is strong and unemployment is low, the Economic Annoyance Index is riding high.
Culture Break
Read. “Explaining Pain,” a new poem by Donald Platt:
“The way I do it is to say my body / is not my / body anymore. It is someone else’s. The pain, therefore, / is no longer / mine.”
Listen. A ground invasion in Gaza seems all but certain, Hanna Rosin discusses in the latest episode of Radio Atlantic. But then what?
P.S.
Working as a content moderator can be brutal. In 2019, Casey Newton wrote a searing account in The Verge of the lives of content moderators, who spend their days sifting through violent, hateful posts and, in many cases, work as contractors receiving relatively low pay. We Had to Remove This Post, a new novel by the Dutch writer Hanna Bervoets, follows one such “quality assurance worker,” who reviews posts on behalf of a social-media corporation. Through this character, we see one expression of the human stakes of witnessing so much horror. Both Newton and Bervoets explore the idea that, although platforms rely on content moderators’ labor, the work of keeping brutality out of users’ view can be devastating for those who do it.
— Lora
Katherine Hu contributed to this newsletter.
When you buy a book using a link in this newsletter, we receive a commission. Thank you for supporting The Atlantic.
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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