Media
The last 2 journalists working for Australian media outlets have officially left China
The last two journalists working for Australian media in China have left the country after police demanded interviews with them and temporarily blocked their departures, marking a further twist in China’s increasingly troubled relationship with the foreign media.
The absence of Australian media from China for the first time in four decades comes during a low point in the two countries’ relations, and the events that led to the journalists’ departures were seen as evidence of an increasing risk to foreign journalists working in China.
Australian Broadcasting Corp.’s Bill Birtles and The Australian Financial Review’s Michael Smith landed in Sydney on Tuesday after flying from Shanghai on Monday night, both news outlets reported.
Both journalists had sheltered in Australian diplomatic compounds in recent days.
They left after Australia revealed last week that Australian citizen Cheng Lei, a business news anchor for CGTN, China’s English-language state media channel, had been detained.
Both journalists were told they were “persons of interest” in an investigation into Cheng, The Australian Financial Review reported. Seven uniformed police visited each journalist’s home in Beijing and Shanghai at 12:30 a.m. Thursday, the newspaper said.
Birtles said he knew Cheng, “but not especially well,” and Smith had met her once in his life.
“I believe the episode was more one of harassment of the remaining Australian journalists rather than a genuine effort to try and get anything useful for that case,” Birtles said from his Sydney pandemic quarantine hotel room.
Chinese foreign ministry spokesperson Zhao Lijian told reporters Tuesday that Cheng was “suspected of carrying out criminal activities endangering China’s national security.”
“Compulsory measures have been imposed on Cheng and she has recently been investigated by relevant authorities,” Zhao said at a daily briefing.
As part of that investigation and in accordance with the law, China’s “relevant authority” demanded to question Birtles and Smith “which is normal law enforcement,” Zhao said.
He had no details on the circumstances of the departure of the two Australians, but said China protected the legitimate rights and interests of news gathering staff and they have the obligation to comply with the laws and regulations in China.”
“As long as foreign journalists conduct news reporting in accordance with laws, they should have nothing to worry about,” Zhao said.
Australian Embassy officials in Beijing told Birtles last week that he should leave China, ABC reported.
Birtles was due to depart Beijing on Thursday and was holding a farewell party on Wednesday when police came to his apartment and told him he was banned from leaving the country, ABC said. He was told he would be contacted on Thursday to organize a time to be questioned about a “national security case,” his employer said.
Birtles went to the Australian Embassy, where he spent four days while Australian and Chinese officials negotiated. Smith had similarly holed up at the Australian Consulate in Shanghai.
Birtles and Smith both agreed to give police a brief interview in return for being allowed to leave the country.
Australian Foreign Minister Marise Payne said Cheng’s detention was part of the reason her government had advised the journalists to leave. She declined to detail all the reasons.
“It is disappointing that after many years, Australia will not have a media organisation present in China for some period of time,” Payne said.
She said Australia would not retaliate by revoking the visas of Chinese journalists working in Australia.
“Australia operates according to law and in our national interests and unless individuals are breaching laws in Australia, then that would not be an approach that we would take,” Payne said.
Australia’s travel warning of the risk of arbitrary detention in China “remains appropriate and unchanged,” she added.
ABC news director Gaven Morris said Birtles was brought back to Australia on the Australian government’s advice.
“This bureau is a vital part of the ABC’s international news-gathering effort and we aim to get back there as soon as possible,” Morris said.
“The story of China, its relationship with Australia and its role in our region and in the world is one of great importance for all Australians and we want to continue having our people on the ground to cover it,” he added.
The newspaper’s editor-in-chief, Michael Stutchbury, and editor, Paul Bailey, described the situation as “disturbing.”
“This incident targeting two journalists, who were going about their normal reporting duties, is both regrettable and disturbing and is not in the interests of a co-operative relationship between Australia and China,” they said in a statement.
Relations between China and Australia were already strained by Australia outlawing covert interference in politics and banning communications giant Huawei from supplying critical infrastructure. They have worsened since the Australian government called for an independent inquiry into the origins of and international responses to the coronavirus pandemic.
Australia’s journalist union, Media Entertainment and Arts Alliance, said China was no longer safe for foreign reporters.
“These outrageous attacks on press freedom place any foreign correspondents reporting from China at risk,” union president Marcus Strom said.
Birtles told reporters at Sydney’s airport that his departure was a “whirlwind and … not a particularly good experience.”
“It’s very disappointing to have to leave under those circumstances and it’s a relief to be back in a country with genuine rule of law,” Birtles said.
Smith told his newspaper: “The late-night visit by police at my home was intimidating and unnecessary and highlights the pressure all foreign journalists are under in China right now.”
Smith said at the airport that he had felt “a little bit” threatened in China.
“It’s so good to be home, so happy, I can’t say any more at the moment, it’s such a relief to be home, so really happy,” Smith said.
“It was a complicated experience but it’s great to be here,” he added.
The Foreign Correspondents’ Club of China strongly condemned what it called the government’s “unprecedented harassment and intimidation” of the two.
“This effort to keep foreign journalists in China against their will marks a significant escalation of an ongoing, sustained Chinese government assault on media freedoms,” the club said in a statement Tuesday.
China expelled a record 17 foreign journalists in the first half of 2020 and recently delayed renewing the press cards of five others working for U.S. outlets — putting them at risk of expulsion — in tit-for-tat retaliation for Washington’s limits on Chinese reporters operating in the U.S. and delays in renewing the visas of others.
Source: – Global News
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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