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The media's 'Main Character Syndrome' – The Hill

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The media’s ‘Main Character Syndrome’ | The Hill








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Former President Donald Trump speaks to the media.
Photo by Michael M. Santiago, Getty Images

Former President Donald Trump speaks to the media as he arrives for the start of his civil fraud trial at New York State Supreme Court on October 2, 2023.

There’s one topic members of the media care about more in 2024 than Donald Trump — “democracy.” The word “democracy” was said 34 times on MSNBC on Monday alone. Another 19 times on CNN, according to the database TV Eyes. It can often be followed by words like “itself.” Because democracy itself, you see, is at stake in 2024.

At least that’s what the self-important, doom-scrolling, politics-brained Acela Media tells us — and most importantly, tells itself. The media has internalized these heightened implications — the threat inflation that comes from Trump’s third presidential run and the very real possibility of a second term. And they have convinced themselves it is their mission to quite literally save democracy (itself!).

Take the recent panic we saw on CNN, when independent presidential candidate Robert F. Kennedy Jr. appeared on Erin Burnett’s show Monday night. Burnett pressed him whether the “threat to democracy that Trump poses” is really equal to Biden’s “evil.” “I can make the argument that President Biden is the much worse threat to democracy,” Kennedy said, citing censorship efforts by the administration, as well as the denial of Secret Service protection to Kennedy himself. “He’s weaponizing the federal agencies.”

This momentary distraction from the consensus narrative could not stand on CNN. Immediately after the interview, the network brought on its chief “fact-checker,” Daniel Dale. Dale’s version of the fact-check was simply stating that there was “no evidence” President Biden was “personally” responsible for the Secret Service denial or the censorship, and then going on to explain why it was actually a good thing RFK was censored for posting “vaccine and other” misinformation.

No, the press cannot let the veil slip for even a moment about the task at hand, which is making the case to the American public that Donald Trump is a unique threat to America — while maintaining a posture of fact-based coverage and objectivity. They seem incapable of seeing their efforts are having precisely the opposite effect — eroding trust in the industry, while convincing no one other than true believers in the “Resistance.”

But this is what happens when our previously mostly anonymous national journalists are suffering from a collective “Main Character Syndrome,” a term that has gained in popularity in recent years thanks to the rise of social media, where truly anyone can become an influencer. The philosopher Derek Parfit described our era as at the “hinge of history” in 2011, and our narcissistic media elites have taken it to heart. They can’t just report the news anymore — no, they must correctly guide our path so the course of history unfolds precisely as it should.

We saw this over the weekend with an unremarkable comment from “Meet the Press” host Kristen Welker that was pilloried by the Very Online left. After describing Trump’s recent attacks on Judge Juan Merchan and his family in Trump’s New York hush money case, Welker said it was “yet another reminder that we covering this election against the backdrop of a deeply divided nation” — a simply true statement.

But this wasn’t sufficient for the main characters on X, the site formerly known as Twitter. MSNBC contributor Ruth Ben-Ghiat said it was “totally insufficient to the gravity and magnitude of the threat.” Former CNN journalist John Harwood wrote out how Welker should have described it, like calling Trump a “deranged criminal” instead. New Republic contributing editor Nina Burleigh said “NBC suits may think having a female brown anchor on TV cancels out what comes out of her mouth.”

Have these people lost their minds?

The context here is important. This follows Welker and NBC helping to push out the just-hired contributor Ronna McDaniel last week because of her supposed unacceptable insurrection-adjacency. That campaign was conducted on air by everyone from ousted “Meet the Press” host Chuck Todd, who justified his actions by claiming it was about “basic truth,” to Rachel Maddow, who closed out the day-long televised therapy session on MSNBC by attacking the “bad actors trying to use the rights and privileges of the democracy to end democracy” (a double dose of democracy!).

Right — having the former head of the RNC get a paycheck to give her political opinions is contributing to the “end of democracy.” No one really believes this, outside of the newsrooms in New York and DC.

Maddow interviewed Shepard Fairey, of a group called “Artists for Democracy,” Monday night, who described how his goal as to “save democracy, to keep Trump from being reelected.” Apparently Main Character Syndrome exists in the art world too.

It’s not just NBC. On ABC in February, Sen. J.D. Vance (R-Ohio) sparred with George Stephanopoulos over the host’s “ridiculous” questions rehashing the 2020 election, and stated he thinks there were “problems” with that election, including the social media censorship of the Hunter Biden laptop story and states changing election laws during the Covid pandemic. The Washington Post’s “analysis” of that interview used this absurd headline: “J.D. Vance would have upended democracy over right-wing nonsense.”

On “Morning Joe” on Tuesday, cohost Mika Brzezinski solemnly read a large portion of a “letter from the editor” from the Cleveland Plain Dealer newspaper on “truth” and “duty” this election cycle.

“The media as we know it won’t exist if they don’t do it the right way,” said her guest, Donny Deutsch, claiming Trump will “call up various networks” and demand they fire certain hosts if he wins again. It was hard to tell, but I think the former ad exec actually believed this self-serious nonsense.

Brzezinski didn’t read all of it, but the newspaper’s letter contained this blunt and arrogantly definitive declaration: “Biden was never a threat to our democracy. Trump is.” I wonder what readers of this paper should expect from the political coverage in 2024? And is it any wonder local news outlets are disappearing with mission statements like this?

The ego of these thirsty “main characters” has been unleashed. They’re our heroes now. Because democracy is in danger — but thankfully we have the journalists to save us.

Steve Krakauer, a NewsNation contributor, is the author of “Uncovered: How the Media Got Cozy with Power, Abandoned Its Principles, and Lost the People” and editor and host of the Fourth Watch newsletter and podcast.

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2020 election


Chuck Todd


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Donald Trump


Donald Trump


Hunter Biden


Joe Biden


Journalism


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NBC News


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Robert F. Kennedy Jr.


Robert F. Kennedy Jr.


Ronna McDaniel


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Trump could cash out his DJT stock within weeks. Here’s what happens if he sells

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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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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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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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