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The President vs. the American Media – The New York Times

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4 years ago

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The president has some bones to pick with the American media: about our “bias,” our obsession with racism, our views on terrorism, our reluctance to express solidarity, even for a moment, with his embattled republic.

So President Emmanuel Macron of France called me on Thursday afternoon from his gilded office in the Élysée Palace to drive home a complaint. He argued that the Anglo-American press, as it’s often referred to in his country, has blamed France instead of those who committed a spate of murderous terrorist attacks that began with the beheading on Oct. 16 of a teacher, Samuel Paty, who, in a lesson on free speech, had shown his class cartoons from the satirical magazine Charlie Hebdo mocking the Prophet Muhammad.

“When France was attacked five years ago, every nation in the world supported us,” President Macron said, recalling Nov. 13, 2015, when 130 people were killed in coordinated attacks at a concert hall, outside a soccer stadium and in cafes in and around Paris.

“So when I see, in that context, several newspapers which I believe are from countries that share our values — journalists who write in a country that is the heir to the Enlightenment and the French Revolution — when I see them legitimizing this violence, and saying that the heart of the problem is that France is racist and Islamophobic, then I say the founding principles have been lost.”

Legitimizing violence — that’s as serious a charge as you can make against the media, and the sort of thing we’ve been more used to hearing, and shrugging off, from the American president. And Americans, understandably distracted by the hallucinatory final days of the Trump presidency, may have missed the intensifying conflict between the French elite and the English-language media.

More than 250 people have died in terror attacks in France since 2015, the most in any Western country. Mr. Macron, a centrist modernizer who has been a bulwark against Europe’s Trumpian right-wing populism, said the English-language — and particularly, American — media were imposing their own values on a different society.

In particular, he argued that the foreign media failed to understand “laïcité,” which translates as “secularism” — an active separation of church and state dating back to the early 20th century, when the state wrested control of the school system from the Catholic Church. The subject has become an increasing focus this year, with the approach of the 2022 election in which Mr. Macron appears likely to face the far-right leader Marine Le Pen. Mr. Macron didn’t initially campaign on changing the country’s approach to its Muslim minority, but in a major speech in early October denouncing “Islamist separatism,” he promised action against everything from the foreign training of imams to “imposing menus that accommodate religious restrictions in cafeterias.” He also called for remaking the religion itself into “an Islam of the Enlightenment.” His tough-talking interior minister, meanwhile, is using the inflammatory language of the far right.

When Mr. Paty was murdered, Mr. Macron responded with a crackdown on Muslims accused of extremism, carrying out dozens of raids and vowing to shut down aid groups. He also made a vocal recommitment to secularism. Muslim leaders around the world criticized Mr. Macron’s and his aides’ aggressive response, which they said focused on peaceful Muslim groups. The president of Turkey called for boycotts of French products, as varied as cheese and cosmetics. The next month saw a new wave of attacks, including three murders in a Nice church and an explosion at a French ceremony in Saudi Arabia.

Some French grievances with the U.S. media are familiar from the U.S. culture wars — complaints about short-lived headlines and glib tweets by journalists. But their larger claim is that, after the attacks, English and American outlets immediately focused on failures in France’s policy toward Muslims rather than on the global terror threat. Mr. Macron was particularly enraged by a Financial Times opinion article on Nov. 3, “Macron’s war on Islamic separatism only divides France further,” which argued that he was alienating a Muslim majority that also hates terrorism. The article said he was attacking “Islamic separatism” when, in fact, he had used the word “Islamist.” Mr. Macron’s critics say he conflates religious observance and extremism, and the high-profile misquote — of his attempt to distinguish between the religion of Islam and the ideology of Islamism — infuriated him.

“I hate being pictured with words which are not mine,” Mr. Macron told me, and after a wave of complaints from readers and an angry call from Mr. Macron’s office, The Financial Times took the article off the internet — something a spokeswoman, Kristina Eriksson, said she couldn’t recall the publication ever having done before. The next day, the newspaper published a letter from Mr. Macron attacking the deleted article.

In late October, Politico Europe also deleted an op-ed article, “The dangerous French religion of secularism,” that it had solicited from a French sociologist. The piece set off a firestorm from critics who said the writer was blaming the victims of terrorism. But the hasty deletion prompted the author to complain of “outright censorship.” Politico Europe’s editor in chief, Stephen Brown, said that the article’s timing after the attack was inappropriate, but that he had apologized to the author for taking it down without explanation. He didn’t cite any specific errors. It was also the first time, he said, that Politico had ever taken down an opinion article.

But French complaints go beyond those opinion articles and to careful journalism that questions government policy. A skeptical Washington Post analysis from its Paris correspondent, James McAuley, “Instead of fighting systemic racism, France wants to ‘reform Islam,’” drew heated objections for its raised eyebrow at the idea that “instead of addressing the alienation of French Muslims,” the French government “aims to influence the practice of a 1,400-year-old faith.” The New York Times drew a contrast between Mr. Macron’s ideological response and the Austrian chancellor’s more “conciliatory” address after a terror attack, and noted that the isolated young men carrying out attacks don’t neatly fit into the government’s focus on extremist networks. In the Times opinion pages, an op-ed asked bluntly, “Is France Fueling Muslim Terrorism by Trying to Prevent It?”

And then, of course, there are the tweets. The Associated Press deleted a tweet that asked why France “incites” anger in the Muslim world, saying it was a poor word choice for an article explaining anger at France in the Muslim world. The New York Times was roasted on Twitter and in the pages of Le Monde for a headline — which appeared briefly amid the chaos of the beheading — “French Police Shoot and Kill Man After a Fatal Knife Attack on the Street.” The Times headline quickly changed as French police confirmed details, but the screenshot remained.

“It’s as though we were in the smoking ruins of ground zero and they said we had it coming,” Mr. Macron’s spokeswoman, Anne-Sophie Bradelle, complained to Le Monde.

As any observer of American politics knows, it can be hard to untangle theatrical outrage and Twitter screaming matches from real differences in values. Mr. Macron argues that there are big questions at the heart of the matter.

“There is a sort of misunderstanding about what the European model is, and the French model in particular,” he said. “American society used to be segregationist before it moved to a multiculturalist model, which is essentially about coexistence of different ethnicities and religions next to one another.”

“Our model is universalist, not multiculturalist,” he said, outlining France’s longstanding insistence that its citizens not be categorized by identity. “In our society, I don’t care whether someone is Black, yellow or white, whether they are Catholic or Muslim, a person is first and foremost a citizen.”

Credit…Pool photo by Charles Platiau

Some of the coverage Mr. Macron complains about reflects a genuine difference of values. The French roll their eyes at America’s demonstrative Christianity. And Mr. Macron’s talk of head scarves and menus, along with the interior minister’s complaints about Halal food in supermarkets, clashes with the American emphasis on religious tolerance and the free expression protected by the First Amendment.

Such abstract ideological distinctions can seem distant from the everyday lives of France’s large ethnic minorities, who complain of police abuse, residential segregation and discrimination in the workplace. Mr. Macron’s October speech also acknowledged, unusually for a French leader, the role that the French government’s “ghettoization” of Muslims in the suburbs of Paris and other cities played in creating generations of alienated young Muslims. And some of the coverage that has most offended the French has simply reflected the views of Black and Muslim French people who don’t see the world the way French elites want them to.

Picking fights with American media is also an old sport in France, and it can be hard to know when talk of cultural differences is real and when it is intended to wave away uncomfortable realities. And reactionary French commentators have gone further than Mr. Macron in attacking the U.S. media, drawing energy from the American culture wars. A flame-throwing article in the French magazine Marianne blasted U.S. coverage and then appeared in English in Tablet with an added American flourish denouncing “simplistic woke morality plays.”

But the ideological gaps between French and American points of view can be deceptive. The French commentariat has also harped on the #metoo movement as an example of runaway American ideology. Pascal Bruckner, the well-known public intellectual, called the sexual abuse case against Roman Polanski “neo-feminist McCarthyism.” But perhaps the most prominent American journalism in France this year came from The Times’s Norimitsu Onishi, who played a central role in forcing France to grapple with the well-known pedophilia of a famous writer, Gabriel Matzneff. A recent profile in a French news site described Mr. Onishi and others as “kicking the anthill just by naming things” that had previously gone unspoken. Mr. Matzneff is now facing charges.

And Mr. Macron has his own political context: a desperate fight against a resurgent coronavirus, a weak economy and a political threat from the right. He is also disentangling himself from an early, unsuccessful attempt to build a relationship with President Trump. He had spoken to President-elect Joseph R. Biden Jr. the day before our conversation.

I asked him whether his vocal complaints about the American media weren’t themselves a little Trumpian — advancing his agenda through high-profile attacks on the press.

Mr. Macron said he simply wanted himself and his country to be clearly understood. “My message here is: If you have any question on France, call me,” he said. (He has, in fact, never granted The Times’s Paris bureau an interview, which would be a nice start.)

And he recoiled at the comparison to Mr. Trump.

“I read your newspapers, I’m one of your readers,” he said.

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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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3 weeks ago

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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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