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Why social media is being blamed for fueling riots in France

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1 year ago

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Social media companies are once again under scrutiny, this time in France as the country’s president blames TikTok, Snapchat and other platforms for helping fuel widespread riots over the fatal police shooting of a 17-year-old driver.

On Friday, French President Emmanuel Macron accused social media of playing a “considerable role” in encouraging copycat acts of violence as the country tries to tamp down protests that surfaced long-simmering tensions between police and young people in the country.

French Interior Minister Gerald Darmanin said police made 917 arrests on Thursday alone. More than 300 police officers have also been injured attempting to quell the rioting over the death of the teenager, who is of north African descent and has only has been identified by his first name, Nahel.

Macron, who in tandem castigated video games for the rioting, said the French government would work with social media sites to take down “the most sensitive content” and identify users who “call for disorder or exacerbate the violence.”

WHY IS THE FRENCH GOVERNMENT CONCERNED?

A French official, speaking anonymously in line with the presidency’s customary practices, cited an example of the name and address of the police officer who shot at Nahel being published on social media. A prison officer also has seen his professional card going online, the official said, suggesting it could put the person’s life and family at risk.

During his speech on Friday, Macron did not specify what type of content he viewed as “sensitive,” but he said he expected “a spirit of responsibility” from the social media platforms.

Talks between the government and social media platform, including Snapchat and Twitter, have started with the aim to speed up the process to remove content inciting to violence, the official said. The French government is also pushing for identifying people who launch calls for violence but it’s still at the “discussion” stage.

Darmanin said that in a meeting with social networks, he’d delivered a warning that they can’t allow themselves to be used as channels for calls to violence.

“They were very cooperative,” he said. “We’ll see tonight if they really are.”

Darmanin said on Friday that French authorities will provide social media companies with “as much information as possible” so that, in return, they get identities of people who incite violence, adding that authorities will “pursue every person who uses these social networks to commit violent acts.”

He also said that the country will take “all necessary measures if we become aware that social networks, whoever they are, don’t respect the law.”

WHAT DOES FRENCH LAW SAY?

France has a law against cyber harassment. Online threats of crimes, like rape and murder, as well as online insults can be prosecuted.

But in reality, it’s very rare.

In 2020, the country’s parliament approved a bill that would compel platforms and search engines to remove prohibited content within 24 hours. A year later, a French court convicted 11 of 13 people charged with harassing and threatening a teenager who harshly criticized Islam in online post. But the people charged were only those who could be tracked down.

WHAT ARE SOCIAL MEDIA SITES SAYING?

Rachel Racusen, spokesperson for Snapchat, one of the social media platforms Macron blamed for contributing to the upheaval, said that since Tuesday, it has increased its moderation to detect and act on content related to the riots in France.

“Violence has devastating consequences and we have zero tolerance for content that promotes or incites hatred or violent behavior on any part of Snapchat,” Racusen said. “We proactively moderate this type of content and when we find it, we remove it and take appropriate action. We do allow content that is factually reporting on the situation.”

But many of the others are keeping mum. TikTok as well as Meta, which owns Facebook and Instagram, did not immediately reply for comment on Friday. Twitter answered only with an automated reply of a poop emoji, as it has done for months under Elon Musk’s tenure.

HOW DO SOCIAL MEDIA PLATFORMS TYPICALLY RESPOND?

Social media platforms like TikTok, Snapchat and Twitter often police people calling for violence because it can go against their policies.

But they also remove material posted on their platforms in order to comply with local laws and government requests, some of which can be controversial. A recent example was Twitter’s decision in May to censor speech at the behest of Turkey’s government in the leadup of the country’s presidential elections.

Snapchat says on its website that it cooperates with law enforcement and government agencies to fulfill “valid requests” for information that can help during investigations.

The company receives many requests year-round. Its latest transparency report for the second half of 2022 showed it received the most requests from the U.S. government, followed by the United Kingdom, Canada and Germany. Officials in France put in 100 emergency requests for user information that includes some identifiers for accounts, such as email address and phone number. The company said it produced “some data” in 54% of those requests.

During the same period, TikTok’s transparency report showed it got far less requests — under 20 — from the French government. It removed or restricted content — or accounts — for 86% of those requests.

Hany Farid, a digital forensics expert at the University of California, Berkeley who stepped down in January from TikTok’s U.S. content advisory council, said if a government asks for a specific piece of content to be taken down because it violates local law, most platforms will comply.

But he said the feasibility of requests also depends on the platform, as well as the breadth and rationale for the request. If a government “asks for a broad takedown of tens of thousands of pieces of content, then this may be met with more resistance,” Farid said.

Emma Llansó, director of the Center for Democracy & Technology’s Free Expression Project, says that although it’s appropriate for online services to remove speech that legitimately incites violence, they should tread carefully, especially on requests that can be sweeping and overly broad.

During passionate political debate and public outcry, Llansó said people might use very heated language or “use allusions to violence” without having any intent to actually incite or commit violent acts.

“What the young people in France are doing right now is protesting against state violence, which is a crucial kind of political activity,” Llansó said. “And so, how social media companies respond in this moment is really influential over people being able to find their political voice. It’s an incredibly difficult line to walk.”

___

Nicolas Vaux-Montagny in Lyon, France; Sylvie Corbet and John Leicester in Paris; and Barbara Ortutay in San Francisco 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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