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      FTX’s Near-Collapse Batters the Crypto Industry

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      Prices of digital currencies have tumbled even after the exchange FTX announced a provisional lifeline by a top rival, Binance. A humbling downfall for Sam Bankman-Fried.Erika P. Rodriguez for The New York TimesA crypto giant’s fate is in doubtDevastation in the crypto market continued on Wednesday, after the giant crypto exchange Binance announced a bombshell deal to buy its embattled rival, FTX. (The deal excludes FTX’s American operations.) The entire market’s capitalization now stands at $900 billion, down from $3 trillion just one year ago, while major cryptocurrencies were down by double-digit percentages. The damage is largely contained within crypto; both the S&P 500 and the Nasdaq closed up yesterday.But investors fear that Binance won’t go through with the rescue plan, and that more pain awaits after their industry’s biggest Lehman-esque moment to date.What happened? Binance, an early investor in FTX turned rival, said over the weekend that it planned to sell its holdings in FTT, a token used for trading on FTX’s platform — a stunning move that cast doubt on the financial health of FTX and its trading arm, Alameda Research. The token’s value has plunged by roughly 80 percent in the past 36 hours to just under $5.Traders withdrew over $1.2 billion from FTX on Monday alone, according to the research firm Nansen. By Tuesday, FTX had stopped processing withdrawals; its chief executive, Sam Bankman-Fried, who was reportedly casting about for a financial lifeline from billionaires, finally turned to Binance for salvation.Binance has cemented its dominance over crypto. It was already the largest exchange worldwide for digital currencies and derivatives; FTX’s trading volumes in September were just a fraction of Binance’s. Its founder, Changpeng Zhao — widely known as CZ — showed off his power by effectively kneecapping FTX and then swooping in with a rescue. “This elevates Zhao as the most powerful player in crypto,” Ilan Solot of the derivatives trader Marex Solutions told The Financial Times.It’s a humbling downfall for Bankman-Fried, who in just three years rocketed from obscurity to become one of the best-known moguls in crypto, earning comparisons to Warren Buffett and J.P. Morgan. Months ago, Bankman-Fried sought to live up to the Morgan comparison, swooping in to bail out troubled crypto companies like Celsius and Voyager Digital (deals whose status is now unclear); he also became a frequent presence in Washington, calling for more regulation of the crypto industry, to the ire of CZ and other executives.At the beginning of the year, FTX was valued at $32 billion, backed by heavyweight investors like BlackRock, SoftBank and Tiger Global. (Investors said yesterday they were blindsided by the deal.) The 30-year-old Bankman-Fried — known in the crypto world as S.B.F. — was said to have a net worth of over $16 billion. But a document leaked to CoinDesk purportedly showed that FTX and Alameda, whose finances had long been murky, were highly illiquid and financially vulnerable.The crypto world fears other shoes will drop. Investors worry that CZ may yet pull out of his rescue deal: He noted on Tuesday that the transaction was nonbinding and subject to due diligence. Meanwhile, tokens associated with FTX, including Solana, have continued to plunge in value.Other crypto players sought to distance themselves from the FTX meltdown. Brian Armstrong of Coinbase, the biggest U.S.-focused exchange, said FTX’s troubles appeared to arise from “risky business practices” that his company doesn’t engage in. Still, Coinbase shares fell nearly 11 percent yesterday.And regulators say the news justifies more scrutiny of crypto companies. “This is a major market event for the digital asset sector,” said Joe Rotunda of the Texas State Securities Board Enforcement Division, which had already been investigating FTX.HERE’S WHAT’S HAPPENING Elon Musk sells billions more in Tesla stock to pay for his Twitter deal. He sold nearly $4 billion worth of shares in recent days, according to regulatory filings, bringing his total sales for the year to $36 billion. The electric carmaker’s shares were up slightly in premarket trading.The United Nations seeks to end “sham” corporate net-zero pledges. Companies that claim to be trying to cut carbon emissions but invest in fossil fuels should be shamed, António Guterres, the U.N. secretary general, said at COP27. Meanwhile, more rich countries pledged to pay poorer ones compensation for damage from climate change.Disney reports a jump in streaming losses. The media giant said its direct-to-consumer unit — including Disney+ — doubled its third-quarter losses from a year ago, to $1.5 billion. But Disney said the quarter was the “peak” for losses, and noted it had added 12 million new subscribers.TikTok lowers its worldwide revenue targets amid a spending slump. The video platform cut its sales goals by 20 percent after its advertising and e-commerce operations struggled, The Financial Times reports. TikTok also revamped its leadership in the United States.Adidas cuts its profit forecast after breaking from Kanye West. The warning from the sportswear giant came weeks after it ended its highly profitable collaboration with the rapper now known as Ye. Separately, Adidas named Bjorn Gulden, the former head of Puma, as its next C.E.O.The red wave that wasn’t Republicans haven’t quite had the night they expected. As of 7 a.m. Eastern, Republicans were 21 seats shy of retaking control of the House. But leadership of the Senate remains up in the air after the Democrats flipped a seat in Pennsylvania. Here are the big highlights so far:Pennsylvania: John Fetterman, the state’s Democratic lieutenant governor, beat Mehmet Oz in the closely watched Senate race. Political analysts now say Democrats need to win two of three hotly contested Senate races — in Georgia, Arizona and Nevada, all currently held by Democrats — to maintain power in the chamber.Georgia: The Senate contest looks like it’s headed for a runoff on Dec. 6, pitting the incumbent, Raphael Warnock, against his Republican challenger, Herschel Walker.Governor races: Voters backed high-profile incumbents, including Kathy Hochul, Democrat of New York; Greg Abbott, Republican of Texas; and Tony Evers, Democrat of Wisconsin.Ballot initiatives: Voters in Michigan approved making abortion access a right protected under the State Constitution. Those in Maryland and Missouri voted to legalize marijuana, though similar measures were rejected in Arkansas and North Dakota.A rough night for Donald Trump: Several candidates that he endorsed, including in Arizona, Georgia, Michigan and Pennsylvania, lost or were behind. And a potential rival for the 2024 Republican presidential nomination, Gov. Ron DeSantis of Florida, handily won re-election.Meta slices through its work forceFacebook’s owner Meta will lay off 11,000 employees, equivalent to 13 percent of its work force, the company announced on Wednesday morning, in the biggest restructuring in the social media giant’s history. A slump in digital advertising and ballooning losses from its pivot to the metaverse have pushed the company to make a series of wide-ranging cuts.In a note to employees, Mark Zuckerberg, Meta’s co-founder and C.E.O., admitted that the company had hired too aggressively during the pandemic as homebound consumers spent more time socializing and shopping online. Meta mistakenly assumed this trend would continue: “I got this wrong, and I take responsibility for that,” he wrote.The company has begun cutting costs across its operations, “scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg wrote. The stock was up 3.7 percent in premarket trading, outperforming the Nasdaq.The economic downturn is forcing companies across industries to shrink. Citigroup and Barclays are expected to lay off hundreds in their investment banking units, Bloomberg reports. And, according to Protocol, Salesforce could cut as many as 2,500 positions in the coming weeks as the activist investor Starboard Value seeks big changes in corporate strategy.Exclusive: Keurig Dr Pepper buys stake in Athletic Brewing Keurig Dr Pepper has invested $50 million in Athletic Brewing, the nonalcoholic beer company, as part of a $75 million fund-raise by Athletic, DealBook is first to report. It’s the beverage giant’s second foray into the nonalcoholic booze category — it announced a deal to acquire a nonalcoholic cocktail brand called Atypique this summer — and another sign of interest in this fast-growing category.Athletic Brewing was founded in 2017 by Bill Shufelt, a former trader at the hedge fund Point72, and John Walker, a former craft brewer. It now sells its products — including lager, light beer and sparkling water — at retailers like Trader Joe’s. With its new backer, Athletic is looking to expand in Australia, France and Spain.Sales of nonalcoholic beer are skyrocketing, growing almost 70 percent between 2016 and 2021 in the U.S., to about $670 million, according to Euromonitor. While that is still a tiny portion of the overall beer market, its popularity stands in stark contrast to overall sluggishness in beer sales, as the younger generation drinks less and cares more about its waistline. Beer giants like Heineken, Budweiser and Sam Adams have released nonalcoholic alternatives in the last five years.It’s not just for recovering alcoholics or nondrinkers. Shufelt said 80 percent of his customers drink alcohol, and three-fourths are between the ages of 21 and 44. About half are women, he added.THE SPEED READ DealsThe E.U.’s antitrust watchdog will deepen its scrutiny of Microsoft’s $75 billion takeover of Activision Blizzard. (WSJ)Goldman Sachs has reportedly weighed buying payment-technology companies to expand its credit-card business. (WSJ)The electric carmaker Lucid said it planned to raise up to $1.5 billion in fresh capital. (NYT)PolicyThe private equity giants Apollo, Carlyle and KKR disclosed inquiries by regulators over their dealmakers’ use of messaging apps like WhatsApp for business. (Bloomberg)Supreme Court justices are weighing a Pennsylvania law that requires companies to consent to being sued in its courts for conduct done anywhere. (NYT)Kenya published some details of a 2014 loan it took out from China, potentially straining relations with the country’s biggest source of infrastructure financing. (NYT)Best of the restVirginia Giuffre, a victim of Jeffrey Epstein, now says she may have misidentified the Harvard law professor Alan Dershowitz as an abuser. (NYT)Twitter may now offer two kinds of check marks to verify users. (The Verge)Levi’s named Michelle Gass, Kohl’s chief executive, as its next C.E.O. (NYT)Would you take a Zoom meeting in a movie theater? AMC hopes so. (Insider)UBS’s chief risk officer, Christian Bluhm, is quitting to become … a professional photographer. (FT)Thanks for reading! We’ll see you tomorrow.We’d like your feedback. Please email thoughts and suggestions to dealbook@nytimes.com. More

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      Elon Musk Takes a Page Out of Mark Zuckerberg’s Social Media Playbook

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      As Mr. Musk takes over Twitter, he is emulating some of the actions of Mr. Zuckerberg, who leads Facebook, Instagram and WhatsApp.Elon Musk has positioned himself as an unconventional businessman. When he agreed to buy Twitter this year, he declared he would make the social media service a place for unfettered free speech, reversing many of its rules and allowing banned users like former President Donald J. Trump to return.But since closing his $44 billion buyout of Twitter last week, Mr. Musk has followed a surprisingly conventional social media playbook.The world’s richest man met with more than six civil rights groups — including the N.A.A.C.P. and the Anti-Defamation League — on Tuesday to assure them that he will not make changes to Twitter’s content rules before the results of next week’s midterm elections are certified. He also met with advertising executives to discuss their concerns about their brands appearing alongside toxic online content. Last week, Mr. Musk said he would form a council to advise Twitter on what kinds of content to remove from the platform and would not immediately reinstate banned accounts.If these decisions and outreach seem familiar, that’s because they are. Other leaders of social media companies have taken similar steps. After Facebook was criticized for being misused in the 2016 presidential election, Mark Zuckerberg, the social network’s chief executive, also met with civil rights groups to calm them and worked to mollify irate advertisers. He later said he would establish an independent board to advise his company on content decisions.Mr. Musk is in his early days of owning Twitter and is expected to make big changes to the service and business, including laying off some of the company’s 7,500 employees. But for now, he is engaging with many of the same constituents that Mr. Zuckerberg has had to over many years, social media experts and heads of civil society groups said.Mr. Musk “has discovered what Mark Zuckerberg discovered several years ago: Being the face of controversial big calls isn’t fun,” said Evelyn Douek, an assistant professor at Stanford Law School. Social media companies “all face the same pressures of users, advertisers and governments, and there’s always this convergence around this common set of norms and processes that you’re forced toward.”Mr. Musk did not immediately respond to a request for comment, and a Twitter spokeswoman declined to comment. Meta, which owns Facebook and Instagram, declined to comment.Elon Musk’s Acquisition of TwitterCard 1 of 8A blockbuster deal. More

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      Twitter and TikTok Lead in Amplifying Misinformation, Report Finds

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      A new analysis found that algorithms and some features of social media sites help false posts go viral.It is well known that social media amplifies misinformation and other harmful content. The Integrity Institute, an advocacy group, is now trying to measure exactly how much — and on Thursday it began publishing results that it plans to update each week through the midterm elections on Nov. 8.The institute’s initial report, posted online, found that a “well-crafted lie” will get more engagements than typical, truthful content and that some features of social media sites and their algorithms contribute to the spread of misinformation.Twitter, the analysis showed, has what the institute called the great misinformation amplification factor, in large part because of its feature allowing people to share, or “retweet,” posts easily. It was followed by TikTok, the Chinese-owned video site, which uses machine-learning models to predict engagement and make recommendations to users.“We see a difference for each platform because each platform has different mechanisms for virality on it,” said Jeff Allen, a former integrity officer at Facebook and a founder and the chief research officer at the Integrity Institute. “The more mechanisms there are for virality on the platform, the more we see misinformation getting additional distribution.”The institute calculated its findings by comparing posts that members of the International Fact-Checking Network have identified as false with the engagement of previous posts that were not flagged from the same accounts. It analyzed nearly 600 fact-checked posts in September on a variety of subjects, including the Covid-19 pandemic, the war in Ukraine and the upcoming elections.Facebook, according to the sample that the institute has studied so far, had the most instances of misinformation but amplified such claims to a lesser degree, in part because sharing posts requires more steps. But some of its newer features are more prone to amplify misinformation, the institute found.Facebook’s amplification factor of video content alone is closer to TikTok’s, the institute found. That’s because the platform’s Reels and Facebook Watch, which are video features, “both rely heavily on algorithmic content recommendations” based on engagements, according to the institute’s calculations.Instagram, which like Facebook is owned by Meta, had the lowest amplification rate. There was not yet sufficient data to make a statistically significant estimate for YouTube, according to the institute.The institute plans to update its findings to track how the amplification fluctuates, especially as the midterm elections near. Misinformation, the institute’s report said, is much more likely to be shared than merely factual content.“Amplification of misinformation can rise around critical events if misinformation narratives take hold,” the report said. “It can also fall, if platforms implement design changes around the event that reduce the spread of misinformation.” More

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      Meta Removes Chinese Effort to Influence U.S. Elections

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      Meta, the parent company of Facebook and Instagram, said on Tuesday that it had discovered and taken down what it described as the first targeted Chinese campaign to interfere in U.S. politics ahead of the midterm elections in November.Unlike the Russian efforts over the last two presidential elections, however, the Chinese campaign appeared limited in scope — and clumsy at times.The fake posts began appearing on Facebook and Instagram, as well as on Twitter, in November 2021, using profile pictures of men in formal attire but the names of women, according to the company’s report.The users later posed as conservative Americans, promoting gun rights and opposition to abortion, while criticizing President Biden. By April, they mostly presented themselves as liberals from Florida, Texas and California, opposing guns and promoting reproductive rights. They mangled the English language and failed to attract many followers.Two Meta officials said they could not definitively attribute the campaign to any group or individuals. Yet the tactics reflected China’s growing efforts to use international social media to promote the Communist Party’s political and diplomatic agenda.What made the effort unusual was what appeared to be the focus on divisive domestic politics ahead of the midterms.In previous influence campaigns, China’s propaganda apparatus concentrated more broadly on criticizing American foreign policy, while promoting China’s view of issues like the crackdown on political rights in Hong Kong and the mass repression in Xinjiang, the mostly Muslim region where hundreds of thousands were forced into re-education camps or prisons.Ben Nimmo, Meta’s lead official for global threat intelligence, said the operation reflected “a new direction for Chinese influence operations.”“It is talking to Americans, pretending to be Americans rather than talking about America to the rest of the world,” he added later. “So the operation is small in itself, but it is a change.”The operation appeared to lack urgency and scope, raising questions about its ambition and goals. It involved only 81 Facebook accounts, eight Facebook pages and one group. By July, the operation had suddenly shifted its efforts away from the United States and toward politics in the Czech Republic.The posts appeared during working hours in China, typically when Americans were asleep. They dropped off noticeably during what appeared to be “a substantial lunch break.”In one post, a user struggled with clarity: “I can’t live in an America on regression.”Even if the campaign failed to go viral, Mr. Nimmo said the company’s disclosure was intended to draw attention to the potential threat of Chinese interference in domestic affairs of its rivals.Meta also announced that it had taken down a much larger Russian influence operation that began in May and focused primarily on Germany, as well as France, Italy and Britain.The company said it was “the largest and most complex” operation it had detected from Russia since the war in Ukraine began in February.The campaign centered around a network of 60 websites that impersonated legitimate news organizations in Europe, like Der Spiegel, Bild, The Guardian and ANSA, the Italian news agency.The sites would then post original articles criticizing Ukraine, warning about Ukrainian refugees and arguing that economic sanctions against Russia would only backfire. Those articles were then promoted across the internet, including on Facebook and Instagram, but also on Twitter and Telegram, the messaging app, which is widely used in Russia.The Russian operation involved 1,633 accounts on Facebook, 703 pages and one group, as well as 29 different accounts on Instagram, the company’s report said. About 4,000 accounts followed one or more of the Facebook pages. As Meta moved to block the operation’s domains, new websites appeared, “suggesting persistence and continuous investment in this activity.”Meta began its investigation after disclosures in August by one of Germany’s television networks, ZDF. As in the case of the Chinese operation, it did not explicitly accuse the government of the Russian president, Vladimir V. Putin, though the activity clearly mirrors the Kremlin’s extensive information war surrounding its invasion.“They were kind of throwing everything at the wall and not a lot of it was sticking,” said David Agranovich, Meta’s director of threat disruption. “It doesn’t mean that we can say mission accomplished here.”Meta’s report noted overlap between the Russian and Chinese campaigns on “a number of occasions,” although the company said they were unconnected. The overlap reflects the growing cross-fertilization of official statements and state media reports in the two countries, especially regarding the United States.The accounts associated with the Chinese campaign posted material from Russia’s state media, including those involving unfounded allegations that the United States had secretly developed biological weapons in Ukraine.A French-language account linked to the operation posted a version of the allegation in April, 10 days after it had originally been posted by Russia’s Ministry of Defense on Telegram. That one drew only one response, in French, from an authentic user, according to Meta.“Fake,” the user wrote. “Fake. Fake as usual.” More

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      The Midterm Election’s Most Dominant Toxic Narratives

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      Ballot mules. Poll watch parties. Groomers.These topics are now among the most dominant divisive and misleading narratives online about November’s midterm elections, according to researchers and data analytics companies. On Twitter, Facebook, Reddit, Truth Social and other social media sites, some of these narratives have surged in recent months, often accompanied by angry and threatening rhetoric.The effects of these inflammatory online discussions are being felt in the real world, election officials and voting rights groups said. Voters have flooded some local election offices with misinformed questions about supposedly rigged voting machines, while some people appear befuddled about what pens to use on ballots and whether mail-in ballots are still legal, they said.“Our voters are angry and confused,” Lisa Marra, elections director in Cochise County, Ariz., told a House committee last month. “They simply don’t know what to believe.”The most prevalent of these narratives fall into three main categories: continued falsehoods about rampant election fraud; threats of violence and citizen policing of elections; and divisive posts on health and social policies that have become central to political campaigns. Here’s what to know about them.Misinformation about the 2020 election, left, has fueled the “Stop the Steal” movement, center, and continues to be raised at campaign events for the midterms, right.From left, Amir Hamja for The New York Times, Gabriela Bhaskar for The New York Times, Ash Ponders for The New York Times Election FraudFalse claims of election fraud are commanding conversation online, with former President Donald J. Trump continuing to protest that the 2020 presidential election was stolen from him.Voter fraud is rare, but that falsehood about the 2020 election has become a central campaign issue for dozens of candidates around the country, causing misinformation and toxic content about the issue to spread widely online.“Stolen election” was mentioned 325,589 times on Twitter from June 19 to July 19, a number that has been fairly steady throughout the year and that was up nearly 900 percent from the same period in 2020, according to Zignal Labs, a media research firm.On the video-sharing site Rumble, videos with the term “stop the steal” or “stolen election” and other claims of election fraud have been among the most popular. In May, such posts attracted 2.5 million viewers, more than triple the total from a year earlier, according to Similarweb, a digital analytics firm.More recently, misinformation around the integrity of voting has metastasized. More conspiracy theories are circulating online about individuals submitting fraudulent ballots, about voting machines being rigged to favor Democrats and about election officials switching the kinds of pens that voters must use to mark ballots in order to confuse them.The State of the 2022 Midterm ElectionsWith the primaries over, both parties are shifting their focus to the general election on Nov. 8.Inflation Concerns Persist: In the six-month primary season that has just ended, several issues have risen and fallen, but nothing has dislodged inflation and the economy from the top of voters’ minds.Herschel Walker: The Republican Senate candidate in Georgia claimed his business donated 15 percent of its profits to charities. Three of the four groups named as recipients say they didn’t receive money.North Carolina Senate Race: Are Democrats about to get their hearts broken again? The contest between Cheri Beasley, a Democrat, and her G.O.P. opponent, Representative Ted Budd, seems close enough to raise their hopes.Echoing Trump: Six G.O.P. nominees for governor and the Senate in critical midterm states, all backed by former President Donald J. Trump, would not commit to accepting this year’s election results.These conspiracy theories have in turn spawned new terms, such as “ballot trafficking” and “ballot mules,” which is used to describe people who are paid to cast fake ballots. The terms were popularized by the May release of the film “2000 Mules,” a discredited movie claiming widespread voter fraud in the 2020 election. From June 19 to July 19, “ballot mules” was mentioned 17,592 times on Twitter; it was not used before the 2020 election, according to Zignal.In April, the conservative talk show host Charlie Kirk interviewed the stars of the film, including Catherine Engelbrecht of the nonprofit voting group True the Vote. Mr. Kirk’s interview has garnered more than two million views online.“A sense of grievance is already in place,” said Kyle Weiss, a senior analyst at Graphika, a research firm that studies misinformation and fake social media accounts. The 2020 election “primed the public on a set of core narratives, which are reconstituting and evolving in 2022.”.css-1v2n82w{max-width:600px;width:calc(100% – 40px);margin-top:20px;margin-bottom:25px;height:auto;margin-left:auto;margin-right:auto;font-family:nyt-franklin;color:var(–color-content-secondary,#363636);}@media only screen and (max-width:480px){.css-1v2n82w{margin-left:20px;margin-right:20px;}}@media only screen and (min-width:1024px){.css-1v2n82w{width:600px;}}.css-161d8zr{width:40px;margin-bottom:18px;text-align:left;margin-left:0;color:var(–color-content-primary,#121212);border:1px solid var(–color-content-primary,#121212);}@media only screen and (max-width:480px){.css-161d8zr{width:30px;margin-bottom:15px;}}.css-tjtq43{line-height:25px;}@media only screen and (max-width:480px){.css-tjtq43{line-height:24px;}}.css-x1k33h{font-family:nyt-cheltenham;font-size:19px;font-weight:700;line-height:25px;}.css-ok2gjs{font-size:17px;font-weight:300;line-height:25px;}.css-ok2gjs a{font-weight:500;color:var(–color-content-secondary,#363636);}.css-1c013uz{margin-top:18px;margin-bottom:22px;}@media only screen and (max-width:480px){.css-1c013uz{font-size:14px;margin-top:15px;margin-bottom:20px;}}.css-1c013uz a{color:var(–color-signal-editorial,#326891);-webkit-text-decoration:underline;text-decoration:underline;font-weight:500;font-size:16px;}@media only screen and (max-width:480px){.css-1c013uz a{font-size:13px;}}.css-1c013uz a:hover{-webkit-text-decoration:none;text-decoration:none;}How Times reporters cover politics. We rely on our journalists to be independent observers. So while Times staff members may vote, they are not allowed to endorse or campaign for candidates or political causes. This includes participating in marches or rallies in support of a movement or giving money to, or raising money for, any political candidate or election cause.Learn more about our process.The security of ballot drop boxes, left; the search for documents at Mar-a-Lago, center; and the role of the F.B.I., right, are being widely discussed online in the context of the midterm elections. From left, Marco Garcia for The New York Times, Saul Martinez for The New York Times, Kenny Holston for The New York TimesCalls to ActionOnline conversations about the midterm elections have also been dominated by calls for voters to act against apparent election fraud. In response, some people have organized citizen policing of voting, with stakeouts of polling stations and demands for information about voter rolls in their counties. Civil rights groups widely criticize poll watching, which they say can intimidate voters, particularly immigrants and at sites in communities of color.From July 27 to Aug. 3, the second-most-shared tweet about the midterms was a photo of people staking out a ballot box, with the message that “residents are determined to safeguard the drop boxes,” according to Zignal. Among those who shared it was Dinesh D’Souza, the creator of “2000 Mules,” who has 2.4 million followers on Twitter.In July, Seth Keshel, a retired Army captain who has challenged the result of the 2020 presidential election, shared a message on Telegram calling for “all-night patriot tailgate parties for EVERY DROP BOX IN AMERICA.” The post was viewed more than 70,000 times.Anger toward the F.B.I. is also reflected in midterm-related conversations, with a rise in calls to shut down or defund the agency after last month’s raid of Mr. Trump’s Florida residence, Mar-a-Lago.“Abolish FBI” became a trending hashtag across social media, mentioned 122,915 times on Twitter, Facebook, Reddit and news sites from July 1 to Aug. 30, up 1,990 percent from about 5,882 mentions in the two months before the 2020 election, according to Zignal.In a video posted on Twitter on Sept. 20, Representative Andrew Clyde, Republican of Georgia, implied that he and others would take action against the F.B.I. if Republicans won control of Congress in November.“You wait till we take the House back. You watch what happens to the F.B.I.,” he said in a video captured by a left-leaning online show, “The Undercurrent,” and shared more than 1,000 times on Twitter within a few hours. Mr. Clyde did not respond to a request for comment.Representative Marjorie Taylor Greene of Georgia, center, is among the politicians who have spread misinformation about gay and transgender people, a report said.From left: Todd Heisler/The New York Times, Stefani Reynolds for The New York Times, Todd Heisler/The New York TimesHot-Button IssuesSome online conversations about the midterms are not directly related to voting. Instead, the discussions are centered on highly partisan issues — such as transgender rights — that candidates are campaigning on and that are widely regarded as motivating voters, leading to a surge of falsehoods.A month after Florida passed legislation that prohibits classroom discussion or instruction about sexual orientation and gender identity, which the Republican governor, Ron DeSantis, signed into law in March, the volume of tweets falsely linking gay and transgender individuals to pedophilia soared, for example.Language claiming that gay people and transgender people were “grooming” children for abuse increased 406 percent on Twitter in April, according to a study by the Human Rights Campaign and the Center for Countering Digital Hate.The narrative was spread most widely by 10 far-right figures, including midterm candidates such as Representatives Lauren Boebert of Colorado and Marjorie Taylor Greene of Georgia, according to the report. Their tweets on “grooming” misinformation were viewed an estimated 48 million times, the report said.In May, Ms. Boebert tweeted: “A North Carolina preschool is using LGBT flag flashcards with a pregnant man to teach kids colors. We went from Reading Rainbow to Randy Rainbow in a few decades, but don’t dare say the Left is grooming our kids!” The tweet was shared nearly 2,000 times and liked nearly 10,000 times.Ms. Boebert and Ms. Taylor Greene did not respond to requests for comment.On Facebook and Instagram, 59 ads also promoted the narrative that the L.G.B.T.Q.+ community and allies were “grooming” children, the report found. Meta, the owner of Facebook and Instagram, accepted up to $24,987 for the ads, which were served to users over 2.1 million times, according to the report.Meta said it had removed several of the ads mentioned in the report.“The repeated pushing of ‘groomer’ narratives has resulted in a wider anti-L.G.B.T. moral panic that has been influencing state and federal legislation and is likely to be a significant midterm issue,” said David Thiel, the chief technical officer at the Stanford Internet Observatory, which studies online extremism and disinformation. More

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      As Midterms Loom, Mark Zuckerberg Shifts Focus Away From Elections

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      Mark Zuckerberg, Facebook’s chief executive, made securing the 2020 U.S. election a top priority. He met regularly with an election team, which included more than 300 people from across his company, to prevent misinformation from spreading on the social network. He asked civil rights leaders for advice on upholding voter rights.The core election team at Facebook, which was renamed Meta last year, has since been dispersed. Roughly 60 people are now focused primarily on elections, while others split their time on other projects. They meet with another executive, not Mr. Zuckerberg. And the chief executive has not talked recently with civil rights groups, even as some have asked him to pay more attention to the midterm elections in November.Safeguarding elections is no longer Mr. Zuckerberg’s top concern, said four Meta employees with knowledge of the situation. Instead, he is focused on transforming his company into a provider of the immersive world of the metaverse, which he sees as the next frontier of growth, said the people, who were not authorized to speak publicly.The shift in emphasis at Meta, which also owns Instagram and WhatsApp, could have far-reaching consequences as faith in the U.S. electoral system reaches a brittle point. The hearings on the Jan. 6 Capitol riots have underlined how precarious elections can be. And dozens of political candidates are running this November on the false premise that former President Donald J. Trump was robbed of the 2020 election, with social media platforms continuing to be a key way to reach American voters.Election misinformation remains rampant online. This month, “2000 Mules,” a film that falsely claims the 2020 election was stolen from Mr. Trump, was widely shared on Facebook and Instagram, garnering more than 430,000 interactions, according to an analysis by The New York Times. In posts about the film, commenters said they expected election fraud this year and warned against using mail-in voting and electronic voting machines.Voters casting their ballots in Portland, Maine, this month.Jodi Hilton for The New York TimesOther social media companies have also pulled back some of their focus on elections. Twitter, which stopped labeling and removing election misinformation in March 2021, has been preoccupied with its $44 billion sale to Elon Musk, three employees with knowledge of the situation said. Mr. Musk has suggested he wants fewer rules about what can and cannot be posted on the service.“Companies should be growing their efforts to get prepared to protect the integrity of elections for the next few years, not pulling back,” said Katie Harbath, chief executive of the consulting firm Anchor Change, who formerly managed election policy at Meta. “Many issues, including candidates pushing that the 2020 election was fraudulent, remain and we don’t know how they are handling those.”Meta, which along with Twitter barred Mr. Trump from its platforms after the riot at the U.S. Capitol on Jan. 6, 2021, has worked over the years to limit political falsehoods on its sites. Tom Reynolds, a Meta spokesman, said the company had “taken a comprehensive approach to how elections play out on our platforms since before the U.S. 2020 elections and through the dozens of global elections since then.”Mr. Reynolds disputed that there were 60 people focused on the integrity of elections. He said Meta has hundreds of people across more than 40 teams focused on election work. With each election, he said, the company was “building teams and technologies and developing partnerships to take down manipulation campaigns, limit the spread of misinformation and maintain industry-leading transparency around political ads and pages.”Trenton Kennedy, a Twitter spokesman, said the company was continuing “our efforts to protect the integrity of election conversation and keep the public informed on our approach.” For the midterms, Twitter has labeled the accounts of political candidates and provided information boxes on how to vote in local elections.How Meta and Twitter treat elections has implications beyond the United States, given the global nature of their platforms. In Brazil, which is holding a general election in October, President Jair Bolsonaro has recently raised doubts about the country’s electoral process. Latvia, Bosnia and Slovenia are also holding elections in October.“People in the U.S. are almost certainly getting the Rolls-Royce treatment when it comes to any integrity on any platform, especially for U.S. elections,” said Sahar Massachi, the executive director of the think tank Integrity Institute and a former Facebook employee. “And so however bad it is here, think about how much worse it is everywhere else.”Facebook’s role in potentially distorting elections became evident after 2016, when Russian operatives used the site to spread inflammatory content and divide American voters in the U.S. presidential election. In 2018, Mr. Zuckerberg testified before Congress that election security was his top priority.“The most important thing I care about right now is making sure no one interferes in the various 2018 elections around the world,” he said.The social network has since become efficient at removing foreign efforts to spread disinformation in the United States, election experts said. But Facebook and Instagram still struggle with conspiracy theories and other political lies on their sites, they said.In November 2019, Mr. Zuckerberg hosted a dinner at his home for civil rights leaders and held phone and Zoom conference calls with them, promising to make election integrity a main focus.He also met regularly with an election team. More than 300 employees from various product and engineering teams were asked to build new systems to detect and remove misinformation. Facebook also moved aggressively to eliminate toxic content, banning QAnon conspiracy theory posts and groups in October 2020.Around the same time, Mr. Zuckerberg and his wife, Priscilla Chan, donated $400 million to local governments to fund poll workers, pay for rental fees for polling places, provide personal protective equipment and other administrative costs.The week before the November 2020 election, Meta also froze all political advertising to limit the spread of falsehoods.But while there were successes — the company kept foreign election interference off the platform — it struggled with how to handle Mr. Trump, who used his Facebook account to amplify false claims of voter fraud. After the Jan. 6 riot, Facebook barred Mr. Trump from posting. He is eligible for reinstatement in January 2023.Last year, Frances Haugen, a Facebook employee-turned-whistle-blower, filed complaints with the Securities and Exchange Commission accusing the company of removing election safety features too soon after the 2020 election. Facebook prioritized growth and engagement over security, she said.In October, Mr. Zuckerberg announced Facebook would focus on the metaverse. The company has restructured, with more resources devoted to developing the online world.The team working on elections now meets regularly with Nick Clegg, Meta’s president for global affairs.Christopher Furlong/Getty ImagesMeta also retooled its election team. Now the number of employees whose job is to focus solely on elections is approximately 60, down from over 300 in 2020, according to employees. Hundreds of others participate in meetings about elections and are part of cross-functional teams, where they work on other issues. Divisions that build virtual reality software, a key component of the metaverse, have expanded.What Is the Metaverse, and Why Does It Matter?Card 1 of 5The origins. More

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      Meta Will Give Researchers More Information on Political Ad Targeting

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      Meta, which owns Facebook and Instagram, said that it planned to give outside researchers more detailed information on how political ads are targeted across its platform, providing insight into the ways that politicians, campaign operatives and political strategists buy and use ads ahead of the midterm elections.Starting on Monday, academics and researchers who are registered with an initiative called the Facebook Open Research and Transparency project will be allowed to see data on how each political or social ad was used to target people. The information includes which interest categories — such as “people who like dogs” or “people who enjoy the outdoors” — were chosen to aim an ad at someone.In addition, Meta said it planned to include summaries of targeting information for some of its ads in its publicly viewable Ad Library starting in July. The company created the Ad Library in 2019 so that journalists, academics and others could obtain information and help safeguard elections against the misuse of digital advertising.While Meta has given outsiders some access into how its political ads were used in the past, it has restricted the amount of information that could be seen, citing privacy reasons. Critics have claimed that the company’s system has been flawed and sometimes buggy, and have frequently asked for more data.That has led to conflicts. Meta previously clashed with a group of New York University academics who tried ingesting large amounts of self-reported data on Facebook users to learn more about the platform. The company cut off access to the group last year, citing violations of its platform rules.The new data that is being added to the Facebook Open Research Transparency project and the Ad Library is a way to share information on political ad targeting while trying to keep data on its users private, the company said.“By making advertiser targeting criteria available for analysis and reporting on ads run about social issues, elections and politics, we hope to help people better understand the practices used to reach potential voters on our technologies,” the company said in a statement.With the new data, for example, researchers browsing the Ad Library could see that over the course of a month, a Facebook page ran 2,000 political ads and that 40 percent of the ad budget was targeted to “people who live in Pennsylvania” or “people who are interested in politics.”Meta said it had been bound by privacy rules and regulations on what types of data it could share with outsiders. In an interview, Jeff King, a vice president in Meta’s business integrity unit, said the company had hired thousands of workers over the past few years to review those privacy issues.“Every single thing we release goes through a privacy review now,” he said. “We want to make sure we give people the right amount of data, but still remain privacy conscious while we do it.”The new data on political ads will cover the period from August 2020, three months before the last U.S. presidential election, to the present day. More

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      Mark Zuckerberg Ends Election Grants

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      Mark Zuckerberg, who donated nearly half a billion dollars to election offices across the nation in 2020 and drew criticism from conservatives suspicious of his influence on the presidential election, won’t be making additional grants this year, a spokesman for the Facebook founder confirmed on Tuesday.The spokesman, Ben LaBolt, said the donations by Mr. Zuckerberg, the chief executive of Meta, and his wife, Priscilla Chan, were never intended to be a stream of funding for the administration of elections.The couple gave $419 million to two nonprofit organizations that disbursed grants in 2020 to more than 2,500 election departments, which were grappling with a shortfall of government funding as they adopted new procedures during the coronavirus pandemic.The infusion of private donations helped to pay for new ballot-counting equipment, efforts to expand mail-in voting, personal protective equipment and the training of poll workers.It also sowed seeds of mistrust among supporters of former President Donald J. Trump. Critics referred to the grants as “Zuckerbucks” and some frequently claimed, without evidence, that the money was used to help secure Joseph R. Biden Jr.’s victory. Several states controlled by Republicans banned private donations to election offices in response.“As Mark and Priscilla made clear previously, their election infrastructure donation to help ensure that Americans could vote during the height of the pandemic was a one-time donation given the unprecedented nature of the crisis,” Mr. LaBolt said in an email on Tuesday. “They have no plans to repeat that donation.”The Center for Tech and Civic Life, a nonprofit group with liberal ties that became a vessel for $350 million of the contributions from Mr. Zuckerberg and Dr. Chan in 2020, announced on Monday that it was shifting to a different model for supporting the work of local election administrators.During an appearance on Monday at the TED2022 conference in Vancouver, Tiana Epps-Johnson, the center’s executive director, said that the organization would begin a five-year, $80 million program to help meet the needs of election departments across the country.Called the U.S. Alliance for Election Excellence, the program will draw funding through the Audacious Project, a philanthropic collective housed at the TED organization, the center said. Mr. Zuckerberg and Dr. Chan are not involved in the new initiative, Mr. LaBolt said.At the event on Monday, Ms. Epps-Johnson said the grants distributed by the center in 2020 helped fill a substantial void of resources for those overseeing elections in the United States. One town in New England, she said without specifying, was able to replace voting equipment from the early 1900s that was held together with duct tape.“The United States election infrastructure is crumbling,” Ms. Epps-Johnson said.In addition to the Center for Technology and Civic Life, Mr. Zuckerberg and Dr. Chan gave $69.6 million to the Center for Election Innovation & Research in 2020. At the time, that nonprofit group said that the top election officials in 23 states had applied for grants.Republicans have been unrelenting in their criticism of the social media mogul and his donations.While campaigning for the U.S. Senate on Tuesday in Perrysburg, Ohio, J.D. Vance, the “Hillbilly Elegy” author who has undergone a conversion to Trumpism, continued to accuse Mr. Zuckerberg of tipping the election in 2020 to Mr. Biden.Mr. Vance, a venture capitalist, hasn’t exactly sworn off help from big tech. He counts Peter Thiel, a departing board member of Mr. Zuckerberg’s company, Meta, and a major donor to Mr. Trump, as a top fund-raiser. Mr. Thiel has also supported Blake Masters, a Republican Senate candidate in Arizona.In an opinion piece for The New York Post last October, Mr. Vance and Mr. Masters called for Facebook’s influence to be curbed, writing that Mr. Zuckerberg had spent half a billion dollars to “buy the presidency for Joe Biden.”In Colorado, Tina Peters, the top vote-getter for secretary of state at the state Republican Party’s assembly last weekend, has been a fierce critic of Mr. Zuckerberg, even after her arrest this year on charges stemming from an election security breach. Ms. Peters, the Mesa County clerk, is facing several felonies amid accusations that she allowed an unauthorized person to copy voting machine hard drive information. More