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      Trump, Bankman-Fried and Musk are the monsters of American capitalism | Robert Reich

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      Trump, Bankman-Fried and Musk are the monsters of American capitalismRobert ReichFor them, and for everyone who still regards them as heroes, there is no morality in business or economics. The winnings go to the most ruthless If this past week presents any single lesson, it’s the social costs of greed. Capitalism is premised on greed but also on guardrails – laws and norms – that prevent greed from becoming so excessive that it threatens the system as a whole.Yet the guardrails can’t hold when avarice becomes the defining trait of an era, as it is now. Laws and norms are no match for the possibility of raking in billions if you’re sufficiently ruthless and unprincipled.Donald Trump’s tax returns, just made public, reveal that he took bogus deductions to reduce his tax liability all the way to zero in 2020. All told, he reported $60m in losses during his presidency while continuing to pull in big money.Every other president since Nixon has released his tax returns. Trump told America he couldn’t because he was in the middle of an IRS audit. But we now learn that the IRS never got around to auditing Trump during his first two years in office, despite being required to do so by a law dating back to Watergate, stating that “individual tax returns for the president and the vice-president are subject to mandatory review”.Of course, Trump is already synonymous with greed and the aggressive violation of laws and norms in pursuit of money and power. Worse yet, when a president of the United States exemplifies – even celebrates – these traits, they leach out into society like underground poison.Meanwhile, this past week the SEC accused Sam Bankman-Fried of illicitly using customer money from FTX from the beginning to fund his crypto empire.“From the start, contrary to what FTX investors and trading customers were told, Bankman-Fried, actively supported by Defendants, continually diverted FTX customer funds … and then used those funds to continue to grow his empire, using billions of dollars to make undisclosed private venture investments, political contributions, and real estate purchases.”If the charge sticks, it represents one of the largest frauds in American history. Until recently, Bankman-Fried was considered a capitalist hero whose philanthropy was a model for aspiring billionaires (he and his business partner also donated generously to politicians).But like the IRS and Trump, the SEC can’t possibly remedy the social costs that Bankman-Fried has unleashed – not just losses to customers and investors but a deepening distrust and cynicism about the system as a whole, the implicit assumption that this is just what billionaires do, that the way to make a fortune is to blatantly disregard norms and laws, and that only chumps are mindful of the common good.Which brings us to Elon Musk, whose slash-and-burn maneuvers at Twitter might cause even the most rabid capitalist to wince. They also raise questions about Musk’s other endeavor, Tesla. Shares in the electric vehicle maker dropped by almost 9% on Thursday as analysts grew increasingly concerned about its fate. Not only is Musk neglecting the carmaker but he’s appropriating executive talent from Tesla to help him at Twitter. (Tesla stock is down over 64% year-to-date.)Musk has never been overly concerned about laws and norms (you’ll recall that he kept Tesla’s factory in Fremont, California, going during the pandemic even when public health authorities refused him permission to do so, resulting in a surge of Covid infections among workers). For him, it’s all about imposing his gargantuan will on others.Trump, Bankman-Fried and Musk are the monsters of American capitalism – as much products of this public-be-damned era as they are contributors to it. For them, and for everyone who still regards them as heroes, there is no morality in business or economics. The winnings go to the most ruthless. Principles are for sissies.But absent any moral code, greed is a public danger. Its poison cannot be contained by laws or accepted norms. Everyone is forced to guard against the next con (or else pull an even bigger con). Laws are broken whenever the gains from breaking them exceed the penalties (multiplied by the odds of getting caught). Social trust erodes.Adam Smith, the so-called father of modern capitalism, never called himself an economist. He called himself a “moral philosopher,” engaged in discovering the characteristics of a good society. He thought his best book was not The Wealth of Nations, the bible of modern capitalist apologists, but the Theory of Moral Sentiments, where he argued that the ethical basis of society lies in compassion for other human beings.Presumably Adam Smith would have bemoaned the growing inequalities, corruption, and cynicism spawned by modern capitalism and three of its prime exemplars – Trump, Bankman-Fried, and Musk.TopicsUS newsOpinionUS politicsUS taxationDonald TrumpSam Bankman-FriedFTXUS economycommentReuse this content More

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      FTX seeks to claw back donations to politicians and charities

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      FTX seeks to claw back donations to politicians and charitiesCollapsed cryptocurrency exchange had reputation for corporate philanthropy to tune of hundreds of millions of dollars FTX, the collapsed cryptocurrency exchange founded by Sam Bankman-Fried, has started trying to claw back payments made by its former management to politicians, celebrities and charities, as it continues to progress through bankruptcy proceedings in the US.FTX “intends to commence actions before the bankruptcy court to require the return of such payments, with interest accruing from the date any action is commenced”, the company said, sharing an email address – FTXrepay@ftx.us – that recipients could use to voluntarily return money.“Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from a FTX contributor does not prevent the FTX debtors from seeking recovery from the recipient or any subsequent transferee,” FTX added in a statement.Bankman-Fried, other members of FTX leadership and a number of members of the FTX group all developed reputations for corporate philanthropy to the tune of hundreds of millions of dollars.FTX billionaire Sam Bankman-Fried funneled dark money to RepublicansRead moreHe was one of the largest political donors in the United States, giving directly to Democratic politicians and to Republican causes. Other members of the FTX inner circle were also high-profile donors, such as Ryan Salame, the co-chief executive of FTX’s Bahamian subsidiary.As well as political causes, Bankman-Fried donated large sums to charities, endowing the FTX Foundation and FTX Future Fund to promote his interests.The FTX Foundation had given away $140m (£115m), the organisation reported in October, of which $90m had gone to the Future Fund.In criminal charges filed in the state of New York, the Department of Justice has alleged that the donations were the result of criminal money laundering, since the money was effectively taken from customer accounts.The charges also allege campaign finance violations, arguing that Bankman-Fried “and others known and unknown” broke donation limits by making contributions in the names of other people.Clawing back payments made to politicians and charities is likely to be one of the easier parts of the bankruptcy process.Under US law, payments or transfers made within 90 days of bankruptcy are presumed to be preferential if they result in a creditor getting more than it would have been entitled to at the end of the bankruptcy process, and a “clawback” can attempt to recover the difference in the payments.With FTX, which lost more than $8bn from customer withdrawals in a day less than a week before it declared bankruptcy, there could be billions of dollars that the court decides were distributed unfairly.Retail depositors, however, will be hoping that they aren’t treated as typical creditors. In FTX’s terms of service, the company said depositors didn’t hand over ownership of their deposits, which has led some creditors to argue that the crypto they placed in the exchange should not be used to pay the company’s bills.In another crypto bankruptcy, for BlockFi, a shadow bank that went bust after FTX, the court is now ruling on that question.BlockFi filed a motion on Monday with the New Jersey bankruptcy court arguing: “The BlockFi Wallet terms of service are clear. They provide that ‘title to the cryptocurrency held in your BlockFi Wallet shall at all times remain with you and shall not transfer to BlockFi.’“The debtors have no legal or equitable interest in cryptocurrency that was present in the Wallet accounts as of platform pause, and clients should be able to withdraw such assets from the platform if they choose.”As such, normal retail depositors should be able to withdraw their assets, the shadow bank said.TopicsSam Bankman-FriedFTXCryptocurrenciesE-commerceUS politicsnewsReuse this content More

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      in World Politics

      Digital democracy in Indonesia: an Asian Giant in Constant Transformation

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      The Fair Observer website uses digital cookies so it can collect statistics on how many visitors come to the site, what content is viewed and for how long, and the general location of the computer network of the visitor. These statistics are collected and processed using the Google Analytics service. Fair Observer uses these aggregate statistics from website visits to help improve the content of the website and to provide regular reports to our current and future donors and funding organizations. The type of digital cookie information collected during your visit and any derived data cannot be used or combined with other information to personally identify you. Fair Observer does not use personal data collected from its website for advertising purposes or to market to you.As a convenience to you, Fair Observer provides buttons that link to popular social media sites, called social sharing buttons, to help you share Fair Observer content and your comments and opinions about it on these social media sites. These social sharing buttons are provided by and are part of these social media sites. They may collect and use personal data as described in their respective policies. Fair Observer does not receive personal data from your use of these social sharing buttons. It is not necessary that you use these buttons to read Fair Observer content or to share on social media. More

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      Senate votes to ban TikTok on US government-owned devices

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      Senate votes to ban TikTok on US government-owned devicesBill comes after several states barred employees from downloading the app on state-owned gadgets over data concerns The US Senate late on Wednesday passed by voice vote a bill to bar federal employees from using Chinese-owned video-sharing app TikTok on government-owned devices.The bill must still be approved by the US House of Representatives before going to President Joe Biden for approval. The House of Representatives would need to pass the Senate bill before the current congressional session ends, which is expected next week.The vote is the latest action on the part of US lawmakers to crackdown on Chinese companies amid national security fears that Beijing could use them to spy on Americans.Trump’s bid to ban TikTok and WeChat: where are we now?Read moreThe Senate action comes after North Dakota and Iowa this week joined a growing number of states in banning TikTok, owned by ByteDance, from state-owned devices amid concerns that data could be passed on to the Chinese government.During the last Congress, the Senate in August 2020 unanimously approved legislation to bar TikTok from government devices. The bill’s sponsor, Republican Senator Josh Hawley, reintroduced in legislation in 2021.Many federal agencies including the defense, Homeland Security and state departments already ban TikTok from government-owned devices. “TikTok is a major security risk to the United States, and it has no place on government devices,” Hawley said previously.North Dakota Governor Doug Burgum and Iowa Governor Kim Reynolds issued directives prohibiting executive branch agencies from downloading the app on any government-issued equipment. Around a dozen US states have taken similar actions, including Alabama and Utah this week.TikTok has said the concerns are largely fueled by misinformation and are happy to meet with policymakers to discuss the company’s practices.“We’re disappointed that so many states are jumping on the political bandwagon to enact policies based on unfounded falsehoods about TikTok that will do nothing to advance the national security of the United States,” the company said Wednesday.Other states taking similar actions include Texas, Maryland and South Dakota.Republican Senator Marco Rubio on Tuesday unveiled bipartisan legislation to ban TikTok altogether in the United States, ratcheting up pressure on ByteDance due to US fears the app could be used to spy on Americans and censure content. Rubio also is a sponsor of Hawley’s TikTok government-device ban bill.The legislation would block all transactions from any social media company in or under the influence of China and Russia, Rubio’s office said.At a hearing last month, FBI Director Chris Wray said TikTok’s US operations raise national security concerns.In 2020, then President Donald Trump attempted to block new users from downloading TikTok and ban other transactions that would have effectively blocked the apps’ use in the United States but lost a series of court battles over the measure.The government’s committee on foreign investment in the United States, a powerful national security body, in 2020 ordered ByteDance to divest TikTok because of the fears that US user data could be passed to the Chinese government, though ByteDance has not done so.CFIUS and TikTok have been in talks for months to reach a national security agreement to protect the data of TikTok’s more than 100 million users but it does not appear any deal will be reached before the end of the year.TopicsUS SenateTikTokHouse of RepresentativesUS politicsnewsReuse this content More

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      Five things we know about the collapse of FTX and Sam Bankman-Fried

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      ExplainerFive things we know about the collapse of FTX and Sam Bankman-FriedCompany founder was arrested and charged with running a ‘house of cards’ in ‘one of the biggest financial frauds in US history’ It has been another crazy 48 hours in the collapse of FTX, once the second-largest cryptocurrency exchange in the world.On Monday, the company’s now-infamous founder, Sam Bankman-Fried, was arrested in the Bahamas, a day before he was set to give testimony before Congress. On Tuesday US authorities issued damning charges that the 30-year-old former billionaire ran a “house of cards” and was behind “one of the biggest financial frauds in American history”.Lawmakers went ahead with the hearing without Bankman-Fried, who was otherwise occupied, in what looks set to be a series of heated hearings about the collapse.Here are five things we learned about FTX after two days of whirlwind of events.1. What happened at FTX appears to be ‘old-school fraud’While FTX was billed as a behemoth of cryptocurrency, with all the technical complexities that implies, officials on Tuesday alleged that FTX’s downfall is a classic case of fraud.Republican representative and incoming House finance committee chair Patrick McHenry said in Tuesday’s hearing that FTX appears to be “old school fraud, just using new technology”.In a statement, Gary Gensler, chair of the Securities and Exchange Commission (SEC), which charged Bankman-Fried of fraud against investors, echoed this sentiment by saying Bankman-Fried “built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.“FTX operated behind a veneer of legitimacy,” he said. “But we allege in our complaint that the veneer wasn’t just thin, it was fraudulent.”John Ray III, FTX’s current CEO who was brought in to restructure the company, called it “really old-fashioned embezzlement” when testifying in front of the House Financial Services Committee on Tuesday.When asked to contrast the liquidation of Enron in the early 2000s, which Ray oversaw, he said the crimes of the former energy giant were “highly orchestrated financial machinations by highly sophisticated people to keep transactions off balance sheets”.FTX, in contrast, was “just taking money from customers, and using it for your own purpose,” he said. “Not sophisticated at all.”2. Little is known about where all the money wentRay told lawmakers that there is an “excess of $7bn” in lost FTX funds from 7.6m accounts, with 2.7m based in the US. It is unclear exactly how much money is lost.“There were no corporate controls, no corporate oversight, no independent board,” he said. “The owners, business and senior management had virtual control of all the accounts and could move money or assets as they desired, undetected by customers.”Ray said he had “never seen such an utter lack of record keeping” and there were “absolutely no internal control whatsoever”. FTX – which helped Bankman-Fried amass a personal fortune once valued at $26bn – used QuickBooks to manage its finances. “QuickBooks, very nice tool, not for a multibillion-dollar company,” Ray said.3. Prosecutors believe Bankman-Fried was lying from the beginningWhile Bankman-Fried built a reputation off his philosophy of effective altruism, saying he wanted to use his wealth to make a major positive impact on the world, prosecutors are alleging that Bankman-Fried was defrauding investors since he founded FTX in 2019.“Bankman-Fried was orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform’s customer funds for his own personal benefit and to help grow his crypto empire,” the SEC said in its complaint.The complaint describes how Bankman-Fried postured himself as a “responsible leader of the crypto community” and “touted the importance of regulation and accountability”.“But from the start, Bankman-Fried improperly diverted customer assets to his privately-held crypto hedge fund, Alameda Research LLC, and then used those customer funds to make undisclosed venture investments, lavish real estate purchases, and large political donations,” the complaint reads.4. What’s next for Bankman-Fried?The criminal indictment that led to Bankman-Fried’s arrest was unsealed on Tuesday, revealing exactly what charges federal prosecutors have charged him with.Bankman-Fried faces eight criminal counts, including wire fraud on customers and lenders, conspiracies to commit wire fraud on customers and lenders and conspiracies to commit commodities fraud, securities fraud and money laundering.Bankman-Fried could face hefty prison time for the charges but legal experts say it is too early to say yet what sentence he will receive if convicted. Sentencing in white-collar crime is highly influenced by the scale of the fraud, said Duncan Levin, managing partner at Levin & Associates and a former federal prosecutor. Given that FTX’s losses “seem to be close to $2bn, that could drive sentencing to the absolute max,” he said.But at the moment, said Levin, it’s hard to say whether if convicted Bankman-Fried is facing an “Elizabeth Holmes [11 years] or a Bernie Madoff [150 years]”.5. Prosecutors are likely closing in on Bankman-Fried’s inner circle – and the scandal is spreadingThough Bankman-Fried is the only FTX associate who has been charged, US authorities are investigating others who were involved with the company.At a press conference Damian Williams, United States attorney for the southern district of New York, said this was only the beginning. “This investigation is very much ongoing,” he said. “We are not done.” Officials advised anyone involved in the alleged fraud “to come to us before we come to you”.But while US authorities are after FTX insiders, Washington faces its own reckoning. Bankman-Fried and his peers gave millions to politicians of both sides in the hope of steering crypto regulation. The political fallout of FTX’s collapse looks set to be one of the big stories of 2023.TopicsSam Bankman-FriedFTXCryptocurrenciesUS politicsexplainersReuse this content More

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      FTX billionaire Sam Bankman-Fried funneled dark money to Republicans

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      FTX billionaire Sam Bankman-Fried funneled dark money to RepublicansThe crypto entrepreneur was thought to be a big donor to Democrats but now acknowledges he gave equally to GOP The fall of crypto billionaire Sam Bankman-Fried has been painted as a big blow to the Democratic party, whose candidates were major beneficiaries of his largesse. But in a new interview, Bankman-Fried has claimed he gave equally large amounts of money to Republicans.“I donated to both parties. I donated about the same amount to both parties,” Bankman-Fried told the crypto commentator and citizen journalist Tiffany Fong.“All my Republican donations were dark,” he said, referring to political donations that are not publicly disclosed. “The reason was not for regulatory reasons, it’s because reporters freak the fuck out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”Bankman-Fried’s undisclosed donations were made possible by the supreme court’s 2010 decision in the Citizen’s United case, which allowed donors to give anonymously and has led to more than $1bn being poured into federal elections since 2010.The revelation comes as a political battle over the collapse of FTX, Bankman-Fried’s crypto exchange, is shaping up in Washington.Bankman-Fried was the second-largest donor to Democratic politicians in the last election cycle. The Republican senator Ted Cruz has called FTX “a Bernie Madoff style fraud that cost investors BILLIONS”.“Will Joe Biden and Democrats who cashed Bankman-Fried’s checks give that money to the people SBF screwed?” he wrote on Twitter earlier this month.On Thursday the Senate will hold the first in what is expected to be a series of hearings into FTX’s collapse, with Republicans keen to hold Democrats responsible for a lack of oversight before its collapse.Public data shows that some parts of Bankman-Fried’s empire gave equally to both parties. Data from OpenSecrets, a non-profit that tracks data on campaign finance and lobbying, shows FTX US, the company’s US operation, gave equally to both parties.But Bankman-Fried’s public donations went largely to Democrats. The FTX founder gave more than $990,000 to candidates in the last election cycle, according to OpenSecrets, and another $38.8m to outside groups. Only about $235,000 of his public political giving went toward Republican candidates.The money helped Bankman-Fried position himself as an influential voice in crypto regulation in Washington. In February he testified before the same Senate agricultural committee that will hold the first hearing into FTX’s collapse this Thursday.At the February hearing, Bankman-Fried argued for clarity in regulating the crypto market and outlined “FTX’s key principles for ensuring investor protections.” They included:● Maintaining adequate liquid resources to ensure the platform can return the customer’s assets upon request;● Ensuring the environment where customer assets are custodied, including digital wallets, are kept secure; and● Ensuring appropriate bookkeeping or ledgering of assets and disclosures to protect against misuse or misallocation of customer assets.Bankman-Fried was ousted after the company filed for bankruptcy. The new chief executive, John Ray III, who has overseen some of the biggest bankruptcies ever, including the collapse of the energy giant Enron, said FTX suffered an “unprecedented and complete failure of corporate controls”.According to FTX’s new management, a “substantial portion” of assets held by FTX may be “missing or stolen” and the company did not even keep accurate records of who worked there.TopicsCryptocurrenciesUS politicsnewsReuse this content More

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      Elon Musk reinstates Donald Trump’s Twitter account after taking poll

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      Elon Musk reinstates Donald Trump’s Twitter account after taking poll‘The people have spoken,’ says site’s owner, having acknowledged during online poll that automated bots were voting too Elon Musk has reinstated Donald Trump’s Twitter account after users on the social media platform voted by a slim majority to lift a ban on the former US president.Trump’s account was suspended in 2021 after the January 6 Capitol riot, for violating Twitter guidelines and because of the risk of “further incitement of violence”.The account appeared to be live on Sunday, although the former president had yet to post to the more than 80 million users following him. His last tweet was on 8 January 2021, in which he declared he would not attend Joe Biden’s inauguration as the 46th president of the US.Trump did not appear keen to return to Twitter when discussing the issue on Saturday. “I don’t see any reason for it,” the former president said via video when asked about it by a panel at the Republican Jewish Coalition’s annual leadership meeting.He said he would stick with his new platform Truth Social, developed by his Trump Media and Technology Group startup.Last week, Trump announced his candidacy for the Republican presidential nomination in 2024 and praised Musk, saying he had always liked him. Nevertheless, Trump also said Twitter suffered from bots and fake accounts, and that the problems it faced were “incredible”.Musk, Twitter’s new owner, announced the move after a poll on his own account in which more than 15m votes were cast, with 51.8% in favour of reinstatement.Shortly after taking over Twitter last month, the Tesla CEO had said no decisions would be taken on reinstatement until a newly announced “content moderation council” had met, later adding that no bans would be lifted until there was a “clear process for doing so”.The people have spoken. Trump will be reinstated.Vox Populi, Vox Dei. https://t.co/jmkhFuyfkv— Elon Musk (@elonmusk) November 20, 2022
      During the poll, Musk acknowledged that the vote numbers were being affected by automated bots, which are not operated by people, and suggested there was a need to clean up Twitter polls from being influenced by “bot and troll armies”.Bot & troll armies might be running out of steam soon. Some interesting lessons to clean up future polls.— Elon Musk (@elonmusk) November 19, 2022
      Elon Musk summons Twitter engineers amid mass resignations and puts up poll on Trump banRead moreTwitter banned Trump after the January 6 attack last year, saying his posts were “highly likely to encourage and inspire people to replicate the criminal acts that took place at the US Capitol”. Trump was also banned from Facebook, Instagram and YouTube after the riot.The National Association for the Advancement of Colored People (NAACP), a leading US civil rights organisation, urged all advertisers still funding Twitter to immediately pause their spending after Trump’s reinstatement.The accounts used by the US rapper Ye – formerly Kanye West – and the British-American former kickboxer Andrew Tate have also been reinstated.Ye’s account was suspended in recent weeks after a series of antisemitic comments prompted Adidas and other companies to cut financial ties with him, costing him his status as a billionaire. He tweeted Sunday: “Testing Testing Seeing if my Twitter is unblocked.”Tate was banned in 2017 for breaching Twitter’s guidelines with extreme misogynistic views, including saying women should “bear some responsibility” for being raped.“Any advertiser still funding Twitter should immediately pause all advertising,” said the NAACP’s president, Derrick Johnson. “If Elon Musk continues to run Twitter like this, using garbage polls that do not represent the American people and the needs of our democracy, God help us all.”A Republican member of the congressional committee investigating the January 6 attack said he expected Trump to be as troublesome on Twitter as he was previously if he returns to the platform.“This idea that he’s going to come on and be reformed, everybody knows he won’t,” the committee member, Adam Kinzinger, said.Musk admitted this month that Twitter, which relies on ads for 90% of its revenue, had recorded a “massive drop in revenue” after advertisers stopped booking space on the platform because of concerns that content guidelines would be relaxed.Advertisers were also concerned by the botched relaunch of Twitter’s subscription service, Twitter Blue, after impersonators jumped on the offer to be verified by simply paying $7.99 (£7) a month. Omnicom, a media agency whose clients include McDonald’s, Apple and Pepsi, has told companies to pause their Twitter spending because of concerns over brand safety.Yoel Roth, a former head of trust and safety at Twitter who resigned after Musk’s takeover, said in a New York Times op-ed that he quit because it was clear Musk would have unilateral control of content policies. “A Twitter whose policies are defined by unilateral edict has little need for a trust and safety function dedicated to its principled development,” Roth wrote.Musk, a self-described “free-speech absolutist”, first mooted the reinstatement of Trump in May after agreeing a $44bn deal to buy Twitter. He said: “I would reverse the permanent ban,” claiming that Twitter was “left-biased”.This week, Musk reinstated the comedian Kathy Griffin, who had been banned for changing her profile name to “Elon Musk”, which violated his new rule against impersonation without indicating it was a parody account. He has also reinstated Jordan Peterson, the Canadian psychologist and author, who was suspended from Twitter after violating the platform’s content policies with a tweet about the transgender actor Elliot Page.Imran Ahmed, CEO of Center for Countering Digital Hate, a campaign group, said the reinstatements had made Musk’s intent for Twitter “crystal clear”.“He is sending a clear message to users and to advertisers that brand safety and an inclusive space for all users is no longer the aim for Twitter. Instead he is turning Twitter into the home for extreme and fringe voices who have been rightly shunned by other platforms,” said Ahmed.On Friday, Musk announced a new content policy of “freedom of speech, but not freedom of reach”, stating that “negative/hate” tweets would be “deboosted” and no adverts would appear near them.New Twitter policy is freedom of speech, but not freedom of reach.Negative/hate tweets will be max deboosted & demonetized, so no ads or other revenue to Twitter. You won’t find the tweet unless you specifically seek it out, which is no different from rest of Internet.— Elon Musk (@elonmusk) November 18, 2022
      Also on Friday, Twitter temporarily closed its offices after an unspecified number of staff quit the company after an ultimatum from Musk that they should commit to “being hardcore” or leave. According to the New York Times, 1,200 of Twitter’s remaining 3,750 workers – a workforce that had already been halved in size after Musk’s takeover – left the business last week.TopicsTwitterDonald TrumpElon MuskUS politicsRepublicansSocial mediaDigital medianewsReuse this content More

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      Inside the unhinged midterm election conspiracy theories on Truth Social

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      Inside the unhinged midterm election conspiracy theories on Truth Social Stuffed ballot boxes, ‘BlueAnon’, support for Russia and ‘corporate communists’ are catnip on the rightwing platform Ballot boxes being stuffed. “BlueAnon”. Men in underpants. Every Democratic candidate: a “complete weirdo psychopath”.To dive into Truth Social, Donald Trump’s Twitter-but-for-conspiracy-theorists social media platform, is to enter a world where all of the above are real topics of debate, breathlessly discussed by Trump-backing Republicans and anonymous rightwing provocateurs.Twitter sued by former staff as Elon Musk begins mass sackingsRead moreTruth Social has always been a platform for lies and obfuscations; about the 2020 election, the Democratic party, vaccines, Hunter Biden. But with less than a week before the election, the platform and its users have become even more unhinged.The site, formed as Trump’s alternative to Twitter after he was banned from that platform in the wake of the January 6 insurrection, is awash with false theories about how the Democratic party is attempting to manipulate the midterm vote, false claims about the attack on Paul Pelosi, Nancy Pelosi’s husband, and false accusations about Democratic candidates themselves.As one of the most followed Truth Social users, Donald Trump Jr, son of the former US president, has been one of the most prominent agitators.In the run-up to the election, Trump Jr has used the platform to echo rightwing talking points about vaccines, drugs, Ukraine and a host of other issues. His posts are eagerly lapped up by fellow Truthers, and he isn’t the only thought leader on the platform.The unusually named Catturd2 has emerged as one of Truth Social’s tastemakers since the site launched, and with more than 760,000 followers – Kevin McCarthy, the Republican House minority speaker has only 54,000 and Rudy Giuliani, Trump’s on-off friend and lawyer, has 89,000 – when Catturd2 speaks, people listen.In recent days Catturd2 has mostly chosen to speak about the attack on Paul Pelosi, the husband of the House speaker, Nancy Pelosi. Like numerous other Truth Social users, Catturd2 has their doubts and has echoed a rightwing, homophobic, incorrect conspiracy theory about the attack – an idea Trump Jr also peddled on Truth Social.But Catturd2 has other thoughts, too, including on the Democrats running for election in the midterm elections.“Every single Democrat candidate is a complete weirdo psychopath,” Catturd2 wrote recently, in a truth that was liked by more than 6,000 accounts, and which largely captures the attitude of Truth Social users toward Democratic politicians and their supporters.Truth Social launched, chaotically, in February 2022. Billed as “a major new platform” where Republicans and Democrats alike could converse in an environment free from the “censorship” of big tech – an environment with an “ironclad commitment to protecting vigorous debate” – thousands of would-be users were unable to access the service for weeks, and Trump himself was said to be furious with the platform.Trump had planned a $1.3bn merger of Truth Social with Digital World Acquisition Corp, a blank check company, but the deal has been plagued by delays and is under federal investigation. In October it emerged that the co-founder of Trump’s social media company had told the US Securities and Exchange Commission that the company’s efforts to raise $1bn were based on “fraudulent misrepresentations … in violation of federal securities laws”.Still, Truth Social has managed to grow in popularity, with its number of users surging past other rightwing platforms like Gab, Parler and Gettr. Even if Truth Social’s 1.7m US unique visitors a month is dwarfed by Twitter and Facebook, it has become the go-to meeting place for Trump supporters to voice unsubstantiated concerns about voter fraud.As the election looms, ballot “drop boxes” have become the particular bete noire for the rightwing crowd. Introduced so that people can drop off their early voting or absentee ballots, to Truth Social users these drop boxes are nothing more than election fraud in plain sight – flimsy, poorly guarded containers where Democratic backers or members of the deep state regularly stop off to jam hundreds of fraudulent ballots into the counting system.On Truth Social, people have been called to action.“Get out and help patriots. Watch those ballot drop boxes. We can’t let them steal another election,” msannthrope wrote, in a post similar to hundreds of others on the platform.In fact, on Tuesday a judge issued a restraining order against a rightwing group in Arizona which had deployed people to watch over drop boxes, after accusations of voter intimidation, but the obsession with the boxes hasn’t gone away.Thousands of users posted a link this week to a story from a rightwing website which alleged irregularities at ballot drop boxes in Pennsylvania, a state which Trump and his supporters have accused of seeing fraud in 2020. Politifact, a non-partisan fact-checking website, reported that people had “successfully inserted 18 ballots into three of the eight ballot drop boxes in Centre County, Pennsylvania, before the official window of time when the boxes were open to receive ballots”.But, Politifact wrote: “The ballots are not evidence of fraud. The voters simply didn’t follow directions,” while Michael Pipe, the county’s commission chair and chair of its election board, told local news station KDKA-TV. The ballots will not count towards the Pennsylvania vote, Pipe said, because they were returned incorrectly.If misinformation is king on Truth Social, then that might explain how Marjorie Taylor Greene, a darling of the Trump-Republican movement who is known for both extremism and incompetence, has become one of the loudest voices in what is a very loud room.Throughout October, her account has been a flurry of vague assertions about the Democratic party: half-baked off ideas and theories tossed off apropos of nothing, without explanation or justification.“There are more Democrat conspiracy theories & theorists on Twitter than Qanon ever produced,” Taylor Greene wrote on October 28.“Most have blue check marks, post their pronouns, support war in Ukraine, are triple vaxxed & boosted, and work in corporate media, Hollywood, or the government.“Blueanon [an apparent play on the rightwing QAnon conspiracy theory] is dangerous.”It wasn’t clear – because she didn’t say – what had set Taylor Greene off. But she clearly enjoyed this foreboding, dystopian style, because the next day, she was back at it.“Corporate communists control the speech of their employees & customers by only allowing Democrat speech and punishing, silencing, and canceling Republican speech,” Taylor Greene said.If it was unclear how the concept of a corporate communist would actually work, then it was also unclear what Taylor Greene meant by her grimly threatening follow up: “But there is a shift beginning,” she wrote. “People are beginning to refuse to be silenced and a Patriot economy is beginning.”Perhaps the real motivation for these posts is simply that people on Truth Social love stuff like this. Truth Social is, according to its bosses, a platform where anyone is free to say whatever they want, but what they mostly want to say is that they don’t have anywhere to speak.“Why are people being censored for misleading or false information and not the biggest offenders, the media?” user mikesonfire pondered obliquely this month.Mikesonfire’s other posts have included a suggestion that the military, not “biased clerks” count votes, and that: “Russia invaded the Ukraine to stop the NWO [New World Order, a conspiracy theory which states a cabal of elites is striving for a world government] for producing more viral weapons”.Russia has been a particular fascination for Truth Social users, many of whom have spoken sympathetically about the country and its invasion of Ukraine. Other users have posted approvingly about a Russian government plan to ban people from suggesting homosexual relationships are “normal”, and the hashtag IStandWithRussia has been used repeatedly over the past month.In recent days, despite users’ apparent satisfaction with Truth Social, the main interest has been Elon Musk’s takeover of Twitter, and how it might impact the Democratic party in elections and beyond.Musk’s vague promise to overturn Twitter bans has had people giddy with excitement, claiming it could open the door to a glorious era of Republican reign.“Democrats are not going to be able to handle free speech and the corrupt Democratic Party will fall apart after hearing the truth,” one Truth Social user gravely intoned after Musk purchased Twitter.Another posted: “3 PATRIOTS🇺🇸 TRUMP, MUSK, & [Steve] BANNON,” above a photoshopped picture of the three men. Others “truthed” photos of Musk entering the Twitter HQ, and reveled in the departure of Twitter employees.Troublingly for Trump and Truth Social, however, the most striking response from Truth Social users was the large number of them pleading with Musk to be allowed to return to Twitter.For now, Truth Social might be the platform of choice for those loyal to Trump and his election lies, but it seems large numbers of the platform can’t wait to get away.TopicsDonald TrumpElon MuskSteve BannonUS politicsSocial mediaNancy PelosiRepublicansfeaturesReuse this content More