DeSantis’s 2024 Campaign Announcement Shows Twitter’s Move to the Right
What DeSantis means to Twitter
Florida Gov. Ron DeSantis is expected to finally announce his presidential campaign on Wednesday night, though it won’t be announced by leading conservative media outlets like Fox News. Instead, the Republican star will be live on Twitter during his conversation with Elon Musk.
The move reflects Twitter’s move toward embracing the political right under billionaire owners, and that so far DeSantis’ top business supporters have turned to technology rather than traditional Republican tycoons. It emphasizes both being an industry libertarian.
Twitter is becoming a hotspot for conservative media in the Musk era. This started last year when the company unbanned thousands of accounts, including those that spread misinformation about the pandemic and the 2020 election.
Since then, Tucker Carlson said he would revive the show on social networks after losing a slot on Fox News, while Musk took to Twitter. no contract with him. And conservative media Daily Wire reports that it will make Twitter its home. all podcasts.
In some ways, as Axios points out, Twitter benefits from: Conservative Frustration with Fox Newsand can claim to be outside the world of mainstream media where Rupert Murdoch’s network exists.
Mr. Musk himself is more openly embracing the right. The billionaire said he voted for President Biden in 2020, but the two have since clashed over issues such as the White House’s acceptance of labor unions.
Musk has previously voiced his support for DeSantis, but the Twitter owner said on Tuesday: did not formally endorse Any Republican candidate. In fact, Musk retweeted South Carolina Senator Tim Scott’s campaign kickoff video earlier this week.
Twitter’s impact on business remains unclear. Mr. Musk’s approach This is markedly different from the more politically neutral positions that other social media companies have attempted. Twitter already sees many left-wing users defecting to other platforms.
It’s unclear how Musk’s approach will affect Twitter’s incoming CEO Linda Yaccarino’s appeal to mainstream advertisers. While some progress has already been made, picky brands may once again be tempted to flee when platforms become more overtly political.
DeSantis’ move highlights his complex relationship with business. Florida’s governor has backed legislation to curb the “Silicon Valley elite.”but he also won Support from tech liberals Among them are venture capitalists David Sachs (who participated in Wednesday’s Twitter event) and Joe Lonsdale.
Outside of the tech industry, DeSantis’ publicly known business backers include real estate mogul David Horowitz and investor Hal Lambert. According to CNBC. But so far they please do not Among them are ardent Republican donors like Ken Griffin and Steve Schwartzman, some of whom challenge DeSantis’ social policies.
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Target has pulled some of its Pride Month merchandise after threats from customers. Retailersthreat experienced It affects team members’ sense of safety and well-being at work,” many linked to swimwear for transgender women. This reflects a conservative objection to other attempts to cater to transgender customers, including the one against Bud Light.
Binance reportedly mixed customer money with corporate money. World’s largest cryptocurrency exchange mixed cash They came out in 2020 and 2021, respectively, Reuters reported, citing unnamed sources and bank records. If true, it could violate US financial regulations. Binance denied the report, and Reuters said it found no evidence that customers had suffered losses.
Meta prepares for further layoffs. The social media giant is reportedly planning to lay off thousands more workers on wednesday. Meta, the parent company of Facebook and Instagram, had already announced in March that it would lay off 10,000 employees in response to the downturn in the digital advertising market.
Bernard Arnault’s position as the world’s richest man is shaken. Net Worth of LVMH President $11 billion decrease The announcement was made on Tuesday amid investors’ fears that a slowing U.S. economy could dampen the boom in the luxury market. According to Bloomberg, Arnaud’s fortune on paper is about $191.6 billion, just $11 billion more than Elon Musk.
Netflix finally cracks down on password sharing in the US Streaming giant announces American subscribers have to start pay $8 a month Add users to your account. The move is meant to reverse Netflix’s longstanding indifference to shared accounts and boost revenue.
Wall Street prepares for the worst
Markets are starting to price in a worst-case scenario, with debt ceiling talks failing and the “X-date,” when the government runs out of cash to pay bills, arriving as early as June 1.
Stocks suffered their biggest drop in three weeks on Tuesday, Wednesday morning S&P 500 futures point to further losses. Citing the deadlock in talks, JPMorgan Chase & Co. analysts suggested investors: dump stocks for cash.
As a further sign of uncertainty, investors provide more Microsoft bonds, which mature in August, are higher than Treasury bills, which mature at the same time, suggesting that they see government debt as riskier.
There is growing concern in the market that a timely deal will not come to fruition. Beyond the current impasse, investors fear Speaker Kevin McCarthy won’t be able to win the support of a majority of House Republicans, who have only a small majority. .
Meanwhile, The Times’ Joe Rennison reported that the three major credit rating agencies would be forced to downgrade U.S. debt if the government fails to repay even once. William Foster, Moody’s principal U.S. analyst, said the prospect of reaching an X date without a deal alone was likely enough for Moody’s to reconsider its outlook.
A downgrade would kick the US out of the exclusive club of the 12 highest-rated countries, including Canada, Germany and Singapore.
Some commentators worry that America’s fiscal reputation has already taken a hit. “We are sending a very negative signal about our ability to run the economy, let alone be an anchor for the rest of the world.” Mohamed El-ErianAn economist and an adviser to Allianz also told CNBC on Tuesday.
What happened to the SEC’s Climate Disclosure Rule?
It’s been more than a year since the SEC proposed a rule requiring companies to disclose emissions data and other climate-related risks. DealBook tells the agency: nowhere near to complete them.
why? One reason is the complexity of designing such rules. But the legal landscape has also changed over the last year, making it more difficult to create regulations that can withstand challenges in court.
The Supreme Court tends to limit the powers of government agencies. Some judges uphold the so-called “majority doctrine,” which states that congress, not executive regulators, should decide matters of economic or political importance.
The issue received renewed attention last June when a court struck down an EPA rule on power plant emissions.
There is no clear path to overcome that doctrine. SEC Chairman Gary Gensler told DealBook last year that the EPA litigation set a “significant” precedent to influence the EPA’s drafting of climate change regulations.
The SEC needs to argue that it has a history of requiring companies and congressional officials to disclose environmental information. (The agency did not respond to a request for comment.)
The SEC is also concerned about First Amendment challenges. Regulators expect to face lawsuits for unconstitutional mandated disclosures. The SEC has filed such lawsuits before, not always successfulNow, Congress faces a conservative supermajority on the Supreme Court, who have a cold eye on expanding executive power.
That said, companies operating globally still need to be prepared for climate change disclosures. The European Union and other regions are pursuing their own obligations.
“Even if you were an evil CEO trying to replace all journalists with AI, you would fail miserably.”
— Jonah Peretti, CEO of Buzzfeed. The digital media publisher, which shut down BuzzFeed News last month, turned to artificial intelligence to boost revenue and revive its tattered stock price.
The chip war is getting hotter
After China hit back at its trade war with the U.S. by partially banning some Micron-made chips, the Biden administration and its allies have imposed investment restrictions that reduce the scope of Western companies’ operations in China. Are considering.
US and European trade representatives are scheduled to discuss the issue next week. At the Trade Technology Council meeting, officials are expected to discuss topics such as: restrict the flow Increased investment and intellectual property in China, according to Bloomberg. The language is still being negotiated, but restrictions on semiconductor exports are seen as an important part of the framework agreement.
Tensions escalated after last weekend’s Group of Seven (G7) summit, in which Western leaders put pressure on China on issues such as trade and Taiwan. As if in response, the Chinese government announced a crackdown on Micron and promised to strengthen relations with the Russian government.
Tech companies are getting more concerned. Nvidia CEO Jensen Huang told the Financial Times about the semiconductor export controls and other measures. Potential harm to U.S. companies, by directing Chinese customers to homegrown alternatives. “The United States must be careful,” he said. “China is a very important market for the technology industry.”
More news from China and the US:
Gina Raimond, Secretary of Commerce I will meet you on Wednesday with her Chinese counterpart, Wang Wentao, to “thaw” the relationship. This is the first time such a meeting has been held at the ministerial level under the Biden administration.
A senior Republican congressman has called on the Department of Commerce to: introduce trade restrictions He criticized Chinese chipmaker Changshin Memory Technologies in retaliation for the Chinese government’s move against Micron.
Information of sale
Meta agrees to sell Giphy, a video site known as GIF has been sold to Shutterstock for a loss of $260 million after being forced to offload by regulators. (guardian)
humanIt has raised $450 million in a new round of funding led by Spark Capital, a chatbot developer that competes with OpenAI, and Google. (Bloomberg)
Virgin Orbit, a bankrupt space-satellite startup backed by Richard Branson has sold its remaining assets and closed down. (wapo)
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