The most talked-about moments during this year's Democratic National Convention and the Republican National Convention can be found on Twitter. But you won't find political ads.
"We had a long conversation and the decision was that political reach should really be earned," Twitter's vice president of policy and philanthropy in the Americas Jessica Herrera-Flanigan told Cheddar. "It shouldn't be bought."
In October 2019, Twitter CEO Jack Dorsey announced Twitter would ban all political ads. In several tweets, Dorsey explained machine-learned targeting, message optimization, misleading information, and manipulated media made it too easy to sway elections — not to mention the fact the candidates with the most money were often the most heard online.
"We wanted to level the playing field, and not make it about who was able to buy the most ads, especially when we know that Internet advertising was especially effective, and political ads, they present entirely new challenges to civil discourse around the elections," Herrera-Flanigan explained.
Though Twitter often hosts spirited political debates, it actually made very little of its revenue from political ads. Twitter's CFO Ned Segal said it made about $3 million from political ads during the 2018 midterm election cycle. For comparison, it made $683 million last quarter in total advertising revenue.
The decision to take a stand by blocking political dollars has put the company in the spotlight. President Donald Trump's campaign, which has been critical of the decision in the past, said it's a bad business decision and will "silence conservatives."
Herrera-Flanigan pointed out you can still talk about politicians on Twitter, but it's the natural conversations, that aren't paid for, that you'll see. The most tweeted about people during the DNC were Joe Biden, Michelle Obama, and Bernie Sanders, while the RNC's most tweeted about speakers were Donald Trump, Mike Pence, and Nikki Haley. The most tweeted moment during the DNC came about as Michelle Obama ended her speech, while the RNC's occurred during Donald Trump Jr.'s address.
"You have individuals now who can get on and speak, and provide their voices," she said. "There are so many different voices out there and rather than being a platform where only those people who could afford political ads can get on it, Twitter's a place where people who have something to say — politicians who have something to say — can get on the service and say it."
Further stepping into controversial territory, Twitter is also urging people to register to vote early, as well as file absentee ballots. It has been working with local election officials to address their needs, Herrera-Flanigan said President Trump has fought such moves by claiming mail-in ballots have high levels of fraud, which includes his accusation during the RNC that ballots could be sent to Democratic areas and not Republican areas. The FBI has stated there is no evidence of plans to manipulate election results through the mail this cycle.
"We are taking a strong stance on just trying to get everyone who's eligible to vote to register and vote, whatever mechanism that is and in a way that's safe," Herrera-Flanigan said.
A new report from ProPublica and the Washington Post found that Facebook Groups played a major role in the spread of misinformation linked to the January 6 insurrection with more than 650,000 posts claiming that Joe Biden's election victory was illegitimate.
Millions of Americans with young children have relied on the child tax credit since the federal government began issuing checks in July 2021. The last round of payments was sent out just before the Christmas holiday — at the same time as the omicron variant surged. Leah Hamilton, associate professor of social work at Appalachian State University, joined Cheddar to discuss what the end to the tax credit means as the U.S. sees the end of many relief programs and its highest number of COVID cases since the start of the pandemic. "It'll become harder for families to meet their basic needs, increasing national childhood poverty rates and the proportion of families who have difficulty putting food on the table, maintaining stable housing, and paying their bills," Hamilton said. She also pointed to research that the credit as a long-term investment in children offsets claims that it contributes to macroeconomic impacts like inflation.
U.S. President Joe Biden spoke with Ukrainian President Volodymyr Zelensky over the week-end, just days after he spoke with Russian President Vladimir Putin. The call comes as Washington prepares to meet with Moscow on January 10, as tensions mount over Russia's military build up near its border with Ukraine. Cheddar News speaks with Mustafa Tameez, a former advisor to the U.S. Department of Homeland Security, about the issue.
Several Silicon Valley insiders are being accused of contorting a 1990s-era tax break to avoid taxes on millions of dollars of investment profits. The tax break is known as the qualified small business stock exemption, and it allows early investors in certain companies to avoid half of the taxes on up to $10 million in capital gains. A piece recently published in the New York Times says venture capital firms like Andreessen Horowitz replicated the tax exemption by giving shares of companies to friends and family, who would otherwise face a 23.8% capital gains bill. The CEO of Roblox is also accused of replicating the tax break for his family members at least 12 times. Although the loophole known as 'stacking' is considered to be legal, the Times piece implies that the exemption has been manipulated for the ultra-wealthy to become more wealthy. Greycroft co-founder and Chairman Emeritus Alan Patricof joins Cheddar News' Closing Bell to discuss.
Chris Sommerfeldt, City Hall reporter for the New York Daily News, joins Cheddar News' Closing Bell, where he discusses both the wins and losses of Bill de Blasio's eight years as New York City Mayor.
The push to regulate the gig worker economy is gaining steam as the share of workers who participate in freelancing through businesses like Uber and Lyft have also exponentially grown during the pandemic. Employment attorney Mark Kluger, founding partner at Kluger Healey, LLC, joined Cheddar to break down how the battle to reclassify gig workers will continue in the new year, and why the issue continues to generate conflict. "More and more workers are using gig work as their primary source of income and as a result of that they are not like employees in the sense that they don't have benefits like health insurance," Kluger noted.
2021 saw markets continue to be impacted by the onslaught of the coronavirus pandemic -most recently in the form of the Omicron variant- in addition to the global supply chain shortage, and increased inflation. But it wasn't all bad news, as crypto soared throughout the year, and meme stocks continued to have a moment. With the year coming to a close, investors are keeping an eye out to see if they should expect more of the same in the new year. Chris Vecchio, Senior Analyst, at DailyFX tells us what market trends to be on the watch for in 2022.
