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.
Russia has defaulted on some of its foreign debt as a tidal wave of western sanctions threatens its economy. The credit ratings agency S&P has placed Russia under "selective default" after it tried to pay its latest obligations in rubles. Russia now has a 30-day grace period to resolve the issue, but Moscow is threatening to take legal action. George Seay, Annandale Capital's CEO, joined Cheddar to break down what this means, and how Russia defaulting on its debt might impact the global economy.
China's zero-covid policy may pose a wide-ranging threat to the local, and overseas economy. Analysts voicing concern on the strict lockdown in Shanghai as businesses and ports remain shuttered, potentially threatening the global supply chain. Shehzad H. Qazi, Managing Director, China Beige Book International joined Cheddar's Opening Bell to discuss.
The consumer price index in March rose by 8.5% from a year ago, the fastest annual gain since December 1981 and one-tenth of a percentage point above the estimate. The rise in prices is driven by strong consumer demand, supply-chain disruptions and skyrocketing energy costs related to Russia's invasion of Ukraine. Heather Boushey, Council of Economic Advisers Member for President Biden, joined Cheddar's Opening Bell to give her reaction to the latest inflation numbers.
As China faces backlash from its response to Russia's invasion of Ukraine, the U.S. is strengthening its relationship with India. India is expected to become one of the top three economic powers in the world over the next 10 to 15 years, bolstered by technological advances and the manufacturing sector. Samir Kapadia, CEO and Principal of The Vogel Group, joined Cheddar to discuss the state of India's economy, and how it can only grow from here.
With the midterms just a few months away, record-setting inflation is weighing on the minds of voters. According to a recent CNN poll, a majority of voters said the state of the economy will play a key role in how they cast their ballot, and 55% said the same of inflation. Joseph Zeballos-Roig, Economic Policy Reporter for Insider, joined Cheddar to discuss how inflation could shape the 2022 midterms, and ultimately determine the balance of power in Congress.
The Brooklyn subway attack is the latest in a string of high-profile crimes that have plagued New York City. The surge in crime comes as cities across the country are trying to recover from the pandemic and bring life back to a sense of normal. Joseph Giacalone, professor at John Jay College and retired NYPD sergeant, joined Cheddar's Opening Bell to explain what's behind the rise in crime, and what can be done about it.
After failing to take control of northern and western Ukraine, Russia is shifting its focus to the east. As both sides continue to pour reinforcements into the region, officials are expecting more conventional combat involving tanks, artillery, and aircraft that could shape the war's biggest battles yet. Doug Collins, a former Georgia congressman, joined Cheddar to discuss the change in Russia's tactics.
Catching you up on what you need to know on Apr 14, 2022, with the U.S. sending $800M to Ukraine, updates on the subway shooting in Brooklyn, Gov. Abbott putting a pause on his southern border truck inspections, migrants being bused from Texas to Washington, DC, the travel mask mandate extending until May 3, and more.
This March 19, 2018, file photo shows the Yelp app on an iPad in Baltimore. Yelp reports financial results Thursday, Nov. 7, 2019. The online review service will cover the travel expenses of employees who have to travel out of state for abortions, joining the ranks of major employers trying to help workers affected by restrictions being placed on the procedure in Texas and other states. The benefit announced Tuesday, April 12, 2022 covers Yelp's entire workforce of 4,000 employees, but seems most likely to have its biggest immediate impact on its 200 workers in Texas, which has passed a law banning abortions within the state after six weeks of pregnancy. (AP Photo/Patrick Semansky, File)
