Trump Media Company Secures $2.5 Billion Investment for Bitcoin Acquisition

On Tuesday, Donald Trump’s media organization announced that institutional investors are set to acquire $2.5 billion in stock, with plans to build Bitcoin reserves from the generated revenue.

Around 50 institutional investors are expected to put $1.5 billion into a private placement for Trump Media and Technology Group, the firm behind Truth Social, along with a $1 billion conversion of senior notes into common stock, as per the company’s statement.

Trump Media aims to utilize its revenues to establish a “Bitcoin Treasury Department.” This initiative will mirror the president’s actions and develop a “strategic Bitcoin Reserve” for the U.S. government.

Devin Nunes, former Congressman and current CEO and Chairman of Trump Media, stated in a press release: “We view Bitcoin as the pinnacle of financial freedom. Currently, Trump Media holds cryptocurrency as a significant portion of their assets. Nunes added that purchasing a substantial amount of Bitcoin will enhance subscription payments and promote a true social “utility token,” which is a form of cryptocurrency used for app purchases on a designated blockchain.

During his initial term, Trump, who once described cryptocurrency as “not money,” critiquing its value as “based on thin air,” has since shifted his perspective on technology. He was the first major candidate to accept donations in cryptocurrency during his campaign. Since assuming office, he has introduced his own cryptocurrency.

Just last week, Trump compensated 220 individuals involved in another cryptocurrency venture, Trump’s Memecoin, leading to allegations that he has blurred the lines between his responsibilities as president and personal interests during a lavish dinner at a luxury golf club in Northern Virginia.

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At an event hosted at his Mar-A-Lago club in Florida during the May 2024 presidential election, Trump received confirmation that supporters from the cryptocurrency sector would significantly fund his re-election. He plans to address major Bitcoin events throughout the campaign, with Vice President JD Vance scheduled to speak at a gathering this week.

Source: www.theguardian.com

Elon Musk Imitates Hearst and Ford’s Media Manipulation Tactics

Pioneers in the automotive industry realized they had to transform their worldview, using their influence to acquire media outlets. Their tirades embolden anti-democratic forces globally, tapping into humanity’s darker instincts.

This notion may evoke Elon Musk’s social media platform X in 2025, yet it also harks back to Henry Ford and his publication, the Dearborn Independent, from the 1920s. Ford, who created the Model T, routinely acquired suburban spaces to propagate anti-Semitic narratives. The Dearborn Independent published a notorious series titled “The International Jew,” casting blame on Jewish communities for various societal ailments and disseminating the fabricated “Protocols of the Elders of Zion.” The Nazis even awarded Ford a medal for his fervent beliefs.

Ford epitomizes a longstanding trend of influential figures purchasing media platforms to endorse controversial perspectives. These notable individuals have reached vast audiences through the evolving technology of their times, whether through rapid newspaper distribution or Ford’s extensive network of automobile dealers.

If you take a ride in the latest Model T, you’ll encounter the Dearborn Independent. In the seat. During that era, local newspapers were significant entities. The Dearborn Independent emerged as one of the country’s top-circulating newspapers, reaching over 750,000 copies per issue at its zenith.

Following Henry Ford’s acquisition of the Dearborn Independent, he launched a long-standing series entitled “International Jews.”

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Library of Congress

Unlike Ford, other media moguls like Rupert Murdoch generally employed like-minded editors and anchors to express their views. The Dearborn Independent boldly announced its title as “Ford International Weekly,” even featuring a full-page editorial signed by Ford himself.

Musk’s behavior mirrors Ford’s personal approach. Tesla and SpaceX’s billionaires have eagerly shared, reposted, and endorsed false or sensational claims on X, such as the assertion that Social Security is fraudulent.

Numerous precedents exist for Musk’s actions with X. However, he has escalated the process to an unprecedented level. The platform claims he has 220 million followers, a staggering number to substantiate. Even if only a fraction of that figure is accurate, X is optimized to amplify user posts as widely as possible, ensuring they are seen and discussed.

In 2022, Musk acquired Twitter for $44 billion, which seemed absurd to many. Initially dismissed as a billionaire’s toy, it transformed into a tool for political leverage during last year’s elections. Musk formed an alliance with Donald J. Trump, using the platform to shut down adversarial voices within the government.

The repercussions are continuously evolving. For Musk, this maneuver represented a significant triumph. Under the guise of enhancing government efficiency, he dismissed regulators poised to oversee his vast empire. Now, Musk wields far more authority over his vehicle and rocket ventures. (X representatives declined to comment.)

Rick Perlstein, author of a comprehensive history of modern American conservatism, stated, “This is something we’ve never encountered before.” Historians note Musk’s frequent use of memes and visuals, observing that “It reflects the politics of the nervous system rather than higher cognitive functions. There’s no rational discourse; it’s simply fear-based.”

Moguls in both the U.S. and Britain have controlled media to wield influence since modern newspapers emerged in the late 19th century. During World War I, Viscount Northcliffe of England dominated about 40% of morning and 45% of evening newspaper circulations. His publications included the Daily Mail, popular among the working class, and The Times, appealing to the elite.

Viscount Northcliffe, also known as Alfred Harmsworth, played a pivotal role in forcing Prime Minister Herbert Asquith to resign in December 1916. His sway was so significant that, in 1917, German forces attempted to assassinate him, shelling coastal residences.

In the U.S., media ownership often exhibited local nuances. In West Texas during the early 1960s, the ultra-conservative Wittenbergs owned the Amarillo Daily News and controlled dominant NBC TV and radio stations, facing little opposition.

Historian Jeff Roche, author of “Conservative Frontier,” noted, “Providing the populace with a far-right media diet can push them towards extreme right-wing views. Amarillo has consequently become America’s most conservative city.”

Simon Potter, a contemporary history professor at the University of Bristol specializing in mass media, remarked, “From the inception of the newspaper industry, media ownership and political influence have been intertwined. Concerns about this close relationship with politics have persisted over time. Does it truly serve the public interest?”

Central to that inquiry is the question: Do these megaphones genuinely empower them, or are they merely shouting into the void? Musk’s American counterpart, William Randolph Hearst, offers insight. Hearst, owner of the New York Journal, dispatched a correspondent to Cuba in 1897 to cover the conflict with Spain, driven less by humanitarian motives and more by then-popularism.

The March 25, 1898 edition of the New York Journal documented Hearst’s war coverage with correspondents in Cuba.

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Library of Congress

One interpretation of this narrative positions Hearst as a powerful media magnate.

A reporter affiliated with the journal discovered there was no conflict. “Everything is tranquil,” remarked artist Frederick Remington. “There’s no fighting.” They desired to depart.

Hearst retorted: “Depart. You will provide the images; I will provide the war.” This strategy led to his newspaper becoming a significant force amid tumult sparked by President William McKinley, who rapidly escalated tensions, culminating in the liberation of Cuba and acquisition of a vital segment of the Spanish Empire.

This tale, initially told by Hearst’s colleague James Creelman, later resonated in Orson Welles’ Citizen Kane. Though thoroughly debunked, the anecdote persists, illustrating a powerful figure capable of instigating war from nothing.

However, Hearst’s ambitions faltered when he attempted to leverage his wartime momentum to advance his political career. He secured a House of Representatives seat in 1902 but was subsequently defeated in two mayoral bids in New York. His campaign for Governor of New York in 1906 also ended in failure.

David Nasaw, author of “Chief: The Life of William Randolph Hearst,” believes Musk employs X to consolidate support.

“I’ve never seen Twitter as a platform for MAGA supporters anywhere,” he stated.

Nasaw further suggests that Hearst reflected readers’ sentiments rather than shaping them. However, he acknowledged the unique developments occurring with Musk. Hearst, Ford, Viscount Northcliffe before World War II, and even the lords of British media all shared a commonality.

“They were positioned outside the rooms, shouting to be heard,” Nasaw remarked. “Musk’s relationship with Twitter was crucial, but it served as a conduit, enabling his entry into political discourse. This dynamic is unprecedented.”

As Tesla’s sales plummet, both Hearst and Ford could serve as cautionary tales for Musk. Seeking controversy through hateful rhetoric can severely damage one’s reputation and typically harms business.

Ford faced legal action for libel stemming from the Dearborn Independent, leading to a boycott against him. He ultimately shuttered the publication in 1927, though he never renounced his ideology. The remnants of that controversy still echo.

In the 1930s, Hearst confronted President Franklin D. Roosevelt, positioning an anti-Roosevelt manifesto on his publication’s front page. As the editorials grew increasingly harsh, readers were compelled to choose: whom to support, the CEO or the publisher?

“They chose Roosevelt,” Nasaw recalled. “This choice led to Hearst’s ultimate self-destruction and the downfall of his newspaper.”

Source: www.nytimes.com

Piers Morgan Cautions That YouTube’s Growth Signals a “Wake-Up Call” for Traditional Media

The media landscape is experiencing a significant transformation, with numerous traditional publications fading away, while various YouTube channels assert their influence rivals that of conventional television networks.

A former newspaper editor and current presenter, engaged in fundraising efforts to expand his YouTube venture, anticipates that more prominent media figures will migrate to this increasingly impactful streaming platform as viewer preferences continue to evolve.

“It’s similar to the shift from vinyl to digital music,” he noted. “People believed it would take ages, but the change happened swiftly.”

“In the UK, specific newspapers are disappearing. Which will still have a print edition in a decade? Observing younger demographics shows that those under 45 rarely purchase print newspapers.”

Morgan holds the rights to his YouTube channel, *Piers Morgan Uncensored*, having acquired them from the Rupert Murdoch empire after his previous agreements with News UK, which totaled £50 million over three years, ended. Now over 60, he acknowledges that his transition is a “learning curve,” yet he champions YouTube for its flexibility and low cost.

He emphasized that his decision to fully embrace the streaming service was influenced by his four children. “All of them are watching YouTube,” he remarked. “I rarely watch traditional TV, aside from live sports. Until last year, I was part of the outdated, structured 8PM live news format.”

While Morgan is known for his sharp commentary, his shift to YouTube reflects a broader trend where media personalities, especially within the U.S. conservative landscape, amass millions of subscribers. Morgan aims to replicate the success of DailyWire, a conservative American media outlet co-founded by commentator Ben Shapiro, which includes Canadian psychologist Jordan Peterson.

YouTube wields significant influence in the media sphere, with various content originating from networks like ITV and Channel 4. Podcasters continue to enhance their presence, contributing considerable financial strength. In just the first quarter of 2025, YouTube’s ad revenue exceeded $8.9 billion (£6.644 billion), marking a growth of over 10% from the previous year. Meanwhile, Channel 4’s total revenue for all of 2023 hovered around £1 billion, a figure available for the most recent year.

Morgan cited last year’s U.S. election, mentioning that YouTube reported over 45 million views on election-related content on Election Day. In contrast, 42.3 million viewers tuned into 18 cable and broadcast networks that night. Although the figures aren’t directly comparable, Morgan stated:

“Prominent journalists have reached out to me, inquiring about a shift to my platform. I believe legacy media companies need to analyze why individuals like myself are venturing out into this realm,” he said. “More will be inspired to follow my lead, and I’m receiving intriguing inquiries from journalists.”

Morgan plans to emulate Gary Lineker’s Goalhanger Productions, which has produced successful podcasts in the UK. He envisions creating channels under uncensored brands that cover various genres, including true crime, history, and sports, with a direct focus on the U.S. and global audiences rather than just the UK.

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“Look at what Gary Lineker achieved; he’s a close friend and with Goalhanger in the UK, he’s the first to credit his success. [podcast for Goalhanger] In terms of revenue, it’s substantial in America, but that’s just the beginning,” he stated. “It’s not solely about football; it’s about history. They travel to America and stage large live shows, which is massively successful there.”

“I seldom cover British news. We didn’t even discuss the final election results because my scope is broader: ‘Is this of interest to viewers in the Middle East? What about in Australia?’

Morgan shared his vision of decreasing reliance on his brand, aspiring to build something sustainable and independent. Though he considers it an “early era,” he is optimistic about attracting investors, as his venture is already profitable.

“We don’t require funding,” he stated. “With nearly 4 million subscribers, my inquiry to investors isn’t, ‘Just give me your money.’ It’s ‘What value do you bring to the table?’ ”

Source: www.theguardian.com

The US Alleges Meta has Established a Social Media Monopoly

The Federal Trade Commission on Monday accused Meta of creating a monopoly that robbed the competition by buying startups that were on the road, and by launching a groundbreaking antitrust trial that could dismantle a social media empire that changed the way the world connects online.

In a packed courtroom in the District of Columbia, the FTC launched its first anti-trust trial under the Trump administration by claiming that Meta illegally solidified its social networking monopoly when Instagram and WhatsApp were small startups. These actions were part of a “buyer or boring strategy,” the FTC said.

Ultimately, the purchase combined the power of meta, robbing consumers of other social networking options and pulling away the competition, the government said.

“For over 100 years, American public policy has argued that businesses must compete if they want to succeed,” Daniel Matheson, the lead FTC litigant in the case, said in his opening remarks. “The reason we’re here is because Meta broke the deal.”

“They decided that it was too difficult to compete and it would be easier to buy a rival than to compete with them,” he added.

The Trials – Federal Trade Commission vs. Metaplatform – poses the most consequential threat to the business empire of the company’s co-founder Mark Zuckerberg. If the government is successful, the FTC could ask Meta to sell Instagram and WhatsApp, shift the way Silicon Valley does business and change the long pattern of big tech companies that snapped their younger rivals.

Still, legal experts warned that the FTC might be difficult to win. That’s because we have to prove something that the government doesn’t know. This is because Meta, previously known as Facebook, would not achieve the same success without the acquisition. Also, legal experts said it is very rare to unlock a merger that was approved several years ago.

“One of the hardest things antitrust laws are when industry leaders buy small potential competitors,” said Gene Kimmelman, a former senior official at the Obama Administration Department. Meta said, “I bought a lot of things that weren’t pan-out or integration-integrated. How is Instagram and WhatsApp different?

This effort continues a long-standing bipartisan pursuit to reduce the vast power that a small number of high-tech companies have beyond commercial, exchange of ideas, entertainment and political discourse. Despite attempts by tech executives to President Trump, his antitrust appointees have shown they will continue on the course.

The FTC’s case against Meta is the third major technological antitrust lawsuit to be tried in the last two years. Last year, DOJ won antitrust laws against Google because it monopolized internet search. The federal judge will hear debate over the relief package, including a potential dissolution next week. DOJ also completed another exam against Google to monopolize AD technology, which is still decided by a federal judge.

Source: www.nytimes.com

Robert W. Macchesney passes away at 72 after sounding the alarm on corporate media dominance.

Robert W. McShesney, an influential, left-leaning media critic who argued that corporate ownership was bad for American journalism and that the Silicon Valley billionaire who dominated online information was a threat to democracy, died on March 25th at his home in Madison, Wisconsin.

The cause was glioblastoma, an aggressive brain tumor, said his wife, Inger, stole it.

Both Professor McChesney were grounded in academia. He had a PhD. I’m taught communication and at university. And Ink-On Paper Journalism: He was the founder of Rocket, the Seattle music magazine that reviewed Nirvana’s first single.

His main papers were expressed in more than a dozen books and numerous articles and interviews, but the corporate-owned news media was overly compliant with a certain political force, limiting the views that Americans were exposed to. He further argued that the internet (the promise of the wild west market of opinion) was squeezed by some huge owners of online platforms.

An early book, Rich Media, Poor Democracy (1999) warned that the integration of journalism undermines democratic norms. Perhaps his most famous work, “Digital Cutting: How Capitalism Does the Internet Against Democracy” (2013), he rejected the utopian view that the digital revolution would arrive at the public frontier of sources and stimulate democracy.

Instead, he shows how the internet is destroying the business model of newspapers, while local government civilly hearted coverage features the lowest common denominator fluff, celebrity gossip, cat videos, and personal naval gaze.

Professor McChesney condemned capitalism.

“Profit motivation, commercialism, public relations, marketing, advertising – all the critical features of modern corporate capitalism – are the basis for an assessment of how the Internet can develop and potentially develop,” he writes.

Source: www.nytimes.com

Elon Musk’s Xai Firm Acquires Social Media Platform X for $330 Billion

Elon Musk’s Xai artificial intelligence company has purchased Musk’s X, a social media platform formerly known as Twitter, for $330 billion, showcasing the billionaire’s rapid integration strategy.

The deal, announced on Friday, merges two of Musk’s numerous portfolio companies, including Tesla and SpaceX, potentially aiding Musk in training his AI model, Grok.

In a post on X, Musk declared, “The future of Xai and X are intertwined. Today, we have taken a step towards combining data, models, calculation, distribution, and talent.”

There has been no immediate response from X or Xai representatives to requests for comment. Many transaction details remain unknown, including investor compensation, integration of X’s leadership into the new company, and potential regulatory examination.

Paolo Pescatore, an analyst at PP, described the development as “surprising and somewhat unexpected.” He added, “To some extent, it marks the end of a tumultuous chapter for X.”

Gil Luria, an analyst at Da Davidson & Co, noted, “The $45 billion price tag is no coincidence, exceeding Twitter’s 2022 Take-Private Transaction by $1 billion. This move allows Xai investors to share the value of the business with X co-investors.”

Musk, the world’s wealthiest individual, has accumulated significant power in Washington, D.C., overseeing government efficiency and cost-cutting efforts during the Trump administration through Doge. This positions him to potentially influence the institutions overseeing his business dealings.

Xai investors, now part of the combined entity, expressed no surprises over the deal, viewing it as a merger of leadership and management teams within Musk’s own organization. They rejected the proposed name change.

While Musk did not seek investor approval, both companies are working closely together to deepen integration with Grok.

According to reports, Musk’s Xai startup commenced two years ago and secured $10 billion in funding, valuing it at $75 billion.

In February, Musk made a $97.4 billion bid for Openai, a ChatGpt maker consortium, which was subsequently rejected. Musk co-founded Openai in 2015 with CEO Sam Altman.

Musk has been involved in direct competition with Openai, filing a lawsuit in California federal courts to prevent rivals from transitioning from non-profits to commercial entities. A judge recently denied a request for a provisional injunction to block the conversion.

The widespread adoption of AI software has sparked increased investment and competition in Silicon Valley. Companies are seeking ways to integrate software across various business functions for improved efficiency.

As AI competition intensifies, Xai is enhancing its data centers to train more advanced models. Their supercomputer cluster, Colossus, located in Memphis, Tennessee, is touted as the world’s largest.

In February, Xai introduced Grok-3, the latest chatbot iteration, poised to compete with Chinese AI firms Deepseek and Microsoft-backed Openai. The X platform can facilitate the distribution of Xai products and provide real-time user feedback.

In 2022, Musk acquired X and subsequently Twitter for $44 billion, taking the platform private after its 2013 IPO and stating, “the birds will be released” post-acquisition.

Following the acquisition, Musk restructured the company, urged advertisers to leave the platform, resulting in a significant revenue decline. However, as Musk’s influence grew, the brand eventually returned to X.

Sources familiar with the transaction revealed that seven banks provided loans to Musk for the X acquisition, extending their loans to XK for the X deal, maintaining their book debt for two years, due to heightened interest in exposure to AI companies and improved X operational performance.

After the merger, investors who acquired debts from banks are expected to profit, according to Espen Robak, founder of Pluris Aluation Advisors. He stated, “Even if not fully repaid, the debt holds increased value.”

Additionally, a US judge rejected Musk’s attempt to dismiss a lawsuit alleging he misled former Twitter shareholders by delaying disclosure of his initial investment in the company.

Source: www.theguardian.com

Smartphones can benefit children if they steer clear of social media

Smartphones help kids socialize

AYO Production/Shutterstock

A study of over 1,500 children suggests that smartphones are beneficial for mental and social well-being unless they begin using social media.

Justin Martin The University of South Florida surveys state children ages 11 to 13. 25 years of national research To explore the link between digital media and happiness.

The researchers found that 78% of the 1,510 children surveyed owned smartphones, and 21% of these reported symptoms of depression and anxiety. Children with phones were also more likely to report spending time in person with friends.

“We thought ownership of a smartphone was related to negative outcomes or negative measures,” Martin says. “But it wasn’t.”

The researchers found that children with low-income parents are more likely to own smartphones than children with rich parents. The highest prevalence of 87% smartphone ownership was found in children living in households collected between $50,000 and $90,000, while only 67% of children in households who own smartphones over $150,000 have a smartphone.

Martin suggests that this may reflect the school policies that children attended, in response to a greater awareness of negative headlines about the supposed risks of social media affecting their mental health.

But such a ban — Florida was the first US state to introduce in 2023 — could be in a volatile scientific position, Martin says. “We were careful to emphasize associations rather than causality, but children with smartphones probably use them for social purposes and like many adults,” he says.

However, not all smartphone use is a benefit of dirt. The researchers also found that children who said they were often posted on social media were twice as likely to report sleep problems or symptoms of depression or anxiety compared to people who never use these platforms. That said, the study failed to determine whether increased use of social media has led to mental health and sleep problems, or whether the opposite is true, says Martin.

“We recommend that parents and adults consider protecting their children from the social platforms that their children post frequently, or try to avoid posting on social platforms,” ​​says Martin. “Of course, it’s hard to tell your kids. ‘You can use Instagram. You can use Tiktok, but don’t post it.” ”

Children surveyed are evenly divided on the merits of social media, with 34% agreeing that social media is more harmful than good, 33% disagreeing, and the rest are undecided about the issue.

“This is an attractive study that makes an important distinction, especially between smartphones and social media,” he says. Jess Maddox At the University of Alabama. “These two are synonyms for each other, but this study shows that they are not actually the same.”

“These are truly subtle findings and we hope that parents, educators and politicians will not be banned, but will encourage them to think more about their children’s education on smartphones and social media,” she says.

David Ellis At Bath University in the UK, this work confirms similar findings from previous studies, but understanding more work to understand what the data is directing us before deciding what to do about children’s smartphone use is that “the lack of analysis will strengthen conclusions that are more difficult to justify policy changes.”

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Source: www.newscientist.com