<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="While Dorsey’s radical move was met with initial support from political and social influencers, his heavy-handed approach has earned backlash.” data-reactid=”18″>While Dorsey’s radical move was met with initial support from political and social influencers, his heavy-handed approach has earned backlash.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Justifying a radical shift” data-reactid=”19″>Justifying a radical shift
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="According to Dorsey, removing paid political advertising from Twitter entirely was the only way to prevent undue manipulation, or even outright false political advertising:” data-reactid=”20″>According to Dorsey, removing paid political advertising from Twitter entirely was the only way to prevent undue manipulation, or even outright false political advertising:
“Internet political ads present entirely new challenges to civic discourse: machine learning-based optimization of messaging and micro-targeting, unchecked misleading information, and deep fakes. All at increasing velocity, sophistication, and overwhelming scale. These challenges will affect ALL internet communication, not just political ads. Best to focus our efforts on the root problems, without the additional burden and complexity taking money brings. Trying to fix both means fixing neither well, and harms our credibility. We considered stopping only candidate ads, but issue ads present a way to circumvent. Additionally, it isn’t fair for everyone but candidates to buy ads for issues they want to push. So we’re stopping these too. We’re well aware we’re a small part of a much larger political advertising ecosystem. Some might argue our actions today could favor incumbents. But we have witnessed many social movements reach massive scale without any political advertising. I trust this will only grow.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Dorsey’s stance on political advertising claims to be based on a sense of justice. The social media magnate fears that technology has run too far ahead, and politics have yet to catch up.” data-reactid=”24″>Dorsey’s stance on political advertising claims to be based on a sense of justice. The social media magnate fears that technology has run too far ahead, and politics have yet to catch up.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Politicians cry” data-reactid=”25″>Politicians cry
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="A number of leading politicians reacted to Dorsey’s announcement with undisguised jubilation, including Democratic Rep. Alexandria Ocasio-Cortez. Despite her status as a freshman congresswoman, Ocasio-Cortez has emerged as a powerful political figure. She has even been given the moniker AOC, similar to the affectionate shorthand applied to Justice Ruth Bader-Ginsburg (RBG).” data-reactid=”26″>A number of leading politicians reacted to Dorsey’s announcement with undisguised jubilation, including Democratic Rep. Alexandria Ocasio-Cortez. Despite her status as a freshman congresswoman, Ocasio-Cortez has emerged as a powerful political figure. She has even been given the moniker AOC, similar to the affectionate shorthand applied to Justice Ruth Bader-Ginsburg (RBG).
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Oct. 30, shortly after Dorsey’s announcement, U.S. Representative Alexandria Ocasio-Cortez threw her weight behind the move:” data-reactid=”27″>On Oct. 30, shortly after Dorsey’s announcement, U.S. Representative Alexandria Ocasio-Cortez threw her weight behind the move:
“This is a good call. Technology – and social media especially – has a powerful responsibility in preserving the integrity of our elections. Not allowing for paid disinformation is one of the most basic, ethical decisions a company can make. Many folks have asked whether I believe all social media political ads should be banned outright. I believe that if a company cannot or does not wish to run basic fact-checking on paid political advertising, then they should not run paid political ads at all. I say this as a candidate that runs digital ads & believe they can be productive + useful *IF* used responsibly. People say that tech companies can’t fact check, but basic fact checking isn’t hard. We’re talking abt blocking outright disinformation: wrong vote records, etc.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="While not opposed to the idea of "responsible" social media political advertising per se, AOC’s initial position was that blocking the spread of damaging political disinformation would be a net positive for democracy and public discourse.” data-reactid=”31″>While not opposed to the idea of “responsible” social media political advertising per se, AOC’s initial position was that blocking the spread of damaging political disinformation would be a net positive for democracy and public discourse.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The era of good feelings toward Twitter’s political ad ban proved to be short-lived. As soon as the real consequences of the policy became apparent, even politicians and candidates who had made a point of lambasting fake political advertising were taking swings at Dorsey.” data-reactid=”32″>The era of good feelings toward Twitter’s political ad ban proved to be short-lived. As soon as the real consequences of the policy became apparent, even politicians and candidates who had made a point of lambasting fake political advertising were taking swings at Dorsey.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Nov. 5, Senator Elizabeth Warren of Massachusetts, a leading contender for the Democratic presidential nomination in 2020, decried its hypocrisy in allowing commercial entities such as fossil fuel companies to continue buying ads, while climate activists are now barred from doing likewise:” data-reactid=”33″>On Nov. 5, Senator Elizabeth Warren of Massachusetts, a leading contender for the Democratic presidential nomination in 2020, decried its hypocrisy in allowing commercial entities such as fossil fuel companies to continue buying ads, while climate activists are now barred from doing likewise:
“Twitter’s new ad policy will allow fossil fuel companies to buy ads defending themselves and spreading misleading info–but won’t allow organizations fighting the climate crisis to buy ads holding those companies accountable. We need accountability. It turns out if you’re a giant corporation with millions to spend misleading people on your record of accelerating the climate crisis, that’s exactly what you can – and probably will – do.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Facebook gets it (sort of)” data-reactid=”42″>Facebook gets it (sort of)
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Mark Zuckerberg stands in counterpoint to Dorsey on the subject of paid political advertising. As I discussed in a Nov. 7 article for GuruFocus, Facebook has adopted a more laissez faire approach to political advertising that, while far from perfect, is comparably better than Dorsey’s blanket ban.” data-reactid=”43″>Mark Zuckerberg stands in counterpoint to Dorsey on the subject of paid political advertising. As I discussed in a Nov. 7 article for GuruFocus, Facebook has adopted a more laissez faire approach to political advertising that, while far from perfect, is comparably better than Dorsey’s blanket ban.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Nick Clegg, Facebook’s chief global lobbyist and former deputy prime minister of the United Kingdom, has leant his considerable political weight to his boss’s stance. Speaking to reporters during a visit to Brussels earlier this month, Clegg offered a defense of Facebook’s philosophy:” data-reactid=”44″>Nick Clegg, Facebook’s chief global lobbyist and former deputy prime minister of the United Kingdom, has leant his considerable political weight to his boss’s stance. Speaking to reporters during a visit to Brussels earlier this month, Clegg offered a defense of Facebook’s philosophy:
“On political ads, we have a different stance to Twitter. If you look at the way in which Facebook is being used by challenger, newcomer and insurgent politicians, it’s an extremely important instrument by which democratic debate is enriched…We don’t want to enter into the perilous, and we believe highly inappropriate, role of being a political referee in mature democracies. That basic scaffolding will remain the same. But of course, we will constantly look at further enhancements and improvements, and make announcements when we’re ready to do so.”
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="When companies become referees of political speech, they become political actors. That might be all right for some businesses, but it is a problematic role for social media companies to adopt. ” data-reactid=”48″>When companies become referees of political speech, they become political actors. That might be all right for some businesses, but it is a problematic role for social media companies to adopt.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Verdict” data-reactid=”49″>Verdict
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Private platforms can be regulated to fit the tastes and sensibilities of those who control them. However, social media platforms that choose to do so must walk a fine line lest they inadvertently alienate large swathes of users and customers. ” data-reactid=”50″>Private platforms can be regulated to fit the tastes and sensibilities of those who control them. However, social media platforms that choose to do so must walk a fine line lest they inadvertently alienate large swathes of users and customers.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="If users perceive bias, they may defect to other platforms. For a company like Twitter, which is wholly dependent on its volume of users for financial and stock market survival, poorly considered corporate policy could prove costly.” data-reactid=”51″>If users perceive bias, they may defect to other platforms. For a company like Twitter, which is wholly dependent on its volume of users for financial and stock market survival, poorly considered corporate policy could prove costly.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Disclosure: No positions.” data-reactid=”52″>Disclosure: No positions.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This article first appeared on GuruFocus.
” data-reactid=”53″>This article first appeared on GuruFocus.
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