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Activist Investor Group Buys Up Twitter Stock, Seeks to Oust CEO Jack Dorsey

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Could Twitter be set for a shake-up?

This week, Bloomberg has reported that investment management firm Elliott Management Corp. has purchased a significant stake in Twitter, and now plans to use its holding to push for changes at the company, including, most notably, the replacement of Twitter CEO Jack Dorsey, who’s also a co-founder of the platform.

As summarized by Vox:

“Elliott has acquired about $1 billion worth of Twitter shares, which means it has a sizable stake in Twitter, but nothing close to control of the company. Now, the firm wants to use that stake to replace four Twitter board members with its own nominees, who would then presumably pressure Dorsey to leave – or at least stop running Square, the payments company he founded after he first left Twitter.”

The crux of Elliott’s strategic push here is that Twitter would be better served if it had a CEO solely focused on improving the company’s performance, which has fluctuated over the last few years. Dorsey, who is also the CEO of rising payments provider Square, is not able to provide that focus, according to Elliott. If he were replaced with a more businesses-minded, market-aligned leader, Twitter stock would go up, subsequently boosting Elliott’s stake.

But there is another narrative that’s gaining some traction – which feels less relevant, so much so that I’m hesitant to even mention it. But there is a side note which some outlets are reporting is significant – though I will underline that I do not believe this is the case.

The Guardian has noted that the founder of Elliott Management, billionaire investor Paul Singer, is a “Republican mega-donor”, who initially opposed Donald Trump, but has since become a supporter for the sake of unification and moving forward. The suggestion here is that Elliott may be looking to “take over” Twitter in order to use it as a political weapon of some kind. Again, this very much seems like an unlikely angle to this story, but as noted, it’s generating some discussion.

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As Peter Kafka notes for Vox:

“Singer and his team are motivated by money above all else. They also don’t want to “buy Twitter.” They want the value of the Twitter shares they bought to increase.”

Indeed, Elliott Management has a history of this type of activist investing.

Last year, for example, Elliott Management bought up a heap of eBay stock, then used its newly established influence to issue a series of demands te eBay’s board. Those demands eventually lead to the resignation of eBay CEO David Wenig, who cited “disagreement with the board” on the platform’s direction, while several of the initiatives proposed by Elliott Management have since been implemented at the company.

Elliott has also used similar tactics to force action at AT&T, Samsung, Citrix and many others.

Basically, this is what the Elliott Management does – it sees an opportunity for improvement, then moves to make it happen through investor activism. The political side note seems just that when matched against the company’s track record and process.

But it could still mean major changes at Twitter. The platform is often criticized for inaction, for failing to move fast enough, for struggling to adapt and innovate, while other social platforms continue to thrive through new options. Twitter has seemingly improved on this front in more recent times, as its performance data seems to indicate that. But theoretically, there could be more that Twitter could offer, more it could do. Clearly, Elliott Management sees greater potential there.

And really, there should be. Twitter is at the forefront of real-time news, its where the US President shares his opinions, its embedded its place within popular culture and media process. The fact that the company has struggled to grow its user base, despite its global footprint, is somewhat surprising.

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Maybe a new CEO could take the platform in a new direction, and maximize its revenue potential. Maybe, it is time for a change.

If that does happen, however, it could mean a major shift for the platform, major strategic changes, new products – Twitter as we know it could see a significant transformation.

And given Elliott Management’s track record, I’d be tipping that at least some of its proposed changes will be implemented now that it’s turned its attention to the company.

We’ll keep you updated on any progress.

Socialmediatoday.com

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Meta’s Developing and ‘Ethical Framework’ for the Use of Virtual Influencers

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Meta's Developing and 'Ethical Framework' for the Use of Virtual Influencers


With the rise of digital avatars, and indeed, fully digital characters that have evolved into genuine social media influencers in their own right, online platforms now have an obligation to establish clear markers as to what’s real and what’s not, and how such creations can be used in their apps.

The coming metaverse shift will further complicate this, with the rise of virtual depictions blurring the lines of what will be allowed, in terms of representation. But with many virtual influencers already operating, Meta is now working to establish ethical boundaries on their application.

As explained by Meta:

From synthesized versions of real people to wholly invented “virtual influencers” (VIs), synthetic media is a rising phenomenon. Meta platforms are home to more than 200 VIs, with 30 verified VI accounts hosted on Instagram. These VIs boast huge follower counts, collaborate with some of the world’s biggest brands, fundraise for organizations like the WHO, and champion social causes like Black Lives Matter.”

Some of the more well-known examples on this front are Shudu, who has more than 200k followers on Instagram, and Lil’ Miquela, who has an audience of over 3 million in the app.

At first glance, you wouldn’t necessarily realize that this is not an actual person, which makes such characters a great vehicle for brand and product promotions, as they can be utilized 24/7, and can be placed into any environment. But that also leads to concerns about body image perception, deepfakes, and other forms of misuse through false or unclear representation.

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Deepfakes, in particular, may be problematic, with Meta citing this campaign, with English football star David Beckham, as an example of how new technologies are evolving to expand the use of language, as one element, for varying purpose.

The well-known ‘DeepTomCruise’ account on TikTok is another example of just how far these technologies have come, and it’s not hard to imagine a scenario where they could be used to, say, show a politician saying or doing something that he or she actually didn’t, which could have significant real world impacts.

Which is why Meta is working with developers and experts to establish clearer boundaries on such use – because while there is potential for harm, there are also beneficial uses for such depictions.

Imagine personalized video messages that address individual followers by name. Or celebrity brand ambassadors appearing as salespeople at local car dealerships. A famous athlete would make a great tutor for a kid who loves sports but hates algebra.

Such use cases will increasingly become the norm as VR and AR technologies are developed, with these platforms placing digital characters front and center, and establishing new norms for digital connection.

It would be better to know what’s real and what’s not, and as such, Meta needs clear regulations to remove dishonest depictions, and enforce transparency over VI use.

But then again, much of what you see on Instagram these days is not real, with filters and editing tools altering people’s appearance well beyond what’s normal, or realistic. That can also have damaging consequences, and while Meta’s looking to implement rules on VI use, there’s arguably a case for similar transparency in editing tools applied to posted videos and images as well.

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That’s a more complex element, particularly as such tools also enable people to feel more comfortable in posting, which no doubt increases their in-app activity. Would Meta be willing to put more focus on this element if it could risk impacting user engagement? The data on the impact of Instagram on people’s mental health are pretty clear, with comparison being a key concern.

Should that also come under the same umbrella of increased digital transparency?

It’s seemingly not included in the initial framework as yet, but at some stage, this is another element that should be examined, especially given the harmful effects that social media usage can have on young women.

But however you look at it, this is no doubt a rising element of concern, and it’s important for Meta to build guardrails and rules around the use of virtual influencers in their apps.

You can read more about Meta’s approach to virtual influencers here.





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Meta Publishes New Guide to the Various Security and Control Options in its Apps

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Meta Publishes New Guide to the Various Security and Control Options in its Apps


Meta has published a new set of safety tips for journalists to help them protect themselves in the evolving online connection space, which, for the most part, also apply to all users more broadly, providing a comprehensive overview of the various tools and processes that it has in place to help people avoid unwanted attention online.

The 32-page guide is available in 21 different languages, and provides detailed overviews of Meta’s systems and profile options for protection and security, with specific sections covering Facebook, Instagram and WhatsApp.

The guide begins with the basics, including password protections and enabling two-factor authentication.

It also outlines tips for Page managers in securing their business profiles, while there are also notes on what to do if you’ve been hacked, advice for protection on Messenger and guidance on bullying and harassment.

Meta security guide

For Instagram, there are also general security tips, along with notes on its comment moderation tools.

Meta security guide

While for WhatsApp, there are explainers on how to delete messages, how to remove messages from group chats, and details on platform-specific data options.

Meta security guide

There are also links to various additional resource guides and tools for more context, providing in-depth breakdowns of when and how to action the various options.

It’s a handy guide, and while there are some journalist-specific elements included, most of the tips do apply to any user, so it could well be a valuable resource for anyone looking to get a better handle on your various privacy tools and options.

Definitely worth knowing either way – you can download the full guide here.

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Twitter bans account linked to Iran leader over video threatening Trump

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Twitter bans account linked to Iran leader over video threatening Trump


Iran’s supreme leader Ayatollah Ali Khamenei meets with relatives of slain commander Qasem Soleimani ahead of the second anniverary of his death in a US drone strike in Iraq – Copyright POOL/AFP/File Tom Brenner

Twitter said Saturday it had permanently suspended an account linked to Iran’s supreme leader that posted a video calling for revenge for a top general’s assassination against former US president Donald Trump.

“The account referenced has been permanently suspended for violating our ban evasion policy,” a Twitter spokesperson told AFP.

The account, @KhameneiSite, this week posted an animated video showing an unmanned aircraft targeting Trump, who ordered a drone strike in Baghdad two years ago that killed top Iranian commander General Qassem Soleimani.

Supreme leader Ayatollah Ali Khamenei’s main accounts in various languages remain active. Last year, another similar account was suspended by Twitter over a post also appearing to reference revenge against Trump.

The recent video, titled “Revenge is Definite”, was also posted on Khamenei’s official website.

According to Twitter, the company’s top priority is keeping people safe and protecting the health of the conversation on the platform.

The social media giant says it has clear policies around abusive behavior and will take action when violations are identified.

As head of the Quds Force, the foreign operations arm of Iran’s Revolutionary Guards, Soleimani was the architect of its strategy in the Middle East.

He and his Iraqi lieutenant were killed by a US drone strike outside Baghdad airport on January 3, 2020.

Khamenei has repeatedly promised to avenge his death.

On January 3, the second anniversary of the strike, the supreme leader and ultraconservative President Ebrahim Raisi once again threatened the US with revenge.

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Trump’s supporters regularly denounce the banning of the Republican billionaire from Twitter, underscoring that accounts of several leaders considered authoritarian by the United States are allowed to post on the platform.



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