2021/01/19 Countdown to Biden Inauguration / The New Normal for Investors

Retirement fund managers and religious investors have asked leading social media companies to step up content control efforts to reduce the threat of violence ahead of the inauguration of President-elect Joe Biden next week.

This is another call to pressure Facebook Inc, Twitter Inc and Alphabet Inc over the emergence of excessive extremist rhetoric on social media following the storming of the US Capitol last week by presidential supporters. Donald Trump.

In the letters sent on Thursday, investors, including the Comptroller of the State of New York Thomas DiNapoli (Thomas DiNapoli), the Service Employees International Union and the Unitarian Universalist Association, have asked major social media owners to take steps to prevent malicious content from appearing on their platforms, including disabling coding, which, according to according to them, contributes to the development of conspiracy theories and radicalization of content.

In the long term, the board and leaders must reconsider their «business model and rely on algorithmic decision making that has been associated with the spread of hate and misinformation on the Internet», – it says in the letters.

Alphabet representatives did not respond to questions. A Facebook spokesman said the social network has blocked more than 250 white supremacist groups and has enacted rules similar to those that prohibit protesters from organizing on its platform. A Twitter spokesperson reported on actions taken, such as suspending accounts that primarily share QAnon content.

Investors are asking for more control on social media ahead of the inauguration of the President in the United States

Aggressive rhetoric on social media has intensified in recent weeks, according to research and public media, as groups openly plan to hold rallies in Washington, DC, prompting criticism of social media companies for failing to take action ahead of time..

Twitter and Facebook blocked Trump’s accounts last week as tech giants tried to find a quick way to deal with Trump’s unsubstantiated allegations of fraud in the US presidential election.

Activist investors collectively manage nearly $ 390 billion in assets but own relatively small stakes in social media. Major industry shareholders have so far declined to comment on their responses to emails, including BlackRock Inc, Vanguard Group Inc and Morgan Stanley.

Trump’s posting ban has sparked fears among other investors that users and advertisers will move to other platforms. Twitter CEO Jack Dorsey (Jack Dorsey) said the decision was correct, but set a dangerous precedent. Facebook Operations Manager Sheryl Sandberg (Sheryl Sandberg) said the company has no plans to lift the ban.

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