StockTok: DOJ vows to stop pressuring social media companies to censor content

Meta Oversight Board keys in on pro-Palestine rhetoric, Snap CEO points to ad business for stock price slump and other notable stories from this week

Welcome to “StockTok,” The Fly’s weekly recap of Wall Street’s reactions to social media stock news.

OVERSIGHT BOARD DELINEATES: In reviewing three cases involving different pieces of Facebook content containing the phrase “From the River to the Sea,” Meta Platforms’ (META) Oversight Board finds they did not break Meta’s rules on Hate Speech, Violence and Incitement or Dangerous Organizations and Individuals. Specifically, the three pieces of content contain contextual signs of solidarity with Palestinians – but no language calling for violence or exclusion. They also do not glorify or even refer to Hamas, an organization designated as dangerous by Meta. In upholding Meta’s decisions to keep up the content, the majority of the board noted the phrase has multiple meanings and is used by people in various ways and with different intentions. A minority, however, believes that because the phrase appears in the 2017 Hamas charter and given the October 7 attacks, its use in a post should be presumed to constitute glorification of a designated entity, unless there are clear signals to the contrary. These three cases highlight tensions between Meta’s value of voice and the need to protect freedom of expression, particularly political speech during conflict, and Meta’s values of safety and dignity to protect people against intimidation, exclusion and violence, the Board said. The current and ongoing conflict that followed the Hamas terrorist attack in October 2023 and Israel’s subsequent military operations has led to protests globally and accusations against both sides for violating international law. Equally relevant is the surge in antisemitism and Islamophobia not only to these cases but also general use of “From the River to the Sea” on Meta’s platforms. These cases have again underscored the importance of data access to effectively assess Meta’s content moderation during conflicts, as well as the need for a method to track the amount of content attacking people based on a protected characteristic. The Board’s recommendations urge Meta to ensure its new Content Library is an effective replacement for CrowdTangle and to fully implement a recommendation from the BSR Human Rights Due Diligence Report of Meta’s Impacts in Israel and Palestine.

DOJ COURSE CORRECTS: The U.S. Justice Department, DOJ, will not pressure social media companies to remove or block content when the government shares info on foreign threats to national security or elections, following claims platforms were previously coerced, Chris Strohm of Bloomberg reported. The department unveiled policy principles on how national security officials will engage with social media companies while protecting constitutional rights and a website was launched explaining how officials will ensure the First Amendment rights are being protected.

ADVERTISING ISSUE: Snap (SNAP) CEO Evan Spiegel is working to rally the company’s employees amid a 48% drop in stock price this year, telling them in an internal letter that the company is on pace to report record annual revenue and will continue to move forward with augmented reality, Aisha Counts of Bloomberg wrote. In the letter, Speigel wrote, “You may be wondering why, with all of the progress we’ve made in our business over the last year, our share price performance has lagged the overall market. The answer is simple: our advertising business is growing slower than our competitors.”

X BAN UPHELD IN BRAZIL COURT: A majority of Brazilian judges on a Supreme Court panel voted to confirm an order to ban X, the platform formerly known as Twitter, in Brazil and fine those who don’t comply with it by using a VPN, Bloomberg’s Daniel Carvalho reported. X can still appeal the decision, after the conclusion of the hearing. The ban was issued after X owner Elon Musk defied several previous decisions, including refusing to name a legal representative for the social network in Brazil.

VIRTUAL MEETING AI ASSISTANT: Joe Thomas co-founder and head of product management, Loom blogged in part: “People don’t hate meetings not really. They hate poorly run meetings. Our research reveals more than two-thirds of meetings are deemed ineffective by attendees. When asked why, more than half of workers cited leaving meetings without any clear idea of the next steps or who owns which task. Capturing detailed notes and clearly outlining the next steps (with owners and deadlines attached) are meeting facilitation best practices. However, taking notes during the meeting can impact your ability to engage in the moment, and distributing notes and action items can be time-consuming. To make this critical yet often tedious step easier, we are welcoming Rewatch to the Atlassian (TEAM) family. Rewatch, a platform that uses AI to optimize virtual meetings, will be integrated with Loom, Atlassian’s async video communication tool…Whether you are hosting your meeting via Zoom (ZM), Microsoft Teams (MSFT), or Google Meet (GOOG), the meeting assistant will be automatically added to the invite list. When your meeting kicks off, attendees will see that your meeting assistant has joined, even if you are not present.”

—

Originally Posted September 4, 2024 – StockTok: DOJ vows to stop pressuring social media companies to censor content

Go Source