Twitter's stock slides, after the company announces it will ban political ads.
in recent weeks over its policy to neither fact check nor remove political ads placed by politicians. Facebook has argued it should not be the one to make decisions about its users' speech and that politician's speech is newsworthy."A political message earns reach when people decide to follow an account or retweet," Dorsey wrote. "Paying for reach removes that decision, forcing highly optimized and targeted political messages on people.
Dorsey said it would be "not credible" for Twitter to tell users it's committed to stopping the spread of misinformation while allowing advertisers to target users with political ads just because they've paid Twitter to do so. Without naming Facebook or its CEO Mark Zuckerberg, Dorsey seemed to take a shot at the company's rhetoric around political ads. Zuckerberg has recently been discussing the importance of "free expression" in connection to Facebook's political ad policy, like at a Georgetown University event dedicated to that ideal.
In his final tweet on the topic, Dorsey said pointedly, "This isn't about free expression. This is about paying for reach. And paying to increase the reach of political speech has significant ramifications that today's democratic infrastructure may not be prepared to handle. It's worth stepping back in order to address.", Zuckerberg said Facebook once considered banning political ads as well and that they don't even make up a significant portion of the business.
Dorsey addressed the slippery slope theory in his tweets explaining the move, saying Twitter also considered barring only candidate ads, but said issue ads present a way around this. In the end, he said, Twitter decided to ban issue ads as well since the company believed it's unfair to allow everyone but the candidates themselves to buy ads on topics they care about.
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