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After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

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NewslettersCEO Daily

What business can do to fight misinformation

By
Diane Brady
Diane Brady
and
Joey Abrams
Joey Abrams
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By
Diane Brady
Diane Brady
and
Joey Abrams
Joey Abrams
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August 16, 2024, 6:12 AM ET
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Days after Donald Trump was elected president in November 2016, Mark Zuckerberg’s Facebook announced that it had bought a media-tracking and self-described “social-listening” tool called CrowdTangle. The company later touted the tool as part of its efforts to “protect the 2020 election,” announcing that it had provided access to election boards and secretaries of state nationwide “to help them quickly identify misinformation, voter interference and suppression.”   

On Wednesday, the company now known as Meta Platforms shut down CrowdTangle, despite pleas from journalists and watchdog groups to keep the tool running through January to fight disinformation during this year’s upcoming U.S. election. While Meta does police its own platforms, CrowdTangle allowed the rest of us to track the spread of false narratives and see the popularity of inflammatory posts on Facebook. Meta’s alternative, called Meta Content Library, excludes most news organizations and is reportedly not as useful, though Meta says it helps them meet regulatory requirements while meeting privacy standards.  

Business leaders have a vested interest in combating false information. Along with preserving the integrity and trust that keep societies together, businesses can also be the target of misinformation campaigns, as seen recently with efforts to disrupt the Olympics or defraud employees.  

But the leaders who are best equipped to stop the deluge of disinformation on social platforms aren’t making it easy to get the job done. Far from helping solve the problem, Elon Musk’s posts on the social media platform he purchased, X, are contributing to it: The Center for Countering Digital Hate reports that Musk’s false or misleading claims about the U.S. election have garnered nearly 1.2 billion views this year. 

One tactic to combat this deluge is to put resources into promoting the truth. That’s the approach Steve Ballmer is taking with his new “Just The Facts” video series via his nonprofit site USAFacts. As the former Microsoft CEO and Los Angeles Clippers owner told me earlier this week, the goal of the series is to clarify the facts around “hot button issues for the election,” from jobs to illegal immigration. Along with running the videos on YouTube, he’s paying for airtime on networks like Fox.  

Ballmer cast himself as the narrator to “get just a little bit more viewership,” he explained. Although he can be a little less animated when explaining immigration than talking about Microsoft or his basketball team, the videos are a compelling, and reassuringly truthful, summary of facts. His goal: “Let’s get people educated, at a minimum.” 

He’s trying to counteract a problem articulated by Tom Steyer, a prominent climate investor, philanthropist, and Democrat: The fact that we like to be entertained, and tend to gravitate to stories that reinforce our preexisting beliefs. Steyer told a group of us at Fortune that there has been “a huge move from edited news to unedited news, where people get to write authoritatively about things they either know nothing about or [are] absolutely lying about. And there is no teacher at the head of the room to say, ‘Aha, Johnny, that’s not true.’”  

This is partly a matter of market forces, Ballmer says: Because the media industry is “under assault financially,” Ballmer says, “things that are provocative are more rewarded than things which are not.” Ballmer hopes that people will change if confronted with the facts and data, both local and national.  

“I think we’ve accomplished a lot,” he told me, “and I’m daunted by what we still need to do.” 

More news below. 

Diane Brady
diane.brady@fortune.com
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TOP NEWS

Dimon suggests "Buffett Rule" to combat national debt

JPMorgan Chase CEO Jamie Dimon told PBS News yesterday that increasing taxes on the wealthy is one way to help America tackle its $35 trillion debt while continuing to allocate funding toward infrastructure and the military. Dimon cited the "Buffett Rule," which says that a household earning more than $1 million annually shouldn't pay a smaller share of their income in taxes than a middle-class family. Fortune

Concerns grow over Musk's potential stock dump

Tesla investors are worried that CEO Elon Musk will sell more of his stock in the company as X, the social media platform owned by the billionaire, continues to see massive drops in advertising revenue. The electric vehicle company's stock plummeted the last time Elon dumped Tesla stock in late 2022 when he purchased the platform then known as Twitter. Fortune

Walmart beats earnings expectations

Walmart now expects its 2024 sales to increase as much as 4.75%, after reporting that second-quarter revenue was up almost 5% from last year. During a Thursday earnings call, CEO Doug McMillon noted that as well as growing its bargain-seeking customer base, it has also made gains with higher-income shoppers. Fortune

AROUND THE WATERCOOLER

Goldman Sachs’ CEO was rejected twice by the firm. He’s since led it to over $50 billion in revenue by Jane Thier

Global fintech investment falls to $51.9 billion in the first half of 2024, says KPMG data by Allie Garfinkle

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Warren Buffett turns cold on Snowflake as Berkshire Hathaway sheds $989 million stake in AI giant by Leo Schwartz

Whole Foods Market’s CEO grocery shops at least 14 times a week, even on vacation: ‘I’m probably very abnormal’ by Mahnoor Khan

This edition of CEO Daily was curated by Joey Abrams.

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.
About the Authors
Diane Brady
By Diane BradyExecutive Editorial Director
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Diane Brady writes about the issues and leaders impacting the global business landscape. In addition to writing Fortune’s CEO Daily newsletter, she co-hosts the Leadership Next podcast, interviews newsmakers on stage at events worldwide and oversees the Fortune CEO Initiative. She previously worked at Forbes, McKinsey, Bloomberg Businessweek, the Wall Street Journal, and Maclean's. Her book Fraternity was named one of Amazon’s best books of 2012, and she also co-wrote Connecting the Dots with former Cisco CEO John Chambers.

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By Joey AbramsAssociate Production Editor

Joey Abrams is the associate production editor at Fortune.

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