Social Networks

TikTok Pushes Users To Lemon8 As Ban Looms (axios.com) 71

TikTok has been pushing the platform's sister app, Lemon8, encouraging users to migrate via sponsored posts amid a looming ban. Axios reports: In the last few weeks, Lemon8 has been promoting its app to TikTok users through sponsored TikTok videos. In one sponsored post, TikTok user @miller.dailylife shares a video with a creator saying, "TikTok actually has another backup app. It's called Lemon8 ... and it automatically signs you in with your TikTok so you can still keep the same TikTok name and things like that. And it's supposed to transfer your followers over. ... Once you add Lemon8, it automatically pops up on your TikTok bio, so that people can just click on it. So, just so you guys know, now that they're trying to do this ban, if you want to have somewhere else to go where the government is not 100% controlling what we see, what we consume ... Just go ahead and go on to Lemon8."

In November, TikTok began informing users of its sister app, Lemon8, that beginning late that month Lemon8 would be powered by TikTok, and their TikTok usernames would also be used on Lemon8. "Some of your data on TikTok will be used to power services on lemon8," the notice says. "Your Lemon8 profile link will be shown to your TikTok profile publicly by default," it continues. "You can choose not to show it by editing your TikTok profile."
Last March, Lemon8 jumped into the U.S. App Store's Top 10 list shortly after it launched in the U.S. It currently ranks as one of the top-ranking free apps on Apple's app store.

The report notes that the TikTok ban law also applies to other apps owned by TikTok's Chinese parent ByteDance, like Lemon8. "ByteDance could be betting that regulators and app store companies are so focused on TikTok that they won't pay attention to its other apps," says Axios.
Businesses

GameStop Stock Jumps To New Record (wsj.com) 82

GameStop shares surged to a record Monday, before pulling back and giving up much of their gains, the latest sign that frenetic trading by individual investors is leading to outsize stock-market moves. From a report: Class A shares of the Texas-based games retailer surged as much as 145% to $159.18 in morning trading, before reversing course and briefly turning lower. By midday, the stock was up 27% at $82.55, up more than 330% in 2021. The rapid swings prompted the New York Stock Exchange to briefly halt trading multiple times. The rally has been fueled by individual investors, encouraging each other on social media to pile into GameStop shares and options. The buying pressure has led money managers to switch out of substantial bets that the stock would fall, analysts said. This resulted in a short squeeze, in which rising prices prompt investors to buy back shares they had sold short to cut their losses, pushing the stock higher still.

The company has become a high-profile battleground between bullish chatroom-driven day traders, especially on online platform Reddit, and hedge fund short sellers, who have been betting against the stock. GameStop has been the most-actively traded stock by customers of Fidelity Investments in recent sessions, with buy orders outnumbering sell orders by more than four-to-one, according to the brokerage. "We broke it. We broke GME at open," one Reddit user wrote Monday after the NYSE halted trading, referring to GameStop's stock-market ticker. The tussle over the company, with a modest market value of about $5 billion at Friday's close and four years of declining sales, exemplifies the increased sway of retail investors. Many poured into the market during the coronavirus lockdown, congregating on online platforms to swap trading ideas and to boast about winning bets.
From last week: Gaming the System: How GameStop Stock Surged 1,500% In Nine Months.

Citizen Journalism Expert Jay Rosen Answers Your Questions 42

We posted Jay Rosen's Call for Questions on September 25. Here are his answers, into which he's obviously put plenty of time and thought. This is a "must read" for anyone interested in the growing "citizen journalism" movement either as a writer/editor or as an audience member -- and please note that Rosen and many others say, over and over, that one of the major shifts in the news media, especially online, is that there is no longer any need to be one or the other instead of both.

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