YouTube taps hospitals to create videos to help people witnessing an overdose or heart attack
People walk past a billboard advertisement for YouTube in Berlin, Germany, on Sept. 27, 2019.
Sean Gallup | Getty Images
YouTube is taking steps to fight against medical misinformation, especially when it comes to finding immediate tips on how to handle an emergency.
The company on Wednesday introduced a feature called First Aid Information Shelves, a library of step-by-step videos that show people what to do if they’re witnessing a drug overdose, heart attack or other life-threatening event.
Videos from accredited health organizations such as Mass General Brigham will appear pinned to the top of relevant search results so they’re easy to discover. YouTube users in the U.S. can find videos on 12 topics, including CPR, seizures, choking, bleeding and psychosis. Most are a minute or two long.
“The whole idea is timing and conciseness and trying to share that information as quickly as possible,” Garth Graham, global head of health care and public health at YouTube, told CNBC in an interview. Graham said people should always call first responders right away in the case of an emergency.
The videos will not contain ads, which means Google-owned YouTube won’t make money from them, Graham said.
YouTube was not involved with the content creation, which Graham said was left to experts. In addition to Mass General Brigham, health organizations such as the Mexican Red Cross and the American Heart Association have partnered with YouTube to help make the videos.
Content moderation has long been a challenge for YouTube, which removes videos if they’re found to be in violation of the company’s guidelines. The process is often slow and costly. Medical misinformation became a bigger problem during the Covid-19 pandemic due to the constant spreading of inaccurate messaging related to the effectiveness of vaccines and masks.
In July 2021, more than a year after the onset of the pandemic, YouTube announced plans to label videos and promote credible sources after facing criticism for its role in spreading misinformation. The company banned several high-profile anti-vaxxer accounts and said in September of that year that it had removed more than 130,000 videos for violating its Covid policies.
Even as the pandemic has subsided, medical misinformation continues to proliferate. Researchers recently found that popular videos on YouTube about insomnia and sleep contain both “misinformation and commercial bias,” according to a study in the Journal of Clinical Sleep Medicine.
YouTube announced a new framework for combating medical misinformation in August, outlining how the site will remove content that contradicts established guidance from health officials on subjects including cancer, Covid and reproductive health.
An example of what First Aid Information Shelves will look like on YouTube.
‘First videos that you see’
Mass General Brigham, the largest health-care system in Massachusetts, started officially partnering with YouTube in 2021 “to offer patients easier access to credible medical information,” according to a press release at the time.
The hospital has a dedicated content team with an expertise in medical education that determines the topics and substance of the videos, said Dr. Merranda Logan, the health system’s associate chief academic officer.
For YouTube’s First Aid Information Shelves, Mass General Brigham’s team produced 11 videos across topics such as heart attacks, strokes and seizures.
Logan said there’s a lot of medical information and misinformation online and distinguishing between the two can be a challenge. She said people should be able to turn to trusted experts in an emergency when “every minute, every second counts.”
“We wanted to make sure that these videos are the first videos that you see when you’re on YouTube and you search for any of those topics,” Logan said in an interview. “These videos really are not meant to replace calling 911, but to provide clear and concise information that can help during an emergency.”
When searching for videos on CPR, users will find content from the AHA, which writes the guidelines on the procedure and, since the 1990s, has worked to educate people about how to handle emergency situations.
“We have a really strong interest in partnering with our search engines that we know where people are going for content to make sure that they’re getting scientifically accurate content,” said Dr. Comilla Sasson, the AHA’s vice president for health-care business solutions for emergency cardiovascular care.
Videos will initially be available in English and Spanish, thanks to the help of the Mexican Red Cross, Graham said. Mass General Brigham is also using one of YouTube’s artificial intelligence-powered translation tools to present content in Spanish.
YouTube plans to add more topics, countries and languages in the future.
Graham said YouTube will regularly work with its partners to ensure the videos remain as accurate and up to date as possible. The shelves are part of an “ongoing evolution of information quality” at YouTube, he said.
“It’s important for us all to be prepared to respond to a series of common medical conditions that could happen to us, family, loved ones, people who are passing by,” Graham said. “We should be up to speed on that.”
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Boaz Weinstein, founder and chief investment officer of Saba Capital Management, during the Bloomberg Invest event in New York, US, on Wednesday, June 7, 2023.
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Boaz Weinstein, the hedge fund investor on the winning side of JPMorgan Chase’s $6.2 billion, “London Whale” trading loss in 2011, is now taking on index fund giant BlackRock.
On Friday, Weinstein‘s Saba Capital detailed in a presentation seen by CNBC its plans to push for change at 10 closed-end BlackRock funds that trade at a significant discount to the value of their underlying assets compared to their peers. Saba says the underperformance is a direct result of BlackRock’s management.
The hedge fund wants board control at three BlackRock funds and a minority slate at seven others. It also seeks to oust BlackRock as the manager of six of those ten funds.
“In the last three years, nine of the ten funds that we’re even talking about have lost money for investors,” Weinstein said on CNBC’s “Squawk Box” earlier this week.
At the heart of Saba’s “Hey BlackRock” campaign is an argument around governance. Saba says in its presentation that BlackRock runs those closed-end funds the “exact opposite” way it expects companies to run themselves.
BlackRock “is talking out of both sides of its mouth” by doing this, Saba says. That’s cost retail investors $1.4 billion in discounts, by Saba’s math, on top of the management fees it charges.
BlackRock, Saba says in the deck, “considers itself a leader in governance, but is crushing shareholder rights.” At certain BlackRock funds, for example, if an investor doesn’t submit their vote in a shareholder meeting, their shares will automatically go to support BlackRock. Saba is suing to change that.
A BlackRock spokesperson called that assertion “very misleading” and said those funds “simply require that most shareholders vote affirmatively in favor.”
The index fund manager’s rebuttal, “Defend Your Fund,” describes Saba as an activist hedge fund seeking to “enrich itself.”
The problem and the solution
Closed-end funds have a finite number of shares. Investors who want to sell their positions have to find an interested buyer, which means they may not be able to sell at a price that reflects the value of a fund’s holdings.
In open-ended funds, by contrast, an investor can redeem its shares with the manager in exchange for cash. That’s how many index funds are structured, like those that track the S&P 500.
Saba says it has a solution. BlackRock should buy back shares from investors at the price they’re worth, not where they currently trade.
“Investors who want to come out come out, and those who want to stay will stay for a hundred years, if they want,” Weinstein told CNBC earlier this week.
Weinstein, who founded Saba in 2009, made a fortune two years later, when he noticed that a relatively obscure credit derivatives index was behaving abnormally. Saba began buying up the underlying derivatives that, unbeknownst to him, were being sold by JPMorgan’s Bruno Iksil. For a time, Saba took tremendous losses on the position, until Iksil’s bet turned sour on him, costing JPMorgan billions and netting Saba huge profits.
Saba said in its investor deck that the changes at BlackRock could take the form of a tender offer or a restructuring. The presentation noted that BlackRock previously cast its shares in support of a tender at another closed-end fund where an activist was pushing for similar change.
At the worst-performing funds relative to their peer group, Saba is seeking shareholder approval to fire the manager. In total, BlackRock wants new management at six funds, including the BlackRock California Municipal Income Trust (BFZ), the BlackRock Innovation and Growth Term Trust (BIGZ) and the BlackRock Health Sciences Term Trust (BMEZ).
“BlackRock is failing as a manager by delivering subpar performance compared to relevant benchmarks and worst-in-class corporate governance,” the deck says.
If Saba were to win shareholder approval to fire BlackRock as manager at the six funds, the newly constituted boards would then run a review process over at least six months. Saba says that in addition to offering liquidity to investors, its board nominees would push for reduced fees and for other unspecified governance fixes.
A BlackRock spokesperson told CNBC that the firm has historically taken steps to improve returns at closed-end funds when necessary.
“BlackRock’s closed-end funds welcome constructive engagement with thoughtful shareholders who act in good faith with the shared goal of enhancing long-term value for all,” the spokesperson said.
Weinstein said Saba has run similar campaigns at roughly 60 closed-end funds in the past decade but has only taken over a fund’s management twice. The hedge fund sued BlackRock last year to remove that so-called “vote-stripping provision” at certain funds and filed another lawsuit earlier this year.
BlackRock has pitched shareholders via mailings and advertisements. “Your dependable, income-paying investment,” BlackRock has told investors, is under threat from Saba.
Saba plans to host a webinar for shareholders on Monday but says BlackRock has refused to provide the shareholder list for several of the funds. The BlackRock spokesperson said that it has “always acted in accordance with all applicable laws” when providing shareholder information, and that it “never blocked Saba’s access to shareholders.”
“What we want is for shareholders, which we are the largest of but not in any way the majority, to make that $1.4 billion, which can be done at the press of a button,” Weinstein told CNBC earlier this week.
WATCH: CNBC’s full interview with Saba Capital’s Boaz Weinstein
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