Nina Jankowicz, a disinformation expert and vice president at the Centre for Information Resilience, gestures during an interview with AFP in Washington, DC, on March 23, 2023.
Bastien Inzaurralde | AFP | Getty Images
Nina Jankowicz’s dream job has turned into a nightmare.
For the past 10 years, she’s been a disinformation researcher, studying and analyzing the spread of Russian propaganda and internet conspiracy theories. In 2022, she was appointed to the White House’s Disinformation Governance Board, which was created to help the Department of Homeland Security fend off online threats.
Now, Jankowicz’s life is filled with government inquiries, lawsuits and a barrage of harassment, all the result of an extreme level of hostility directed at people whose mission is to safeguard the internet, particularly ahead of presidential elections.
Jankowicz, the mother of a toddler, says her anxiety has run so high, in part due to death threats, that she recently had a dream that a stranger broke into her house with a gun. She threw a punch in the dream that, in reality, grazed her bedside baby monitor. Jankowicz said she tries to stay out of public view and no longer publicizes when she’s going to events.
“I don’t want somebody who wishes harm to show up,” Jankowicz said. “I have had to change how I move through the world.”
In prior election cycles, researchers like Jankowicz were heralded by lawmakers and company executives for their work exposing Russian propaganda campaigns, Covid conspiracies and false voter fraud accusations. But 2024 has been different, marred by the potential threat of litigation by powerful people like X owner Elon Musk as well congressional investigations conducted by far-right politicians, and an ever-increasing number of online trolls.
Alex Abdo, litigation director of the Knight First Amendment Institute at Columbia University, said the constant attacks and legal expenses have “unfortunately become an occupational hazard” for these researchers. Abdo, whose institute has filed amicus briefs in several lawsuits targeting researchers, said the “chill in the community is palpable.”
Jankowicz is one of more than two dozen researchers who spoke to CNBC about the changing environment of late and the safety concerns they now face for themselves and their families. Many declined to be named to protect their privacy and avoid further public scrutiny.
Whether they agreed to be named or not, the researchers all spoke of a more treacherous landscape this election season than in the past. The researchers said that conspiracy theories claiming that internet platforms try to silence conservative voices began during Trump’s first campaign for president nearly a decade ago and have steadily increased since then.
SpaceX and Tesla founder Elon Musk speaks at a town hall with Republican candidate U.S. Senate Dave McCormick at the Roxain Theater on October 20, 2024 in Pittsburgh, Pennsylvania.
Michael Swensen | Getty Images
‘Those attacks take their toll’
The chilling effect is of particular concern because online misinformation is more prevalent than ever and, particularly with the rise of artificial intelligence, often even more difficult to recognize, according to the observations of some researchers. It’s the internet equivalent of taking cops off the streets just as robberies and break-ins are surging.
Jeff Hancock, president of the Stanford Internet Observatory, said we’re in a “trust and safety winter.” He’s experienced it firsthand.
After the SIO’s work looking into misinformation and disinformation during the 2020 election, the institute was sued three times in 2023 by conservative groups, who alleged that the organization’s researchers colluded with the federal government to censor speech. Stanford spent millions of dollars to defend its staff and students fighting the lawsuits.
During that time, SIO downsized significantly.
“Many people have lost their jobs or worse and especially that’s the case for our staff and researchers,” said Hancock, during the keynote of his organization’s third annual Trust and Safety Research Conference in September. “Those attacks take their toll.”
SIO didn’t respond to CNBC’s inquiry about the reason for the job cuts.
Google last month laid off several employees, including a director, in its trust and safety research unit just days before some of them were scheduled to speak at or attend the Stanford event, according to sources close to the layoffs who asked not to be named. In March, the search giant laid off a handful of employees on its trust and safety team as part of broader staff cuts across the company.
Google didn’t specify the reason for the cuts, telling CNBC in a statement that, “As we take on more responsibilities, particularly around new products, we make changes to teams and roles according to business needs.” The company said it’s continuing to grow its trust and safety team.
Jankowicz said she began to feel the hostility two years ago after her appointment to the Biden administration’s Disinformation Governance Board.
She and her colleagues say they faced repeated attacks from conservative media and Republican lawmakers, who alleged that the group limited free speech. After just fourmonths in operation, the board was shuttered.
In an August 2022 statement announcing the termination of the board, DHS didn’t provide a specific reason for the move, saying only that it was following the recommendation of the Homeland Security Advisory Council.
Jankowicz was then subpoenaed as a part of an investigation by a subcommittee of the House Judiciary Committee intended to discover whether the federal government was colluding with researchers to “censor” Americans and conservative viewpoints on social media.
“I’m the face of that,” Jankowicz said. “It’s hard to deal with.”
Since being subpoenaed, Jankowicz said she’s also had to deal with a “cyberstalker,” who repeatedly posted about her and her child on social media site X, resulting in the need to obtain a protective order. Jankowicz has spent more than$80,000 in legal bills on top of the constant fear that online harassment will lead to real-world dangers.
On notorious online forum 4chan, Jankowicz’s face grazed the cover of a munitions handbook, a manual teaching others how to build their own guns. Another person used AI software and a photo of Jankowicz’s face to create deep-fake pornography, essentially putting her likeness onto explicit videos.
“I have been recognized on the street before,” said Jankowicz, who wrote about her experience in a 2023 story in The Atlantic with the headline, “I Shouldn’t Have to Accept Being in Deepfake Porn.”
One researcher, who spoke on condition of anonymity due to safety concerns, said she’s experienced more online harassment since Musk’s late 2022 takeover of Twitter, now known as X.
In a direct message that was shared with CNBC, a user of X threatened the researcher, saying they knew her home address and suggested the researcher plan where she, her partner and their“little one will live.”
Within a week of receiving the message, the researcher and her family relocated.
Misinformation researchers say they are getting no help from X. Rather, Musk’s company has launched several lawsuits against researchers and organizations for calling out X for failing to mitigate hate speech and false information.
In November, X filed a suit against Media Matters after the nonprofit media watchdog published a report showing that hateful content on the platform appeared next to ads from companies including Apple, IBM and Disney. Those companies paused their ad campaigns following the Media Matters report, which X’s attorneys described as “intentionally deceptive.”
Then there’s House Judiciary Chairman Jim Jordan, R-Ohio, who continues investigating alleged collusion between large advertisers and the nonprofit Global Alliance for Responsible Media (GARM), which was created in 2019 in part to help brands avoid having their promotions show up alongside content they deem harmful. In August, the World Federation of Advertisers said it was suspending GARM’s operations after X sued the group, alleging it organized an illegal ad boycott.
GARM said at the time that the allegations “caused a distraction and significantly drained its resources and finances.”
Abdo of the Knight First Amendment Institute said billionaires like Musk can use those types of lawsuits to tie up researchers and nonprofits until they go bankrupt.
Representatives from X and the House Judiciary Committee didn’t respond to requests for comment.
Less access to tech platforms
X’s actions aren’t limited to litigation.
Last year, the company altered how its data library can be used and, instead of offering it for free, started charging researchers $42,000 a month for the lowest tier of the service, which allows access to 50 million tweets.
Musk said at the time that the change was needed because the “free API is being abused badly right now by bot scammers & opinion manipulators.”
Kate Starbird, an associate professor at the University of Washington who studies misinformation on social media, said researchers relied on Twitter because “it was free, it was easy to get, and we would use it as a proxy for other places.”
“Maybe 90% of our effort was focused on just Twitter data because we had so much of it,” said Starbird, who was subpoenaed for a House Judiciary congressional hearing in 2023 related to her disinformation studies.
A more stringent policy will take effect on Nov. 15, shortly after the election, when X says that under its new terms of service, users risk a $15,000 penalty for accessing over 1 million posts in a day.
“One effect of X Corp.’s new terms of service will be to stifle that research when we need it most,” Abdo said in a statement.
Meta CEO Mark Zuckerberg attends the Senate Judiciary Committee hearing on online child sexual exploitation at the U.S. Capitol in Washington, D.C., on Jan. 31, 2024.
Nathan Howard | Reuters
It’s not just X.
In August, Meta shut down a tool called CrowdTangle, used to track misinformation and popular topics on its social networks. It was replaced with the Meta Content Library, which the company says provides “comprehensive access to the full public content archive from Facebook and Instagram.”
Researchers told CNBC that the change represented a significant downgrade. A Meta spokesperson said that the company’s new research-focused tool is more comprehensive than CrowdTangle and is better suited for election monitoring.
In addition to Meta, other apps like TikTok and Google-owned YouTube provide scant data access, researchers said, limiting how much content they can analyze. They say their work now often consists of manually tracking videos, comments and hashtags.
“We only know as much as our classifiers can find and only know as much as is accessible to us,” said Rachele Gilman, director of intelligence for The Global Disinformation Index.
In some cases, companies are even making it easier for falsehoods to spread.
For example, YouTube said in Juneof last year it would stop removing false claims about 2020 election fraud. And ahead of the 2022 U.S. midterm elections, Meta introduced a new policy allowing political ads to question the legitimacy of past elections.
YouTube works with hundreds of academic researchers from around the world today through its YouTube Researcher Program, which allows access to its global data API “with as much quota as needed per project,” a company spokeswoman told CNBC in a statement. She added that increasing access to new areas of data for researchers isn’t always straightforward due to privacy risks.
A TikTok spokesperson said the company offers qualifying researchers in the U.S. and the EU free access to various, regularly updated tools to study its service. The spokesperson added that TikTok actively engages researchers for feedback.
Not giving up
As this year’s election hits its home stretch, one particular concern for researchers is the period between Election Day and Inauguration Day, said Katie Harbath, CEO of tech consulting firm Anchor Change.
Fresh in everyone’s mind is Jan. 6, 2021, when rioters stormed the U.S. Capitol while Congress was certifying the results, an event that was organized in part on Facebook. Harbath, who was previously a public policy director at Facebook, said the certification process could again be messy.
“There’s this period of time where we might not know the winner, so companies are thinking about ‘what do we do with content?'” Harbath said. “Do we label, do we take down, do we reduce the reach?”
Despite their many challenges, researchers have scored some legal victories in their efforts to keep their work alive.
In March, a California federal judgedismissed a lawsuit by X against the nonprofit Center for Countering Digital Hate, ruling that the litigation was an attempt to silence X’s critics.
Three months later, a ruling by the Supreme Court allowed the White House to urge social media companies to remove misinformation from their platform.
Jankowicz, for her part, has refused to give up.
Earlier this year, she founded the American Sunlight Project, which says its mission is “to ensure that citizens have access to trustworthy sources to inform the choices they make in their daily lives.” Jankowicz told CNBC that she wants to offer support to those in the field who have faced threats and other challenges.
“The uniting factor is that people are scared about publishing the sort of research that they were actively publishing around 2020,” Jankowicz said. “They don’t want to deal with threats, they certainly don’t want to deal with legal threats and they’re worried about their positions.”
The Freetrade application on a smartphone and desktop PC.
Freetrade
LONDON — Freetrade, a British rival to popular stock trading app Robinhood, said Thursday that it’s been acquired by online investing platform IG Group.
The deal values Freetrade at £160 million ($195 million) — a 29% discount to its last valuation. The startup said that it would continue to operate as a commercially standalone entity under its own brand.
Founded in 2016, Freetrade garnered popularity among mainly younger, more inexperienced traders in the U.K. with its zero-commission trading platform.
The app initially began by offering equities but later expanded to roll out trading in exchange-traded funds, savings products and government bonds.
In pandemic times, Freetrade was riding high on a retail trader frenzy. The app benefited heavily from GameStop “short squeeze” in early 2021, when traders on a Reddit forum for retail investors piled into the stock and caused it to rally in price.
Short-selling refers to the practice of an investor borrowing an asset and then selling it on the open market with the expectation of repurchasing it for less money in future for a profit.
However, worsening macroeconomic conditions in 2022 and 2023 hit Covid high-fliers like Freetrade hard — and in 2023, Freetrade completed a crowdfunding round at a valuation of £225 million down 65% from the £650 million it was worth previously.
Viktor Nebehaj, CEO and co-founder of Freetrade, described the takeover as a “transformative deal that recognizes the significant value that Freetrade has created.”
“Together with IG Group’s significant resources and backing, this is an exciting opportunity to accelerate our growth and delivery of new products and features,” he added.
Freetrade said the transaction is subject to customary closing conditions including regulatory approvals, adding that it expects it will close the deal later this year.
US President Joe Biden, left, and Antony Blinken, US secretary of state, speak on the ceasefire deal between Israel and Hamas, in the Cross Hall of the White House in Washington, DC, US, on Wednesday, Jan. 15, 2025. Israel and Hamas agreed to a ceasefire deal, bringing at least a temporary halt to the war in Gaza that has killed tens of thousands of people in the last 15 months and touched off broader turmoil across the Middle East.
Aaron Schwartz | Sipa | Bloomberg | Getty Images
The Biden administration on Thursday announced an executive order on cybersecurity that imposes new standards for companies selling to the U.S. government and calls for greater disclosure from software providers.
The White House is looking to put in place new rules “to strengthen America’s digital foundations,” Anne Neuberger, deputy national security advisor for cybersecurity and emerging technology, said in a briefing with reporters on Wednesday.
Cyberattacks have caused an increasing number of disruptions inside federal agencies and companies in recent years.
Attackers have pulled off ransomware attacks at Change Healthcare, the operator of the Colonial Pipeline and the Ascension health care system. And Microsoft said in 2023 that Chinese attackers had broken into U.S. government officials’ email accounts, prompting a critical federal report and a series of changes at the software maker.
Companies selling software to the U.S. government will have to demonstrate that their development practices are secure, according to a statement. There will be “evidence that we post on a government website for all software users to benefit from,” Neuberger said.
The General Services Administration will have to make policy that makes cloud providers provide information to clients on how to operate securely.
Companies selling products and services to the U.S. government must adhere to a new set of security practices as a result of the executive order.
Last week the White House announced the U.S. Cyber Trust Mark label to help consumers evaluate internet-connected devices. The executive order states that the U.S. government will only purchase such products if they carry the label, starting in 2027.
The order also directs the National Institute for Standards and Technology to come up with guidance for handling software updates. In late 2020, hackers gained access to Microsoft and U.S. Defense Department systems by targeting updates to SolarWinds‘ Orion software.
It’s not clear if President-elect Donald Trump’s new administration will uphold the executive order. Biden’s cybersecurity officials have not met with those who will take up the work for Trump.
“We haven’t discussed, but we are very happy to, as soon as the incoming cyber team is named, of course, have any discussions during this final transition period,” Neuberger said.
A logo of Taiwan Semiconductor Manufacturing Company (TSMC) is seen during the TSMC global RnD Center opening ceremony in Hsinchu on July 28, 2023. (Photo by Amber Wang / AFP)
Here are TSMC’s fourth-quarter results versus LSEG consensus estimates:
Net revenue: 868.46 billion New Taiwan dollars ($26.36 billion), vs. NT$850.08 billion expected
Net income: NT$374.68 billion, vs. NT$366.61 billion expected
TSMC profit rose 57% from a year earlier to a record high, while revenue jumped 38.8%. The firm had forecast fourth-quarter revenue between $26.1 billion and $26.9 billion.
As the world’s largest contract chip manufacturer TSMC produces advanced processors for clients such as Nvidia and Apple and has benefited from the megatrend in favor of AI.
TSMC’s high-performance computing division, which encompasses artificial intelligence and 5G applications, drove sales in the fourth quarter, contributing 53% of revenue. That HPC revenue was up 19% from the previous quarter.
“The surging demand for AI chips has exceeded expectations in Q4,” Brady Wang, associate director at Counterpoint Research told CNBC, adding that revenue was also bolstered by demand for the advanced chips in Apple’s latest iPhone 16 model.
The Taiwan-based company first released its December revenue last week, bringing its annual total to NT$ 2.9 trillion — a record-breaking year in sales since the company went public in 1994.
“We observed robust AI related demand from our customers throughout 2024,” Wendell Huang, chief financial officer and vice president at TSMC, said in an earnings call on Thursday, adding that revenue from AI accelerator products accounted for “close to a mid-teens percentage” of total revenue in 2024.
“Even after more than tripling in 2024, we forecast our revenue from AI accelerators to double in 2025 as a strong surge in AI-related demand continues as a key enabler of AI applications,” Huang added.
However, TSMC may face some headwinds in 2025 from U.S. restrictions on advanced semiconductor shipments to China and uncertainty surrounding the trade policy of President-elect Donald Trump.
TSMC Chairman and CEO C.C. Wei said the company will not attend Trump’s inauguration as its philosophy is to keep a low profile, Reuters reported.
Trump, who will assume office next week, has threatened to impose broad tariffs on imports and has previously accused Taiwan of “stealing” the U.S. chip business. .
Still, Counterpoint’s Wang forecasts 2025 to be another strong year for TSMC, with significant revenue growth fueled by strong and expanding demand for AI applications, both in diversity and volume.
Taiwan-listed shares of TSMC gained 81% in 2024 and were trading 3.75% higher on Thursday.
Stocks of European semiconductor companies trading on the Euronext Amsterdam Stock Exchange rose Thursday, with ASML up 3.5%, ASM International gaining 3.75% and Besi rising 5.1%.