Pink's Bottom Line on Media, Money and Sports
Social media and misinformation, Russian sanctions and sporting events in Russia
In today’s newsletter, I discuss social media and misinformation, Russian sanctions and sporting events in Russia.
MEDIA: Social Media and Misinformation
In the past week, social media has helped deliver crucial information to those on the ground in Ukraine but misinformation has also proliferated in the past week.
Without services like Twitter, Facebook or others, the disturbing sights and sounds of Russia’s invasion would have reached far fewer people .
Pink's Bottom LineHowever, with the proliferation of social media comes the spread of misinformation, which must be managed by companies that own social media platforms.
That ban underscores the Herculean task of managing — and stopping — misinformation that big tech and social media companies are currently facing.
MONEY: Russian Sanctions
With a host of new international economic sanctions on Russia for its invasion of Ukraine, the Russian economy and markets are already feeling their effects.
The ruble fell sharply against most major international currencies, and Russia’s stock market has also plunged.
Pink's Bottom LineAdditionally, those sanctions should dramatically impact international trade with Russia, further isolating the country and pressuring its economy.
Notably, as those sanctions continue, the likelihood of runaway inflation in Russia increases, which would be disastrous for the country.
SPORTS: Sporting Events in Russia
Major international sporting events in Russia have been cancelled following the country’s invasion of Ukraine.
For example, in soccer, the UEFA Champions League final will now be moved from St. Petersburg to Paris, and in auto racing, Formula One has canceled this year’s Russian Grand Prix.
Pink's Bottom LineAdditionally, although top Russian men’s tennis players like word number one Daniil Medvedev and world number seven Andrey Rublev have both publicly condemned war, Russian athletes still could potentially face a ban of participating in international sporting events.
As such, Russia’s invasion of Ukraine is having far reaching effects even in the world of sports.
Jeremy Pink is the former CEO of private-equity backed Broadcast Sports International where he helped lead the company to a successful sale and exit during his tenure there. He is also a former CNBC television executive in New York, London and Singapore. He is currently CEO of Essay Group.
The information contained in this communication is strictly for general informational and entertainment purposes and is not meant to be construed as financial, investment, tax, or legal advice. This communication is not a solicitation to buy or sell any securities. I am not a financial advisor or offering professional advice of any kind. Users should not act upon the content or information found within this communication without first seeking professional advice appropriate for their individual situation. Decisions based on information contained in this communication are the sole responsibility of the user, and use of this communication and its contents constitutes an explicit understanding and acceptance of the foregoing disclaimers.
(Newsletter Editor: Karina Pink)