How does this affect TikTok’s rival, Meta? While Zuckerberg is busy praising Trump, the president-elect has recently said that “without TikTok, you are going to make Facebook bigger. And I consider Facebook to be an enemy of the people.”
He also might be swayed by what appeals to his voters, Lahka says. According to a May report from Emarketer, only 28 per cent of US adults report trusting TikTok, and more than half said they distrust it. Emarketer reports that Trump is also likely to be more lenient in terms of Section 230 of the Communications Decency Act, which holds social media and tech platforms responsible for the content that people post. The expectation is that this could result in less stringent content moderation (as already seen on X, formerly Twitter). Brands should post and advertise accordingly; “this shift may raise brand safety concerns for advertisers, potentially driving some to platforms with stricter controls,” write Emarketer’s Goldman and Konstantinovic.
AI
When it comes to the race to innovate and regulate artificial intelligence, Biden’s policies on AI often picked up where Trump’s had left off, calling for jobs protections, safety standards and mindful US-led innovation. Trump has recently said he would reverse Biden’s executive order on AI, arguing that it slows innovation.
Again, this could have been influenced by Musk, whose startup xAI competes with OpenAI. The administration’s future perspective is likely to incorporate that influence, being more about protecting business interests than consumer interests. “The focus on AI is really one of the reasons why Elon Musk was such a supporter. There is going to be a lot more research on AI and the larger companies will have more capabilities in terms of privacy and data in the US,” Lahka says.
This would again put the onus on brands to be more cautious of their AI tech providers, rather than not relying on big tech to create parameters for them. This might ultimately slow down experimentation and innovation for risk-averse brands hoping to avoid a bad PR moment, algorithmic discrimination or other untoward breaches of trust, especially as consumers have become more aware of AI in recent years. “[With safeguards in place], enterprises will adopt AI much faster and will make more money; VCs or investors think it will slow innovation, but it’s exactly the opposite: it will increase adoption,” Sahil Agarwal, co-founder and CEO of AI risk detection company Enkrypt Ai, recently told Vogue Business.
Crypto
Trump has reversed course and become a vocal supporter of the crypto industry, in part thanks to financial contributions from those who could benefit from favourable policies. This has led to many across fashion and Web3 to support him, including Web3 fashion entrepreneur Gmoney — whose 9dcc brand aimed to be the first major Web3-first fashion brand — and Louis Vuitton Web3 collaborator and Rug Radio founder Farokh Sarmad, who interviewed Trump at Mar-a-Lago in September.
Again, this could lead to less scrutiny and more tailwinds on businesses who might previously have faced oversight from the Biden administration. For brands, this could lead to a rise in the value of cryptocurrencies, leading to a resurgence in NFT collectibles and the community that monetises them. But will crypto still be cool among the fashion crowd? Like most decisions in this imminent era, that remains to be seen.
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