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  • General Mills, Audi pause Twitter ads, will evaluate site

    General Mills, Audi pause Twitter ads, will evaluate site

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    NEW YORK — General Mills and Audi are the latest big advertisers to pause ads on Twitter as questions swirl about how the social media platform will operate under new owner Elon Musk.

    Spokesperson Kelsey Roemhildt on Thursday confirmed the move by the Minneapolis-based maker of food brands such as Cheerios and Annie’s macaroni and cheese.

    “As always, we will continue to monitor this new direction and evaluate our marketing spend,” she said.

    Audi spokesperson Whaewon Choi-Wiles said the German automaker is pausing ads and “will continue to evaluate the situation.”

    Advertisers are concerned about whether content moderation will remain as stringent under Musk — a self-described “free speech absolutist” — as it has been, and whether staying on Twitter might tarnish their brands.

    Shortly before taking over the San Francisco company last week, Musk issued a vow to advertisers that he would not allow Twitter to become a “free-for-all hellscape,” an indication there would still be consequences for violators of its rules against harassment, violence, or election and COVID-related misinformation.

    But since then some users have posted racial slurs and recirculated long-debunked conspiracy theories in an apparent attempt to see if the site’s policies were still being enforced. The NAACP said this week it has expressed to Musk its concerns about “the dangerous, life-threatening hate and conspiracies that have proliferated on Twitter” under his watch.

    Last week, General Motors announced that it had temporarily paused its Twitter advertising while it works to “understand the direction of the platform.” GM described the pause as a normal step it takes when a media platform undergoes significant change.

    IPG Mediabrands sent a recommendation to clients on Monday that they pause advertising on Twitter for a week until more clarity emerges about brand safety on the site, according a person who had seen the recommendation.

    Other big Twitter advertisers like Warner Discovery, Coca-Cola and Nestle did not respond to requests for comment about their advertising plans.

    Some could evaluate their plans after Twitter’s new “content moderation council” meets. Musk has said he will not reinstate any accounts or make major content decisions before it is convened. No date has been announced for that meeting.

    About 90% of Twitter’s revenue comes from advertisers but it’s far from the biggest platform that advertisers turn to for digital marketing. Google, Amazon and Meta account for about 75% of digital ads, with all other platforms combined making up the other 25%.

    Twitter will account for 0.9% of worldwide digital ad spending in 2022, according to projections by Insider Intelligence. Meta will account for 21.4% in 2022.

    Twitter has lost most of its top executives in the past week, including the one in charge of advertising sales.

    Sarah Personette, the site’s chief customer officer, tweeted earlier this week that she resigned on Friday from Twitter and her work access was officially cut off Monday night. Days earlier, she said she had a “great discussion” with Musk and expressed optimism about the company’s future. In announcing her resignation Tuesday, she said she still believes Twitter’s new administration understands the importance of upholding the “brand safety” standards she sought to champion.

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  • 20 dividend stocks that may be safest if the Federal Reserve causes a recession

    20 dividend stocks that may be safest if the Federal Reserve causes a recession

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    Investors cheered when a report last week showed the economy expanded in the third quarter after back-to-back contractions.

    But it’s too early to get excited, because the Federal Reserve hasn’t given any sign yet that it is about to stop raising interest rates at the fastest pace in decades.

    Below is a list of dividend stocks that have had low price volatility over the past 12 months, culled from three large exchange traded funds that screen for high yields and quality in different ways.

    In a year when the S&P 500
    SPX,
    -0.40%
    is down 18%, the three ETFs have widely outperformed, with the best of the group falling only 1%.

    Read: GDP looked great for the U.S. economy, but it really wasn’t

    That said, last week was a very good one for U.S. stocks, with the S&P 500 returning 4% and the Dow Jones Industrial Average
    DJIA,
    -0.32%
    having its best October ever.

    This week, investors’ eyes turn back to the Federal Reserve. Following a two-day policy meeting, the Federal Open Market Committee is expected to make its fourth consecutive increase of 0.75% to the federal funds rate on Wednesday.

    The inverted yield curve, with yields on two-year U.S. Treasury notes
    TMUBMUSD02Y,
    4.540%
    exceeding yields on 10-year notes
    TMUBMUSD10Y,
    4.064%    ,
    indicates investors in the bond market expect a recession. Meanwhile, this has been a difficult earnings season for many companies and analysts have reacted by lowering their earnings estimates.

    The weighted rolling consensus 12-month earning estimate for the S&P 500, based on estimates of analysts polled by FactSet, has declined 2% over the past month to $230.60. In a healthy economy, investors expect this number to rise every quarter, at least slightly.

    Low-volatility stocks are working in 2022

    Take a look at this chart, showing year-to-date total returns for the three ETFs against the S&P 500 through October:


    FactSet

    The three dividend-stock ETFs take different approaches:

    • The $40.6 billion Schwab U.S. Dividend Equity ETF
      SCHD,
      +0.15%
      tracks the Dow Jones U.S. Dividend 100 Indexed quarterly. This approach incorporates 10-year screens for cash flow, debt, return on equity and dividend growth for quality and safety. It excludes real estate investment trusts (REITs). The ETF’s 30-day SEC yield was 3.79% as of Sept. 30.

    • The iShares Select Dividend ETF
      DVY,
      +0.45%
      has $21.7 billion in assets. It tracks the Dow Jones U.S. Select Dividend Index, which is weighted by dividend yield and “skews toward smaller firms paying consistent dividends,” according to FactSet. It holds about 100 stocks, includes REITs and looks back five years for dividend growth and payout ratios. The ETF’s 30-day yield was 4.07% as of Sept. 30.

    • The SPDR Portfolio S&P 500 High Dividend ETF
      SPYD,
      +0.60%
      has $7.8 billion in assets and holds 80 stocks, taking an equal-weighted approach to investing in the top-yielding stocks among the S&P 500. It’s 30-day yield was 4.07% as of Sept. 30.

    All three ETFs have fared well this year relative to the S&P 500. The funds’ beta — a measure of price volatility against that of the S&P 500 (in this case) — have ranged this year from 0.75 to 0.76, according to FactSet. A beta of 1 would indicate volatility matching that of the index, while a beta above 1 would indicate higher volatility.

    Now look at this five-year total return chart showing the three ETFs against the S&P 500 over the past five years:


    FactSet

    The Schwab U.S. Dividend Equity ETF ranks highest for five-year total return with dividends reinvested — it is the only one of the three to beat the index for this period.

    Screening for the least volatile dividend stocks

    Together, the three ETFs hold 194 stocks. Here are the 20 with the lowest 12-month beta. The list is sorted by beta, ascending, and dividend yields range from 2.45% to 8.13%:

    Company

    		 Ticker

    		 12-month beta

    		 Dividend yield

    		 2022 total return
    Newmont Corp.

    		 NEM,
    -0.78%         		0.17

    		 5.20%

    		 -30%
    Verizon Communications Inc.

    		 VZ,
    -0.07%         		0.22

    		 6.98%

    		 -24%
    General Mills Inc.

    		 GIS,
    -1.47%         		0.27

    		 2.65%

    		 25%
    Kellogg Co.

    		 K,
    -0.93%         		0.27

    		 3.07%

    		 22%
    Merck & Co. Inc.

    		 MRK,
    -1.73%         		0.29

    		 2.73%

    		 35%
    Kraft Heinz Co.

    		 KHC,
    -0.56%         		0.35

    		 4.16%

    		 11%
    City Holding Co.

    		 CHCO,
    -1.45%         		0.38

    		 2.58%

    		 27%
    CVB Financial Corp.

    		 CVBF,
    -1.24%         		0.38

    		 2.79%

    		 37%
    First Horizon Corp.

    		 FHN,
    -0.18%         		0.39

    		 2.45%

    		 53%
    Avista Corp.

    		 AVA,
    -7.82%         		0.41

    		 4.29%

    		 0%
    NorthWestern Corp.

    		 NWE,
    -0.21%         		0.42

    		 4.77%

    		 -4%
    Altria Group Inc

    		 MO,
    -0.18%         		0.43

    		 8.13%

    		 4%
    Northwest Bancshares Inc.

    		 NWBI,
    +0.10%         		0.45

    		 5.31%

    		 11%
    AT&T Inc.

    		 T,
    +0.63%         		0.47

    		 6.09%

    		 5%
    Flowers Foods Inc.

    		 FLO,
    -0.44%         		0.48

    		 3.07%

    		 7%
    Mercury General Corp.

    		 MCY,
    +0.07%         		0.48

    		 4.38%

    		 -43%
    Conagra Brands Inc.

    		 CAG,
    -0.82%         		0.48

    		 3.60%

    		 10%
    Amgen Inc.

    		 AMGN,
    +0.41%         		0.49

    		 2.87%

    		 23%
    Safety Insurance Group Inc.

    		 SAFT,
    -1.70%         		0.49

    		 4.14%

    		 5%
    Tyson Foods Inc. Class A

    		 TSN,
    -0.40%         		0.50

    		 2.69%

    		 -20%
    Source: FactSet

    Any list of stocks will have its dogs, but 16 of these 20 have outperformed the S&P 500 so far in 2022, and 14 have had positive total returns.

    You can click on the tickers for more about each company. Click here for Tomi Kilgore’s detailed guide to the wealth of information available free on the MarketWatch quote page.

    Don’t miss: Municipal bond yields are attractive now — here’s how to figure out if they are right for you

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  • Trump Organization faces criminal tax fraud trial over perks

    Trump Organization faces criminal tax fraud trial over perks

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    NEW YORK — For years, as Donald Trump was soaring from reality TV star to the White House, his real estate empire was bankrolling big perks for some of his most trusted senior executives, including apartments and luxury cars.

    Now Trump’s company, the Trump Organization, is on trial this week for criminal tax fraud — on the hook for what prosecutors say was a 15-year scheme by top officials to hide the plums and avoid paying taxes.

    Opening statements and the first witnesses are expected Monday in New York. Last week, 12 jurors and six alternates were picked for the case, the only criminal trial to arise from the Manhattan district attorney’s three-year investigation of the former president.

    Among the key prosecution witnesses: Trump’s longtime finance chief Allen Weisselberg, who pleaded guilty and has agreed to testify against the company in exchange for a five-month jail sentence.

    If convicted, the Trump Organization could be fined more than $1 million and could face difficulty in securing new loans and deals. Some partners and government entities could seek to cut ties with the company. It could also hamper its ability to do business with the U.S. Secret Service, which sometimes pays the company for lodging and services while protecting Trump as a former president.

    Neither Trump nor any of his children who have worked as Trump Organization executives are charged or accused of wrongdoing. Trump is not expected to testify or even attend the trial.

    Prosecutors have said they do not need to prove Trump knew about the scheme to get a conviction and that the case is “not about Donald Trump.” But a defense lawyer, William J. Brennan, said even if he’s not physically there, Trump is “ever present, like the mist in the room.”

    That’s because Trump is synonymous with the Trump Organization, the entity through which he manages his many ventures, including his investments in golf courses, luxury towers and other real estate, his many marketing deals and his TV pursuits.

    Trump signed some of the checks at the center of the case. His name is on memos and other company documents. Witnesses could testify about conversations they had with Trump. They are even expected to enter Trump’s personal general ledgers as evidence.

    Prosecutors say The Trump Organization — through its subsidiaries Trump Corp. and Trump Payroll Corp. — is liable in part because former Weisselberg was a “high managerial agent” entrusted to act on behalf of the company and its various entities.

    The Trump Organization has said it did nothing wrong. The company’s lawyers argue that Weisselberg and other executives acted on their own and that, if anything, their actions harmed the company financially.

    Weisselberg, who has pleaded guilty to taking $1.7 million in off-the-books compensation, pinned blame on himself and other top Trump Organization executives, including senior vice president and controller Jeffrey McConney.

    But he disagreed with the notion that the company was harmed, saying the perks actually saved the company money because it avoiding having to give raises.

    Prosecutors have said they expect to call 15 witnesses, including Weisselberg and McConney, who was granted limited immunity to testify last year before a grand jury.

    Judge Juan Manuel Merchan expects the trial to take at least four weeks, though a defense lawyer estimated last week that the prosecution case alone could go on for two months. Court will meet for a full day on Mondays, Tuesdays and Thursday and for a half-day on Friday. The trial is off on Wednesday so the judge can attend to other matters.

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  • T Stock Price | AT&T Inc. Stock Quote (U.S.: NYSE) | MarketWatch

    T Stock Price | AT&T Inc. Stock Quote (U.S.: NYSE) | MarketWatch

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    This is a Real-time headline. These are breaking news, delivered the minute it happens, delivered ticker-tape style. Visit www.marketwatch.com or the quote page for more information about this breaking news.

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  • AT&T stock surges toward best day since 2020 as earnings mark a ‘step forward’

    AT&T stock surges toward best day since 2020 as earnings mark a ‘step forward’

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    Shares of AT&T Inc. were up more than 9% in morning trading Thursday after the telecommunications company topped profit expectations and posted another quarter of sizable subscriber gains.

    The company saw 708,000 postpaid phone net additions during the period, building on the 1.5 billion such net additions it saw during the first half of the year. Postpaid phone churn in the latest quarter was 0.84%.

    The subscriber traction reflected “more of the same,” AT&T’s
    T,
    +9.01%
    investor relations head Amir Rozwadowski told MarketWatch. While he said that some wireless competitors have been adjusting their promotions every few weeks, he added that AT&T has stayed more consistent with its strategy, something he saw as beneficial for consumers, who understand what the company is offering, and store associates, who don’t have to make major adjustments to their messaging.

    AT&T also added 338,000 net fiber subscribers in the third quarter.

    Shares were up 9.5% in Wednesday morning trading and on track to log their best single-day performance since March 13, 2020, when they rose 10.0%. The stock is also on track to log its best post-earnings gain since at least 1997, according to Dow Jones Market Data.

    Revenue came in at $30.0 billion, down from $31.3 billion a year before, though up from $29.1 billion in revenue for standalone AT&T when adjusting for business divestments. The FactSet consensus was $29.8 billion in revenue.

    AT&T attributed the drop in headline revenue during the latest quarter to the divestment of its U.S. video business last July as well as lower business wireline revenue. Those trends were partially offset by higher mobility revenue.

    AT&T expects growth in mobility service revenues at the “upper end” of the 4.5% to 5% range for the full year. It gave a target of 4.5% to 5% growth in its second-quarter report.

    “Our results demonstrate that the strategy we put forward more than two years ago is the right strategy for not only the future of our business, but for the future of the communications industry,” Chief Executive John Stankey said on the company’s earnings call.

    The current inflationary backdrop impacts both consumers and AT&T, and the company recently raised prices on some legacy plans recently as it dealt with its own inflationary costs. Despite financial pressures on consumers, Rozwadowski said that AT&T has seen consumers trade up to higher-tier plans more generally because they see more value in those plans.

    While he said that AT&T was “certainly seeing signs of inflation across our business,” he also emphasized that consumers seem to have a strong appreciation for connectivity services as they evaluate their expenses. “You need phone and broadband probably more now than in the last recession,” Rozwadowski said.

    AT&T executives highlighted last quarter that some consumers were taking a bit longer to pay their bills, though they ultimately were still paying them. The company is “not seeing any material change relative to what we saw last quarter,” Rozwadowski said, as customer payment cycles are holding steady at pre-pandemic levels.

    The company posted third-quarter income from continuing operations of $6.3 billion, or 79 cents a share, compared with $5.0 billion, or 63 cents a share, in the year-prior quarter.

    After adjustments for actuarial gains on benefit plans and some other factors, AT&T notched 68 cents a share in earnings from continuing operations, up from 66 cents a share a year earlier, and also above the 62 cents a share in earnings from continuing operations for standalone AT&T during that year-ago period. The standalone number accounts for the fact that the company divested its U.S. video business last summer.

    Analysts tracked by FactSet were modeling 61 cents a share in adjusted earnings for AT&T’s third quarter.

    Citi Research analyst Michael Rollins called AT&T’s latest earnings a “step forward,” highlighting that they “reflect a better balance of profitability relative to its revenue growth.”

    “Results show that AT&T remains highly-competitive in wireless, while showing forward progress on improving fiber net adds with its expanding footprint,” he continued in a note to clients.

    AT&T generated $3.8 billion in free-cash flow from continuing operations during the September quarter, and Chief Financial Officer Pascal Desroches shared on the earnings call that AT&T felt “good about our line of sight to achieving our free-cash flow target in the $14 billion range for the year.”

    Rozwadowski said that the company was focused on putting cash back into the network.

    “The business is generating a healthy amount of cash,” he said, and by investing that money in network improvements, AT&T hopes to achieve a “flywheel effect” since an enhanced network can help the company retain customers and convince them to pay up for more expensive plans.

    Desroches added on the earnings call that AT&T was “very comfortable with our cash levels after paying our dividend commitment” and said that “this should only increase in future years as we expect cash conversion to improve from here.”

    The company models adjusted earnings per share from continuing operations of “$2.50 or higher” for the full year, while analysts tracked by FactSet were looking for $2.53.

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  • AT&T stock gains after earnings beat, driven by continued subscriber rush

    AT&T stock gains after earnings beat, driven by continued subscriber rush

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    Shares of AT&T Inc. were up 2% in premarket trading Thursday after the telecommunications company topped profit expectations for its latest quarter.

    The company posted third-quarter income from continuing operations of $6.3 billion, or 79 cents a share, compared with $5.0 billion, or 63 cents a share, in the year-prior quarter.

    After adjustments for actuarial gains on benefit plans and some other factors, AT&T
    T,
    -0.38%
    notched 68 cents a share in earnings from continuing operations, up from 66 cents a share a year earlier, and alone above the 62 cents a share in earnings from continuing operations for standalone AT&T during that year-ago period. The standalone number accounts for the fact that the company divested its U.S. video business last summer.

    Analysts tracked by FactSet were modeling 61 cents a share in adjusted earnings for AT&T’s third quarter.

    Revenue came in at $30.0 billion, down from $31.3 billion a year before, though up from $29.1 billion in revenue for standalone AT&T. The FactSet consensus was for $29.8 billion in revenue.

    AT&T attributed the drop in headline revenue during the latest quarter to the divestment of its U.S. video business last July as well as lower business wireline revenue. Those trends were partially offset by higher mobility revenue.

    The company saw 708,000 postpaid phone net additions during the period, while postpaid phone churn was 0.84%.

    AT&T expects growth in mobility service revenues at the “upper end” of the 4.5% to 5% range for the full year. It gave a target of 4.5% to 5% growth in its second-quarter report. The company also models adjusted earnings per share from continuing operations of “$2.50 or higher” for the full year, while analysts tracked by FactSet were looking for $2.53.

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  • Landmark trial begins over Arkansas’ ban on trans youth care

    Landmark trial begins over Arkansas’ ban on trans youth care

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    LITTLE ROCK, Ark. — The nation’s first trial over a state’s ban on gender-confirming care for children begins in Arkansas this week, the latest fight over restrictions on transgender youth championed by Republican leaders and widely condemned by medical experts.

    U.S. District Judge Jay Moody will hear testimony and evidence starting Monday over the law he temporarily blocked last year prohibiting doctors from providing gender-confirming hormone treatment, puberty blockers or surgery to anyone under 18 years old. It also prevents doctors from referring patients elsewhere for such care.

    The families of four transgender youth and two doctors who provide gender-confirming care want Moody to strike down the law, saying it is unconstitutional because it discriminates against transgender youth, intrudes on parents’ rights to make medical decisions for their children and infringes on doctors’ free speech rights. The trial is expected to last two weeks.

    “As a parent, I never imagined I’d have to fight for my daughter to be able to receive medically necessary health care her doctor say she needs and we know she needs,” said Lacey Jennen, whose 17-year-old daughter has been receiving gender-confirming care.

    Arkansas was the first state to enact such a ban on gender-confirming care, with Republican lawmakers in 2021 overriding GOP Gov. Asa Hutchinson’s veto of the legislation. Hutchinson, who had signed other restrictions on transgender youth into law, said the prohibition went too far by cutting off the care for those currently receiving it.

    Multiple medical groups, including the American Medical Association and the American Academy of Pediatrics, oppose the bans and experts say the treatments are safe if properly administered.

    But advocates of the law have argued the prohibition is within the state’s authority to regulate medical practices.

    “This is about protecting children,” Republican Attorney General Leslie Rutledge said. “Nothing about this law prohibits someone after the age of 18 from making this decision. What we’re doing in Arkansas is protecting children from life-altering, permanent decisions.”

    A similar law has been blocked by a federal judge in Alabama, and a Texas judge has blocked that state’s efforts to investigate gender-confirming care for minors as child abuse. Children’s hospitals around the country have faced harassment and threats of violence for providing gender-confirming care.

    “This latest wave of anti-trans fever that is now spreading to other states started in Arkansas and it needs to end in Arkansas,” said Holly Dickson, executive director of the American Civil Liberties Union of Arkansas, which filed the lawsuit on behalf of the families.

    A three-judge panel of the 8th U.S. Circuit Court of Appeals in August upheld Moody’s preliminary injunction blocking the ban’s enforcement. But the state has asked the full 8th Circuit appeals court to review the case.

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  • Blaze, shots heard from prison in Iran capital amid protests

    Blaze, shots heard from prison in Iran capital amid protests

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    BAGHDAD — A huge fire blazed at a notorious prison where political prisoners and anti-government activists are kept in the Iranian capital. Online videos and local media reported gunshots, as nationwide protests entered a fifth week.

    Iran’s state-run IRNA reported that there were clashes between prisoners in one ward and prison personnel, citing a senior security official. The official said prisoners had set fire to a warehouse full of prison uniforms, which caused the blaze. He said the “rioters” were separated from the other prisoners to de-escalate the conflict.

    The official said the “situation is completely under control” and that firemen were extinguishing the flames. But footage of the blaze continued to circulate online. Videos showed shots ringing out as plumes of smoke engulfed the sky in Tehran amid the sound of an alarm.

    The U.S.-based Center for Human Rights in Iran reported that an “armed conflict” broke out within the prison walls. It said shots were first heard in Ward 7 of the prison. This account could not immediately be verified.

    The prison fire occurred as protesters intensified anti-government demonstrations along main streets and at universities in some cities across Iran on Saturday. Human rights monitors reported hundreds dead, including children, as the movement concluded its fourth week.

    Demonstrators chanted “Down with the Dictator” on the streets of Ardabil in the country’s northwest. Outside of universities in Kermanshah, Rasht and Tehran, students rallied, according to videos on social media. In the city of Sanandaj, a hotspot for demonstrations in the northern Kurdish region, school girls chanted, “Woman, life, freedom,” down a central street.

    The protests erupted after public outrage over the death of 22-year-old Mahsa Amini in police custody. She was arrested by Iran’s morality police in Tehran for violating the Islamic Republic’s strict dress code. Iran’s government insists Amini was not mistreated in police custody, but her family says her body showed bruises and other signs of beating after she was detained.

    At least 233 protesters have been killed since demonstrations swept Iran on Sept. 17, according to U.S.-based rights monitor HRANA. The group said 32 among the dead were below the age of 18. Earlier, Oslo-based Iran Human Rights estimated 201 people have been killed.

    Iranian authorities have dismissed the unrest as a purported Western plot, without providing evidence.

    Public anger in Iran has coalesced around Amini’s death, prompting girls and women to remove their mandatory headscarves on the street in a show of solidarity. Other segments of society, including oil workers, have also joined the movement, which has spread to at least 19 cities, becoming one of the greatest challenges to Iran’s theocracy since the country’s 2009 Green Movement.

    Riots have also broken out in prisons, with clashes reported between inmates and guards in Lakan prison in the northern province of Gilan recently.

    Commercial strikes resumed Saturday in key cities across the Kurdish region, including Saqqez, Amini’s hometown and the birthplace of the protests, Bukan and Sanandaj.

    The government has responded with a brutal crackdown, arresting activists and protest organizers, reprimanding Iranian celebrities for voicing support, even confiscating their passports, and using live ammunition, tear gas and sound bombs to disperse crowds, leading to deaths.

    In a video widely distributed Saturday, plainclothes Basij, a paramilitary volunteer group, are seen forcing a woman into a car and firing bullets into the air amid a protest in Gohardasht, in northern Iran.

    Widespread internet outages have also made it difficult for protesters to communicate with the outside world, while Iranian authorities have detained at least 40 journalists since the unrest began, according to the Committee to Protect Journalists.

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  • Deepfake: Post The Bruce Willis Controversy What Disruption To Entertainment Could Be Caused

    Deepfake: Post The Bruce Willis Controversy What Disruption To Entertainment Could Be Caused

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    At the beginning of October there were numerous reports that veteran actor Bruce Willis had sold the rights to his face to deepfake company, Deepcake. Though these rumors were debunked by an official spokesperson for the actor the conversations around the technology have continued. How could it be used positively for the industry in the future and could it negatively impact actors?

    Willis announced his retirement from acting in March after being diagnosed with a speech disorder known as aphasia. There was a report that he had sold the rights to his face, that major news outlets including the Daily Mail and The Telegraph ran with. Though untrue, it did get people’s imaginations running about the possibilities through using the technology.

    Deepfakes use artificial intelligence (AI) and machine learning technology to render realistic videos. The tech has so far been used to mimic celebrities and other well-known individuals with surprising accuracy. Willis had worked with Deepcake before on a deepfake project, an advert for Russian telecoms company Megafon.

    The advert was shot and aired in 2021 and a Russian actor had Willis’ face superimposed over his using deepfake technology.

    The production, through Deepcake, had to collect numerous materials from Willis and his consent to use his likeness in the advert.

    In a statement from Deepcake, they shed more light on the controversy surrounding the report.

    “The wording about rights is wrong… Bruce couldn’t sell anyone any rights, they are his by default,”

    The quote implies that Willis couldn’t sell his rights even if he wanted to, however, his participation in the Russian advert implies otherwise. Perhaps not long-term, but it could certainly be done on a project-by-project basis.

    If just materials were needed for Willis to be replicated so accurately, anyone could be deepfaked with the requisite archives. For those in the public eye, most of those materials are in the public domain already.

    Some organizations have come out and said the technology would affect actors’ livelihoods and even that they could be contracted out of their voices and/or faces. Regardless the business is growing.

    Deepfake technology has been used for recently retired Darth Vader actor James Earl Jones. His voice as Vader can continue and was recently used on Disney’s Obi-Wan Kenobi series through a company called Respeecher. The voice was even made to sound younger and more relevant to the timeline the show is set-in.

    The growth of the tech does bring the points of rights into question. Could estates that represent deceased celebrities position themselves for their individual to carry on their legacy using deepfake technology? Is it ethical to do so? Music is still released from musicians that have passed away. Michael Jackson, Pop Smoke, and Tupac are notable examples. Though they may have recorded the vocals did that mean they wanted the tracks released? Starting a new project using their likeness is potentially even more controversial, as it’s something they can’t comment on in live terms.

    Willis’ situation is much more unique as he can decide which projects to lend his name and likeness to, with this could we see another layer to performance with actors playing actors portraying characters in the future?

    The continued development of the technology will certainly be something to look out for as another perspective is that characters could live on irrespective of what happens to an actor. Scheduling conflicts could become a thing of the past. The passing of Chadwick Boseman is a prime example. Clearly, no one wanted to replace Boseman but it was pivotal that the Black Panther character continued, with Disney deciding to continue a storyline post the death of T’Challa.

    Speaking with Empire, Marvel head Kevin Feige said about the matter, “It just felt like it was much too soon to recast,”

    “Stan Lee always said that Marvel represents the world outside your window. And we had talked about how, as extraordinary and fantastical as our characters and stories are, there’s a relatable and human element to everything we do. The world is still processing the loss of Chad. And Ryan poured that into the story.”

    There’s a lot to unpack in regards to ethics and processes but there is certainly the potential for mass disruption using deepfake technology.

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    Josh Wilson, Contributor

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