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How Twitter is handling the 2021 US presidential transition

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Twitter has set out its plans for US Inauguration Day 2021, next Wednesday, January 20, when president-elect Joe Biden will be sworn into office as the 46th US president and vice president-elect Kamala Harris will become VP.

“This year, multiple challenging circumstances will require that most people experience this historic ceremony virtually,” the social media firm writes in a blog post detailing how it will handle the transition of power on its platform as the Trump administration departs office.

“As Twitter will serve as both a venue for people to watch and talk about this political event, and play a key role in facilitating the transfer of official government communication channels, we want to be transparent and clear about what people should expect to see on the platform.”

The inauguration will of course be livestreamed via Twitter by multiple accounts (such as news outlets), as well as the official inauguration accounts, @JCCIC and @BidenInaugural.

Twitter will also be streaming the ceremony via its US Elections Hub, where it says it will share curated Moments, Lists and accounts to follow as well.

Once sworn into office, Biden and Harris will gain control of the @POTUS and @VP Twitter accounts. Other accounts that will transition to the new administration on the day include @WhiteHouse, @FLOTUS and @PressSec.

Twitter has also confirmed that Harris’ husband, Douglas Emhoff, will use a new official account — called @SecondGentleman. (It’s not clear why not ‘SGOTUS’; aside from, well, the unloveliness of the acronym.) 

As it did when president Obama left office, Twitter will transfer the current institutional accounts of the Trump administration to the National Archives and Records Administration (Nara) — meaning the outgoing administration’s tweets and account history will remain publicly available (with account usernames updated to reflect their archived status, e.g. @POTUS will be archived as @POTUS45).

However Trump’s personal account, which he frequently used as a political cudgel, yelling in ALL CAPS and/or spewing his customary self-pitying tweets, has already been wiped from public view after Twitter took the decision to permanently ban him last week for repeat violations of its rules of conduct. So there’s likely to be a major gap in Nara’s Trump archive.

Since late last year we’ve known the transitioning @POTUS and institutional accounts will not automatically retain followers from the prior administration. But Twitter still hasn’t confirmed why.

Today it just reiterated that the current (33.3M) followers of @POTUS and the other official accounts will receive a notification about the archival process which will include the “option” to follow the new holders of the accounts.

That’s another notable change from 2017 when Trump inherited the ~14M followers of president Obama’s @POTUS. Biden will instead have to start his presidential tweeting from scratch.

Given the chaotic events in the US capital last week, when supporters of the outgoing president broke through police lines to cause mayhem on the hill and in the House, there’s every reason for tech platforms to approach the 2021 transition with trepidation, lest their tools get used to livestream another historic insurrection (or worse).

Since then Trump has also continued to maintain his false claim that the election was stolen through voter fraud.

Although he avoided any new direct reference to this big lie when he circumvented Twitter’s ban on his personal account earlier this week, by posting a new video of himself speaking on the official @WhiteHouse account.

In the video he decried the “incursion at the US capital”, as he put it; claimed that he “unequivocally condemns the violence that we saw last week”; and called for unity. But Twitter has put tight limits on what Trump can say on its platform without having his posts removed (as well limiting him to the official @POTUS channel). So he remains on a very tight speech leash.

In the video Trump limits his verbal attacks to a few remarks — about what he describes as “the unprecedented assault on free speech we have seen in recent days” — dubbing tech platforms’ censorship “wrong” and “dangerous”, and adding that “what is needed now is for us to listen to one another, not to silence one another”.

There’s a lot going on here but it should not escape notice that Trump’s seeming contrition and quasi-concession and his very-last-minute calls for unity have only come when he actively feels power draining away from him.

Most notably, his call for unity has only come after powerful tech platforms acted to shut off his hate-megaphone — ending the years of special dispensation they granted Trump to ride roughshod over democratic convention and tear up the civic rulebook.

It’s very interesting to speculate how different the 2021 US inauguration might look and feel if platforms like Twitter had consistently enforced their rules against Trump from the get-go.

Instead we’re stuck in all sorts of lockdown, counting the days til Biden takes office — and above all hoping for a smooth transition of power.

So Twitter CEO Jack Dorsey is quite right when he said this week that Twitter has failed in its mission to “promote healthy conversation”. His company ignored warnings about online toxicity for years. Trump is, in no small part, the divisive product of that. 

In a brief section of Twitter’s transition handling blog post, entitled “protecting the public conversation”, the company refers back to a post from earlier this week where it set out steps it’s taking to try to prevent its platform from being used to “incite violence, organize attacks, and share deliberately misleading information about the election outcome” in the coming days.

These measures include permanently suspending ~70,000 accounts it said were primarily dedicated to sharing content related to the QAnon conspiracy theory; aggressively beefing up its civic integrity policy; and applying interaction limits on labeled tweets plus blocking violative keywords from appearing in Trends and search.

“These efforts, including our open lines of communication with law enforcement, will continue through the inauguration and will adapt as needed if circumstances change in real-time,” it adds, preparing for the possibility of more unrest.

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Bitski raises $19 million from a16z to become the ‘Shopify for NFTs’

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For every crypto-skeptic that see NFTs as yet another hype bubble, there’s an acolyte who sees NFTs as the key to unlocking the future of the creative web.

Bitski, an SF-based startup that builds custom NFT storefronts for brands and creators, is banking on the latter and they have new investors betting the same. The startup tells TechCrunch they’ve raised $19 million in a Series A led by Andreessen Horowitz. The firm joins a host of creators and celebrities including Jay Z, MrBeast, Serena Willliams and 3LAU in backing the startup.

The NFT space has gotten awfully crowded lately, riding a wave of investor hype and billions of dollars worth of transactions in the past several months. While the high-dollar artwork sold by artists like Beeple and exclusive crypto communities like CryptoPunks have been hotbeds of activity, founders like those behind Bitski believe that these blockchain-backed digital goods are going to inspire a massive transformation in how artists, influencers and brands monetize their online popularity.

Bitski is aiming to allow mainstream brands and celebrities to bypass the crypto complexity of early marketplaces, hoping to give customers like early partner Adidas an on-ramp to the NFT world that’s more approachable to consumers who understand digital items but might not have fully bought into crypto. The startup sells creators a variety of subscription plans to power custom NFT storefronts that they can sell through as their own channel rather than pushing users to wide-ranging marketplaces. 

There are plenty of arguments among builders and users of NFT platforms surrounding which elements of a service should be blockchain-based and which should default to more time-honed e-commerce flows. Bitski often errs on the side of user familiarity, allowing credit card purchases on the platform, “forgot your password” functionality and user wallets hosted on Bitski’s own server hardware. They’re controversial onboarding choices that won’t satisfy crypto purists and decentralization advocates but will likely help new users get acquainted with NFTs quickly.

With the company’s Series A closed, Bitski has raised some $23.4 million to date.

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Figure raises $7.5M to help startup employees better understand their compensation

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The topic of compensation has historically been a delicate one that has left many people — especially startup employees — wondering just what drives what can feel like random decisions around pay and equity.

Last June, software engineers (and housemates) Miles Hobby and Geoffrey Tisserand set about trying to solve the problem for companies by developing a data-driven platform that aims to help companies structure their compensation plans and transparently communicate them to candidates.

Now today, the startup behind that platform, Figure, announced it has raised $7.5 million in seed funding led by CRV. Bling Capital, Better Tomorrow Ventures and Garage Capital also participated in the financing, along with angel investors such as AngelList co-founder Naval Ravikant, Jason Calacanis, Reddit CEO Steve Huffman and other executives based in Silicon Valley.

The startup has amassed a client list that includes other startups such as fintechs Brex and NerdWallet and AI-powered fitness company Tempo. 

Put simply, Hobby and Tisserand’s mission is to improve workflows and transparency around pay, particularly equity. The pair had both worked at startups themselves (Uber and Instacart, respectively) and ended up leaving money on the table when they left those companies because no one had properly explained to them what their equity, which changed at every valuation, meant.  

Figure co-founders and co-CEOs Miles Hobby and Geoffrey Tisserand. Image Credits: Figure

So, one of their goals was to create a solution that would provide a user-friendly explanation of what a person’s equity stake really means, from tax implications to whether or not they have to buy the stock and/or hold onto it.

“I’ve gone through the job search process many times before and there’s all these complex legal documents to understand why you’re getting 10,000 stock options, but obviously we knew the vast majority of people have no idea how that works,” Tisserand told TechCrunch. “We saw an opportunity there to help companies actually convey the value to their candidates while also making them aware of the potential risks of owning something that’s so illiquid.”

Image Credits: Figure

Another goal of Figure’s is to help create a more fair and balanced process about decisions around pay and equity so that there’s less inequality out there. Pointedly, it aims to remove some of the biases that exist around those decisions by systematizing the process.

“We saw a void in this kind of context around equity…and knew that there had to be a better way for companies to structure, manage and explain their compensation plans,” Hobby said.

To Hobby and Tisserand, Figure is designed to help stop instances of implicit bias.

“Compensation should be based on the work that you’re doing, and not gender or ethnic background,” Tisserand told TechCrunch. “We’re trying to give that context and remove biases. So, we’re trying to help at two different stages –– to surface inequities that already exist and make sure there are no anomalies, and then to help stop them before they can exist.”

Figure also aims to give companies the tools to educate candidates and employees on their total compensation — including equity, salary, benefits and bonuses — in a “straightforward and user-friendly” way. For example, it can create custom offer letters that interactively detail a candidate’s compensation.

“Our goal is for Figure to become an operating system for compensation, where a company can encode their compensation philosophy into our system, and we help them determine their job architecture, compensation bands and offer numbers while monitoring their compensation health to provide adjustment suggestions when needed,” Hobby said.

Post-hire, Figure’s compensation management system “helps keep everything running smoothly.”

Anna Khan, general partner of enterprise software at CRV, is joining Figure’s board as part of the funding. The decision to back the startup was in part personal, she said.

“I’d been investing in software for eight years and was alarmed that no one was building anything around pay equity when it comes to how we’re paid, why we’re paid what we’re paid and on how to build equity long term,” Khan told TechCrunch. “Unfortunately, discussions around compensation and equity still happen behind closed doors and this extends into workflow around compensation — equally broken — with manual leveling, old data and large pay inequities.”

The company plans to use its new capital to expand its product offerings and scale its organization.

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Diginex launches ESG reporting platform aimed at small businesses

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As ESG reporting goes up the agenda for large companies, it’s also increasingly doing so for smaller companies as well. But right now, tracking things like your company’s CO2 emissions is mainly the preserve of large corporations. Now a startup hopes to address this.

Diginex Solutions has a self-guided tool which claims to generate ESG reports six times faster than competitors and comes in at a relatively affordable $99 per month.

The blockchain-enabled reporting tool also generates reports, giving companies the ability to demonstrate their ESG creds.

DiginexESG is certified by the GRI, an international independent standards organization and now operates in the US, UK, Luxembourg, Hong Kong, Singapore, and Chile. It is currently raising venture backing largely from strategic corporate investors.

Competitors include Turnkey Group, NASDAQ Onereport, Enablon (raised $15M) and World-favour.

Mark Blick, CEO at Diginex Solutions said, “The current landscape of ESG reporting is challenging for many organizations – particularly SMEs – requiring huge consultancy fees, time and resources that distracts from day-to-day activity. The DiginexESG platform quite simply takes away those challenges and does all the heavy lifting for them. It’s like Docusign, Dropbox, TurboTax or Slack hardcoded for ESG reporting.”

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