Semafor CEO and founder Ben Smith assesses how the media lost its footing during the Trump years—not through lies, but through disproportion. He critiques the rise of “disinformation” as a catch-all beat and notes that Substack surprised him by housing everything from bug-eating conspiracies to teen memoirists. Plus the structural distrust in media—and how even flawless reporting wouldn’t have prevented audience collapse.
Produced by Corey Wara
Production Coordinator Ashley Khan
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