At the recent Dealbook Summit in New York City, Scott Bessent launched a scathing critique of the New York Times. He criticized the publication for its biased reporting on President Donald Trump while neglecting the alleged decline of former President Joe Biden.
Contention Over Coverage
Bessent’s remarks were directed at Times reporter Andrew Ross Sorkin. He accused the outlet of becoming a “fever swamp” and warned that it risks losing relevance. He added that he no longer reads the Times.
Criticism of Trump’s Reporting
The New York Times had recently published an article suggesting that the 79-year-old Trump is exhibiting signs of aging. The piece noted shorter public days, later starts, and instances of fatigue. Bessent vehemently disputed these claims, stating, “It is a hundred percent fake. He only called me twice at 2 in the morning last week instead of three times.”
Concerns About Biden’s Coverage
During the discussion, Bessent laid heavy criticism on the Times for its coverage of the Biden administration. He described it as one of the greatest scandals in history, alleging that the paper has downplayed concerns about Biden’s declining capacity and the lack of accountability.
- Bessent highlighted the difference in the frequency of cabinet meetings between Trump and Biden.
- He questioned how Biden could invoke the 25th Amendment if he rarely meets with his cabinet members.
Declining Relevance of the Times
Bessent’s warning about the Times stemmed from his belief that it has strayed from its role as the paper of record. He suggested that in the coming decades, the publication may no longer hold the same stature.
Financial Performance
Despite the criticism, the New York Times is experiencing strong financial performance. The company recently announced over 12 million subscribers, primarily digital. In the last quarter, it added nearly half a million digital-only subscribers and increased revenue by almost 10%.
Analysts estimate the Times’ value to be over $10 billion, with its stock nearing a 52-week high.
The discourse at the Dealbook Summit highlights ongoing tensions in political media coverage and the challenges traditional news outlets face in maintaining credibility.
