Losers: Square and Twitter shareholders. Since Jack Dorsey became a part-time CEO, both have seen their stock plunge.

Winners: Digital platforms, which will attract 10% of political ad spend this year. Facebook and Google score the lion’s share of that money thanks to highly targeted offerings.

Losers: Those who can’t afford to opt out of ads. As more Internet users take advantage of ad blockers and services like YouTube and Spotify let users pay to skip the ads, it looks like we’re moving to a pay-and-avoid model.

Losers: Facebook shareholders, whose stock is being restructured so that Mark Zuckerberg can save the world.


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