Elon Musk struck a deal today to buy Twitter for roughly $44 billion, in a victory by the world’s richest man. Twitter agreed to sell itself to Musk for $54.20 a share, a 38 percent premium over the company’s share price this month before he revealed he was the firm’s single largest shareholder. Twitter’s founder and top managers had offered Musk a seat on the board but he didn't take it because he'd have to be responsible to all other shareholders. Now, he doesn’t have to be accountable to anyone.
Hey, it’s a free market, right?
Musk says no one should object to what he wants to do with Twitter because he’s a “free speech absolutist,” and who can be against free speech? Besides (he and his apologists say) if consumers don’t like what he does with Twitter, they can go elsewhere. Freedom to choose.
Free market? Free speech? Free choice?
When billionaires like Elon Musk justify their motives by using “freedom,” beware. They actually seek freedom from accountability. They want to use their vast fortunes to do whatever they please — unconstrained by laws or regulations, shareholders, even consumers.
The “free market” increasingly reflects the demands of big money. Unfriendly takeovers, such as Musk threatens to mount at Twitter, weren’t part of the “free market” until the late 1970s and early 1980s. Before then, laws and regulations constrained them. Then came corporate raiders like Carl Icahn and Michael Milken. Their MO was to find corporations whose assets were worth more than their stock value, borrow against them, acquire enough shares to force them to cut costs (such as laying off workers, abandoning their communities, busting unions, and taking on crushing debt), and cash in. But the raiders’ antics often imposed huge social costs. They pushed America from stakeholder capitalism (where workers and communities had a say in what corporations did) to shareholder capitalism (where the sole corporate goal is to maximize shareholder value). Inequality skyrocketed, insecurity soared, vast swaths of America were abandoned, and millions of good jobs vanished.
The raiders altered the “free market” to allow them to do this. That’s what the super-rich do. There’s no “free market” in nature. The “free market” depends on laws and rules. If you have enough money, you can lobby (bribe) legislators to make changes in those laws and rules that make you even more money. (You can also get the government to subsidize you — Musk has received a reported $4.9 billion so far.)
"Free speech" is another freedom that turns on wealth. As a practical matter, your ability to be heard turns on the size of the megaphone you can buy. If you’re extremely rich you can purchase the Washington Post or own Fox News. If you’re the wealthiest person in the world you can buy one of the biggest megaphones in the world called Twitter — and then decide who can use it, what its algorithms are going to be, and how it either invites or filters out big lies.
Musk said last week that he doesn’t care about the economics of the deal and is pursuing it because it is "extremely important to the future of civilization." Fine, but who anointed Musk to decide the future of civilization?
Consumers of social don’t have much freedom of choice. If consumers don’t like what Musk does with Twitter, they cannot simply switch to another Twitter-like platform. There aren’t any. The largest social media platforms have grown gigantic because anyone who wants to participate in them and influence debate has to join them. After they reach a certain size, they’re the only megaphone in town. Where else would consumers go to post short messages that can reach tens of millions of people other than Twitter?
With social media, the ordinary rules of competition don’t apply. Once a platform is dominant it becomes even more dominant. As Donald Trump discovered with his "Truth Social" fiasco, upstarts don’t stand much chance.
Musk's real goal has nothing to do with the freedom of others. His goal is his own unconstrained freedom -- the freedom to wield enormous power without having to be accountable to laws and regulations, to shareholders, or to market competition — which is why he's dead set on owning Twitter.
Unlike his ambitions to upend transportation and interstellar flight, this one is dangerous. It might well upend democracy.
What do you think?
It's the same old American story...wealthy people scream about the need for free markets, but just mean they want to be free to do whatever they want with no consequences. And when the messaging is failing, when the people find ways to start piercing the veil of this nonsense, you must stop it. If they are gathering to talk, beat them or fine them or simply buy up all the spaces they can gather. If they are sharing messages amongst themselves, take over their ability to communicate and share messages that counter your own. In other countries, we call them oligarchs and tyrants. In TV shows and movies, we call them supervillains. In the States, where the compliant corporate media cares more about access and profits, we praise them as titans of industry, prop up their carefully crafted self-made stories, and jam one story after another down our throats about how any criticism of them needs to take into account their scary-talented ideas changing the world....even though many of those ideas, products and services were created by and made successful by workers whose names we will never know.
Ian, as in the first Gilded Age (1885 to 1916) we today lionize the wealthy robber barons because they've brought us new technologies (then it was the railroad, steel, and oil; today it's Facebook, Tesla, and Amazon), but we don't stop to ask what they are doing to society, or recognize their disdain for the common good. This, too, shall pass. As before, I would like to think, the Gilded Age will be followed by a progressive era when we remedy the abuses and hubris of the barons.
And then, like now, those who suffer to help them amass their wealth are not organized enough, nor do they get sufficient time from elected officials or media outlets, to make their voices heard and help the public understand the full costs.
More to it Ian. Dark "Market forces? A Musk/Trump cabal? More likely "cut throat."
It turs out that Bill Gates has been shorting Tesla stock. Short selling is an investment or trading strategy that speculates on the decline in a stock or other security's price. Gates knows that Musk has been in litigation with other short sellers, Tesla is party to over 1,200 lawsuits, and as of September 2021, was party to 200 in China alone. Attached is a list of lawsuits. https://en.wikipedia.org/wiki/List_of_lawsuits_involving_Tesla,_Inc.
The NYT says this weekend, Musk took a shot at Gates in a series of high-profile tweets. "The messages were a reflection of Mr. Musk’s freewheeling style on the social network, where he has more than 80 million followers, mixing serious messages and more sophomoric material."
Mr. Musk said "Mr. Gates had taken a short position in Tesla’s stock, betting that it would fall. Mr. Musk was responding to a tweet that included screenshots of texts he apparently exchanged with Mr. Gates about potential philanthropic projects. Minutes later, he mocked Mr. Gates’s physical appearance in a tweet that got 1.1 million “likes.”"
https://www.tmz.com/2022/04/23/elon-musk-bill-gates-pregnant-man-joke-twitter-tesla-shorts/
According to the internet Twitter currently has a short interest ratio of 2.0. Musk has been involved in Twitter for a long time. E.G. Tesla investors sued over Musk’s 2018 tweet about taking the company private manipulated its stock price and defrauded them. Between August 10, 2018, and September 6, 2018, nine purported stockholder class actions were filed against Tesla and Elon Musk in connection with Elon Musk's August 7, 2018, Twitter post that he was considering taking Tesla private. All of the suits are now pending in the United States District Court for the Northern District of California. Although the complaints vary in certain respects, they each purport to assert claims for violations of federal securities laws related to Mr. Musk's statement and seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers of Tesla's securities. A motion to dismiss was denied on April 15, 2020.
Between October 17, 2018, and November 9, 2018, five derivative lawsuits were filed in the Delaware Court of Chancery against Mr. Musk and the members of Tesla's board of directors as then constituted in relation to statements made and actions connected to the potential going private transaction. These cases have been stayed pending resolution of the stockholder class action.[
A lawsuit filed in March 2021 alleges that Musk violated his fiduciary duty to Tesla by continuing to send "erratic" tweets in violation of the SEC settlement, and that the board is failing to control Musk.[ The case has been stayed pending resolution of the stockholder class action.
In addition to his shareholder derivative suits, Musk has been sanctioned by the SEC repeatedly.
E,G. in 2018, in a consent agreement, Musk and Tesla agreed to settle the charges against them without admitting or denying the SEC’s allegations. Among other relief, the settlements require that:
-Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman.
-Musk will be ineligible to be re-elected Chairman for three years;
-Tesla will appoint a total of two new independent directors to its board;
-Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications;
-Musk and Tesla will each pay a separate $20 million penalty.
-The $40 million in penalties will be distributed to harmed investors under a court-approved process.
“The total package of remedies and relief announced today are specifically designed to address the misconduct at issue by strengthening Tesla’s corporate governance and oversight in order to protect investors...”
https://www.sec.gov/news/press-release/2018-226
The SEC has filed other Musk/Tesla cases.
The issue that bothers me the most is that Musk's megalomania may further Trump and Fascism. Twitter permanently banned Trump on Jan. 8, 2021, “due to the risk of further incitement of violence” after the Capitol riots. Musk could provide a pathway for Trump to return to Twitter. Disgraced felon Dinesh D’Souza, pardoned by Trump for a conviction for making illegal campaign contributions gave Musk a suggestion for how Musk might be able to “dramatically change the political and cultural landscape” outside of simply firing off on Twitter, and asserting that Musk is often criticized for manipulating both the stock and crypto markets through his commentary on Twitter, whether its posting memes or giving quick quipped opinions on certain coins and companies. He advised Musk to:
1. Buy and take over a major social media platform,
2. Acquire or create a TV network like ABC, NBC or CBS.
3. Create a world-class online university and offer degrees for free. https://www.facebook.com/watch/?v=364466445445116
Note however that shares of Digital World Acquisition Corp (DWAC), the special purpose acquisition company that said it plans to take Trump’s social media site Truth Social public, dropped more than 9% late Monday morning after reports emerged that Twitter was poised to accept an acquisition offer from billionaire Elon Musk.
Trying to give you a like, Daniel, but my stupid phone won’t work. Thank you for this useful information.
Have it for you Paula, refreshing the page usually helps…
Try refreshing the page.
And usually we find out that it was the government who did all the basic research and they were just able to take advantage of it.
Let's hope
Ian, Thank you for your cautionary, highly accessible analysis that methodically plots the increasingly unsettling disparities between those who own and control and those who do not.
"In TV shows and movies, we call them supervillains." Exactly what I was about to post. When I think of Musk, I picture the character Gru from one of my granddaughter's favorite movies, the Minions. "Bello buddies!"(except that Gru turns out to be fairly loveable)
I sometimes find it fruitful to ask "What would Adam Smith have thought?" And I think he would have been simply appalled by Musk. Astonishingly, 235 years ago, and before the industrial revolution, Smith foresaw the possibility that those rewarded by his capitalist system might achieve levels of power that would enable them to distort his market, thereby destroying the system.
His solution was a strong government which would exact progressive taxes on the wealthy, thereby curbing their power, at the same time providing funding for what we would call infrastructure today. Roads, bridges and schools are entities in which the capitalist would have little interest, but which are of enormous interest to society.
Far from being a cruel system, therefore, Smithian capitalism promotes a congenial society of great wealth. The best examples are the Scandinavian countries, where people have the highest "happiness" rates in the world.
We also had, I believe, a Smithian economy in America between 1948 and 1980. Then along came a pair of chuckleheads, Reagan and Friedman, who stood Smith on his head, cut taxes on the wealthy, bust unions, and started us on the short road to American oligarchy.
Your point about the rise of shareholder value, as opposed to stakeholder value, is spot on. Shareholders can accumulate wealth without paying taxes. Ecce the American oligarch Elon Musk! The solution? Higher rates of taxes as a baseline, and a wealth tax for the wealthy. This is not socialism, it's enlightened capitalism.
Back to Smith, back to basics.
Yes, and Smith always believed his book "The Theory of Moral Sentiments" more valuable than his "The Wealth of Nations," because in The Theory of Moral Sentiments he provided insights into what it takes for human beings to join together.
@Michael. Enlightened capitalism! Indeed! But it only gets "enlightened" by effective regulation and the rule of law. Elect democrats and in the USA Democrats by all means.
Yes. It occurred to me that you get a Smithian economy when everyone votes their economic interests. But when you have 50 million people voting Fox, we all have a problem. What is the secret Fox sauce that incites millions of people to act against their economic interests?
Anger and a feeling that they’re being treated unfairly—that “undeserving” people are being favored.
There is one emotion that may drive you to act in opposition to your economic interest, "FEAR". Listen to what the GOP is pushing! They are pushing the emotion buttons of FEAR and HATE. You cannot argue logic with people that are driven by emotions. Did you know that there are many people that don't know that Roe vs Wade which allowed ABORTION was decided by REPUBLICAN appointed Supreme Court Justices or that the DECIDING vote TO LEGALIZE GAY MARRIAGE was a REPUBLICAN appointed Supreme Court Justice? The party that is responsible for making these two issues LEGAL is the REPUBLICAN party NOT the DEMOCRATIC party. Ways must be found to show that the political party that is casting blame are not without any blame. Regarding abortion there are several points that can be made to show that the REPUBLICANS not only approved abortion in the SUPREME COURT they continue approving it as long as it is perform before certain time limit. The issue is that millions believe that life begins at conception. If this is so than why allow abortion at all. These are political arguments that can be made to show how disingenuous the Republican party has been.
The wealthy don't want them 'woke' (enlightened by the truth/history), this enables them to keep feeding them propaganda designed to divide based on race, gender, sexual orientation, 'religion', class, etc. That propaganda makes their white Christian base accept crooks and racists into their ranks in a quest to retain power. It lets them paint other people (based on race, gender, sexual orientation, 'religion', class, etc.) as beneath them and undeserving. Therefore, justifying their actions that are opposite of treating their neighbor as themselves. This also creates phony boogeymen for them to blame so they don't recognize the real culprits- the wealthy. They are willing to make sacrifice to keep this pho-enemey at bay, all the while the real culprits take advantage of our division and inability to muster our power-in-numbers against them. And if all else fails, they have demonstrated that they are willing to blow up our Democracy to retain their wealth/power. They buy into propaganda that says when 'they' win, 'we' lose... zero-sum game. when the truth is that divided, we ALL lose. https://billmoyers.com/story/podcast-heather-mcghee-how-american-racism-has-a-cost-for-everyone/
Have you taken a good look at taxation in the Scandinavian countries? I think you would be surprised to learn that the social welfare state is primarily supported by high taxes on the middle class, not on the super wealthy. In the US in contrast you have a president who promises a welfare state and guess what it’s all paid for by the rich. So there is a totally different ethic in countries like Sweden etc.
You know it's interesting. If you ask Scandinavians, they all point out that they're as selfish as everyone else. Yes, they pay high taxes, but have a lot to show for it, like excellent schools for their children, good public transportation, excellent healthcare for all, paid maternity leave, etc.
Don’t you have to consider that their definition of selfish might differ from ours though? If they truly were as selfish as Americans they wouldn’t have the safety nets they do.
Depends on which class of Americans and which race.
I mean, and also individually. I think we can be unselfish just not at the bank, often, and our education system including civic workgroups for adults in my imaginary scheme is extremely poorly administrated and funded on such a selfish basis (rich county vs poor eg)
BUT they’re known as the happiest countries so I’m guessing the middle class is large and strong with the wealth having far less wealth than our egomaniacs! Plus they get great education and - don’t let us forget - medical! I’d take those bonuses and being happy over what we’re struggling with any day!
The middle class still shoulder most of taxes. The rich evade. I heard the Scandinavian countries had to switch to that model in the 80s or something. It still seems unfair from a moral standpoint.
What would you think would happen if the Democrats would propose a 20% Value added tax to support social programs?
@Hartmut. If you make less than $100K per year in the USA the lion's share of that goes to expenditures. The wealthier one is the less of your income goes to basic necessities. A value added tax is therefore very regressive, just like a sales tax that most of our States have.
Well I know, but regressive features can be addressed. My point is this: the Scandinavian countries are frequently praised as a model to be emulated but if one looks closely at taxes one has to come to the conclusion that in these countries the middle class is willing to support the welfare state by imposing on itself a high level of taxation. This is not the case in the US. Biden advocates increasing social welfare expenditures all to be paid for by the super rich. That is really a shaky foundation of a welfare state.
Is it really all to be paid for by the ultra wealthy though? Middle class people already finance Social Security and Medicare, as well as a zillion other things, including Congress’s salaries. More money from the super rich would just make the safety net a little stronger.
MR. REICH, WE NEED TO PUT PEOPLE LIKE YOU ON A HIGH STAGE, ( I am a part of the short in stature crew!) SPEAKING THE TRUTH ABOUT THE GAMES THE SUPER RICH PLAY! Switch you off…… I DON’T THINK SO!
YOU NEED A BIGGER MICROPHONE!
Musk must be put in his place! Good lord! He already has too much influence! T. Boone Pickins was the prime mover behind the hostile takeover! Before he died he bought up water rights to the aquifers in the dry west! He was a monster! Where will this end? Musk is a megalomaniac like trump! He is so full of himself as was Hitler and Stalin that it disturbs me! The whole world is looking for a savior instead of relying on themselves! I am really disgusted with musk! I thought his providing Ukraine with internet was great because it helped our cause! If he wanted to be a real force for good instead of an egomaniac, then he should finance a mercenary army for Ukraine!
Stephen, I ask myself over and over: Where is honor? What happened to the notion that we have responsibilities to others? Why are the most visible people in our society (Musk, Trump, et al) such utter narcissists? And why are decent people -- including our president -- rarely heard from?
I'm as frustrated and angry as anyone by the inability of Democrats to get the message out, and I blame that on the media. They are so utterly fascinated by the Orange Menace they can't see past him. "Trump sneezed!" "Trump turned around!" "Trump went to the bathroom!" "Trump drank a Diet Coke!" Trump, Trump, Trump, all Trump, all the time. I would spend most of my time vomiting if I listened to the endless reporting on one of the most vile monsters to come along in our history. Problem is, I have no idea how to get them to extract their craniums from their anal orifices and actually REPORT news, rather than salivating over the latest shiny thing you-know-who waved in their faces. They should consider the fate of journalists under dictators and shift their damn focus to the great things President Biden has done IN SPITE OF the Big Lie, and continued condemnation/insubordination from the GQP. If you know how to get them to wake up, please tell me and all of us.
Everyone has to keep talking and exposing the lies and misinformation. Have to stop avoiding the tough conversations! There's a ton of bad info and misinformation that has been unchallenged for too long, so the task of getting ahead of it is great. Unfortunately not doing so would be catastrophic so it must be done. this alternate (untrue) perspective is being delivered in the traditional media, on social media and, sad to say, has for a long time, been (and continues to be) spewed in churches- spreading a message of intolerance unless it fits their narrative. Picking and choosing what parts of the Old Testament and what traditions they want to champion (christian version of Sharia Law). Neglecting the most significant and last act (example) of Christ- Love demonstrated by 'dying to self'= Selflessness. Selfishness/greed prevents us from loving our neighbors as ourselves. Prevents us from being United states, cities, towns, neighborhoods, households and/or institutions
The Christianity thing is so sad. I don’t see how the problem can be solved like on abortion despite the lack of concern for this in the Bible and certainly the pro-greed weirdness. I guess Christ was always misunderstood, largely, and initially. The thing that bothers me supremely is we are not a Christian country, we are explicitly FOR separation of church and state where is the disconnect in peoples heads? Or am I missing something?
I would argue that Christianity has been hijacked and used to divide... even though the Bible they claim to follow, speaks against those that seek to divide. One of the starkest examples is the racial segregation and opposite political leanings of black and white 'christians'. You are correct, religious freedom from was a catalyst for colonization of America. Again, some feel that they have the only 'true' religion and know what is best for everyone, even though they don't fully practice their own religion, they pick and choose what parts and when they practice it.
I might be wrong but some black and white evangelical faiths are on the side of anti-abortion. Anti-women’s power is a significant problem in lots of Christianity. I’m actually a Quaker, though there’s no dogma for that and I’m a Universalist, less Bible-based than some. We are always hoping to be more diverse. Quakers we’re the first abolitionists in America and Quaker women were preaching back in the 1600s. I watched a PBS thing on the Black Church and I gather there are also legit historical reasons for the de facto segregation on its side.
Right on Karla. Thanks...well said.
Yes, where is the Democratic voice of decency and honor? Why is it so muted? Hooray for Mallory McMorrow for showing the timid, flaccid Democrats what moral outrage looks like and NEEDS TO BE EXECUTED.
I was moved by the stands for LGBTQ+ that you cite, and agreed I guess with Lawrence O’Donnell that speechwriting is not an especially helpful phenomenon. I mean, you can’t say Lincoln didn’t give great speeches but he wrote them didn’t he?
Well, Mich. Senator McMorrow gave us an example when she called out her colleague who lied about her in a fundraising email. https://youtu.be/iLWo8B1R0MY Or Missouri state Rep. Mackey who called out the real energy behind anti LGBTQ+ legislation https://youtu.be/ZicqEYFuTJc How do we get more people of influence to speak like this?
I'm starting by sharing this on FB and Twitter.
Basically, as you have said, we have become more selfish. Many within our society, believe that if they are working and not relying on anyone for help, everyone should do the same. Your question is why the most visible people in our society such utter narcissists? I think we would have to look at how they were brought up.
Omg, I KNOW! Okay, so he's autistic, extremely bright...but he is off-the-charts bat-s___ crazy! Anyone see him on SNL hosting about a year or so back? He is not just an uber oddball, he is a toxic narcissist cancer on society. He's gotten into loads of trouble over the years for lying and breaking laws for his business, his treatment of his employees is abominable, he treats his investors just as badly, he lies his ass off. He truly is, with Trump, one of the worst examples of humanity. He's a humanoid. Oh, and did I say I didn't like the guy?
Maybe he feels misunderstood. I don’t think he’s a humanoid and the Asperger’s is legit. But I am a fan of Grimes. She has great politics and values at least before Musk and she’s weird in a good way. He’s a nerd…he desperately wants to be cool and is not not succeeding with many.
I think climate change is even more critical than Ukraine. I’m not sure what the solution is to that war at all, and it’s deeply sad. I guess he’s helping by providing internet? I don’t know what else. I know he’s got Tesla, but if he just tried to control oil companies (if at all possible) instead of Twitter…this is another argument for democracy. People would at least like some tax revenue from him so we can vote on what to do with it.
Well right now Ukraine is the most urgent! I’m hoping cutting off sales of Russian hydrocarbons will resonate with the world as a reason to go carbon neutral.
Even if all Ukraine was demolished, the entire planet would still be in extremely urgent need of being saved. People only care more about Ukraine because it’s humans and it’s more entertaining or understandable. Every single top news story is Ukraine and they never report on climate. This is Armageddon actually threatening to happen/happening. I don’t think we shouldn’t care about Ukraine obviously we should but why don’t people see the unparalleled gravity of climate change? Only the threat of a nuclear world war is equally dire. People don’t think this is likely. Sorry I’m not against Ukraine or people caring. But even on Earth day none of the papers or news I saw had stuff about climate change front and center. Environmentalists are getting extremely sick of this media-inflicted (in part) blindness and utter disgrace of mankind.
Ukraine is the spearheaded for climate change! Pointing out how desperate we need to wean ourselves off fossil fuel! Russia would not have the money to wage war without oil and gas! But, if we don’t stop dictators because they will further the dependence on oil and therefore hasten environmental damage!
I can see that but what are we going to do? I’m not sure anything will work to change Putin’s mind. He’s probably fine with his own country going broke notwithstanding him. I just don’t know how it’s gonna stop. I could be wrong about the nuclear threat. Nate Silver calculated the best place to go in nuclear war and he said while New Zealand would be good too (this is a popular choice), Lima, Peru is a pretty safe place and good vibe. Just passing that on…hope to not have to “see you in Lima!”
Nobody can hide from nuclear bombs but we can’t be afraid of the school yard bully!
Well I mean Lima is a decent place in case. Why would someone bomb there? Or anywhere near? I’m glad Ukrainians are so hardcore not afraid! I’m afraid for them!
By thank you for pointing out that there’s hope for Ukraine’s situation to have a positive effect on climate. I could know more about this. I’ve been avoiding much Ukraine coverage in the last week or so in part due to its horrific and unsolvable-seemingness and my frustration about climate being ignored so much.
Also, it’s mostly like, Russians bombed this poor place, Ukraine might get weapons, tactical stuff, etc. I think I’m just not someone who likes reading about war, like some people are civil war buffs.
"Musk said last week that he doesn’t care about the economics of the deal and is pursuing it because it is "extremely important to the future of civilization.""
I don't think the man has any understanding at all of what the 'civilized' portion of civilization even means. I would be willing to bet he doesn't even care. He lacks understanding and empathy. So much power in the hands of such a person if beyond frightening.
Elon Musk described himself as having Asperger’s syndrome, which for various reasons has come under the autism spectrum disorder, which is a brain disorder that limits a person’s ability to communicate and relate to other people. An abnormal absorption with self marked by communication disorders, short attention spans and inability to treat others as people. Since Musk describes himself as being on the autism spectrum, I doubt he possesses the ability to think about others. He just knows what HE wants. Please know I am not trying to disparage those with ASD. But Musk is exactly the wrong person to be in control of a platform like twitter. Elon Musk, as well as others, have big ideas that require large numbers of people to bring to full fruition. Why should all the great benefits go to one person, who without others would not have been able to take the idea to the big time?
Musk claims he has Asperger's, but maybe it is just his excuse for acting like an AH - "It's not my fault I am nasty, it is my disorder!" Maybe Melania Trump can lend him her infamous coat...
I was praying I wouldn’t live long enough to see America become completely unhinged and full of hate. Trump is a reflection of just how sick and divided we have become as a nation. What you accept as normal in politics, You would never allow to take place in your home. We need healing functional leadership to inspire and bring us together. Instead we have hate and division. We need a leadership that promotes empathy, forgiveness,sensitivity and love. Empathy is a powerful feeling and Its not just a word. It is a connection with others and yourself. It establishes trust and love. Kindness and caring for others is missing. Billionaires are promoting hate and division to destroy our democracy for fascism. Remember the antidote for narcissism is empathy. They cannot exist in the same body. Love of your fellow man is missing. LOVE ❤️
This face of division started when President Obama got elected. Do you recall the racist comments that were made about President Obama and his wife? Remember how Trump questioned the country of his birth. Remember how he was called a liar during a state of the union speech in Congress. This was allowed to continue without much if any challenge from the media and from influential people. The poison that was poured out during both terms of President Obama started showing its affects during Trumps administration. POISON will eventually kill.
You are buying into the lies. I feel sorry for you. Let’s face it you have no proof of anything you just said. Let’s talk about solutions. Let’s talk about true leadership human values and how we define God in our lives. I’m no Bible thumper but I do believe there is a higher power and I would rather have a leader talking about that then calling people liars. The country has become a rats nest and how do I know that without proof because I have lived it I’m old enough to realize how much negativity and hate has developed in our country that’s how I know and that’s a fact
Exactly. This is really scary. Elon Musk, like Rupert Murdoch, is an immigrant who has milked the dysfunction in our American system for his own benefit. No thought of giving back to that which has given so much to him.
Our corporate-sponsored Supreme Court in its infinite wisdom has ruled that money is speech under the First Amendment. The logical extension of that is that those with more money have more free speech. They also have more ability to suppress others' speech. I don't think that is what the founders intended.
the more money a man has, the more free speech they can buy! when it comes to the rest of us, however, our lack of funds translates to "shaddup already!"
What Ian said; plus, if he does acquire Twitter, the only recourse the truth would have is to cancel accounts (yep, freedom to go piss up a rope) and therein lies the one big problem— there’d be free speech for the purveyors of [Musk approved] lies & misinformation and no where to share the truth with others that we share [accurate] information with.
And, since there is no viable alternative with anywhere near the same clout as Twitter, he could effectively stifle any information that might not fit into his narrow-minded parameters…
It would be just like Silence of the Lambs (about to go to slaughter) with a wide-open platform for “approved” information and the power to send the truth to some kind of purgatory.
Just like Putin. Authoritarianism at work.
Beware…
>Exactly<! Be wary of >any< wealthy capitalist preaching freedom! Between the capitalists & communists, it's a toss-up which is the "evil twin" of the other!
He openly said he wants to become a full time influencer! When you make all the money you then want power! We can’t let this happen! This is the problem with these kings of business!
My greatest fear is that Musk would allow the former occupant of the Peoples House back onto Twitter. He may be shrewd and have made billions but he is also equally as untrustworthy as the ex-Resident. I have voiced my disdain for Musk on this forum before and I will reiterate that he is out for one himself alone; “Freedom” my foot! More like CONTROL. Do something ‘extremely important for civilization’ Elon — jump aboard your spaceship and take TFG with you as far as you can go…
🌻
I guess they mean “freedom” as in “freedom from the tyranny of the majority.” I mean, to try to see how they see it.
Juliet; Thankfully, I cannot see things that way. I can try to fathom it but cannot wrap my head around such twisted concepts.
Yeah twisted is a good description. But I empathize with the “tyranny of the majority” exasperation. I guess democracy is the best possible form of government and we have to accept it but a lot of Americans are WRONG, I don’t care how many! (This last part is meant to be in a self-deprecating-humor vein)
When I attended Junior High, I had a teacher that stated that the only reason the United State was a stable country was because it had a large middle class. He said that if the middle class declined substantially to the point large numbers of people felt economic pain, there would be a revolution.
In effect, he wants to be an information monopolist. I grew up with one -- intra-family, my father. It didn't turn out well.
The free market. That makes me rage laugh every damn time. It’s “free” if you’re rich, white and a man sure. Or at least RICH, with resources, with connections. “Pull yourself up by your bootstraps” is a farce. They have golden bootstraps. They have social support, connections in powerful places, it’s not just the money, it’s all the resources.
If I read one more ducking article that talks about a corporation “struggling to keep up” while the bonuses stay the same, the profits stay in the double digit millions or more, I’m gonna lose it. Makes me sick, it’s all lies lies lies. CEOs make 353x more than median worker!! SICK! But if we help the DYING children, it’s socialism. Excuse me I’m going to go throw up and write guilty in blood on my tombstone.
👏👏
I would hope they don’t like that kind of discourse. I don’t either. We need to stop lying to people and actually help people.
Since our statistics are still horribly abysmal we are clearly failing them as well as ourselves. No one is winning in this system besides the rich and powerful. And I haven’t said anything of the sort. So we can nitpick and focus on those things, which actually does nothing to stop the problem at all, we can fight amongst ourselves, and the rich will laugh as they line their pockets. And since I know who I am, I have to focus on that, so can’t keep continuing with this. Thanks for your insights though.
Yeah, you were mainly talking about the rich. I was keying into that “bootstraps” part. Well, ok. You’re probably right! My actual “insight” might be summarized by: is it always best to just SAY stuff WE think (not here, in wider political discourse) and do stuff), when, who are we speaking for? What if the majority doesn’t agree? Never mind. It’s tangential. Sorry.
I’m sorry again. I was in an argumentative mood before and now I see I was being idiotic.
Robert, I fear you have brought up our next great crisis: megabucks to control the world, takeover with cash, too wealthy to stop, a monster with a ego maniac determination to rule the world. A Putin- tRump Republican with cash to buy anything to make it work for him, and him only. Buy the government, buy an army, buy the media, build a world banking system, change the dollar, decide what race survives. It is endless. People with money are supposed to use it to inhance the future of worldly good, however that cannot be accomplished with the frame of mind Musk is following. I pray there is a way to shut this down before it runs away with us
Aren’t we already too late!
Robert thank for this great summation of Elon Musk. You are preaching to the choir with me and apparently many of your readers. I would like to share a personal experience. Several years ago I was invited into a woman's (8 of us then, 7 now) investment club. Everyone wanted to buy Tesla stock (dare I say how many car companies one could chose to invest in) and I, admittedly, knew who Elon Musk was and couldn't stand him. Of course a personal grudge is not common sense on buying or selling a stock, so, I brought 5 pages of research on him, FACTS, about him, his history, terrible lying to investors, legal skirmishes, etc. I can't tell you how fast I lost that discussion. I was "summarily dismissed," couldn't even get all my facts heard. All these women saw was money, and for them, it was all that mattered. We still own that stock. Just a side note, on one other occasion another woman and I objected to a corporation because of the treatment of employees (ALWAYS an issue for me) and other ugly stuff, we lost that discussion to, we own that company. Ugh, we are living in very demoralizing times.
Claire: Did I miss something? Did you say you still are a member of that investment club?
Omg, yes! Since you asked me this question you probably can see I would lose most discussions/decisions on stock, not all, but most. The dynamics in such a club (and by the way, these clubs, I think, are national) are complicated, to say the least. This activity must be a reflection of my strong democratic principles; the belief when you lose a fair debate, everyone votes against you, you don't blow up the board, you graciously accept defeat, Even When You Were Right. But that said, I want to get out, and will. Sadly, the ethos of our present political environment and economic dislocation has polluted what should be opportunities to learn, grow, explore, even eke some common good beyond ourselves.
Thanks for your reply. I tried a group like the one you describe years ago. I didn't last. At that time picking companies that protected the environment, didn't support dictators, were pro-women's rights, etc. led to very few choices. I am crazy about Robert Reich. His political views are very similar to mine. I just joined the Substack. I think he is having quite a good time with this project. - Cynthia
So for real!
I do not trust Elon Musk. I have never trusted Elon Musk. He may be clever, he may be creative and smart; but he is all about Elon Musk. He has proven that No one else matters - not his workers, not his children, not anyone. I will not buy a Tesla because it would put money in the pocket of Elon Musk.
Is or was Twitter >ever< democratic? Consider - for a moment - the notion of >owning< a democracy.
If one allows that a majoritarian shouting match is a *kind* of governance:
democracy - "A system of government by the whole population ..."
= )
It certainly isn't now! It allowed Musk to block Robert Reich! It is the Enemy of all time!!!!
The arrogance of Musk is astounding! No matter how many don’t want him to take over, he says he’ll find a way to bully through with his wealth. By absolute freedom, he means putting liars like Trump back on. Twitter is really the only social media I use, I have a nice following & enjoy the many people I chat with. But if Musk takes over, we must all drop our accounts. Someone needs to open something similar and we can follow over. Maybe there’s a way to copy our accounts now and transfer them to a new business.
We CANNOT let an arrogant ass like Musk win this. We must be willing to jump ship and let Twitter become the failed “Truth Media” the 999th Trump business failure!
I can say unequivocally that every time I see a photo of Elon Musk, my immediate response is the desire to vomit!
Honestly, what concerns me the most if/when Musk takes over Twitter, which is looking extremely likely as I write this, is that he'll give a platform to Donald Trump and every far-right-wing wannabe dictator or batshit crazy nutcase with an opinion, no matter how far-fetched or dangerous, all in the name of freedom.
Twitter will become the darling of fringe groups who will pump out conspiracy theories non-stop, in the game of being able to take over the news cycle, no matter who or what suffers in the process.
A Musk-owned Twitter will be another nail - a very big one - in the coffin of American democracy, with potentially horrendous repercussions.
Not feeling so threatened by Elon buying twitter. If he ruins it, watch >50% of readership abandon it. It would die out slowly as unfair small minded twitter addicts flounder around and realize there is a better place. There is another yet-to-named platform out there. Wait and choose.
Out of the box suggestion: Most tech companies have a cadre of "gurus, technical expert employees who essentially run the company on a daily basis. Suppose these employees at Twitter state that they refuse to work for Musk? Could this throw a monkey wrench into the sale?
I love it. Let’s hope.
I am convinced that this will end the importance of Twitter, somewhat similarly to the demise of MySpace, bought by another “free speech”advocate. Twitter is even more dangerous than Fox, in my opinion, since it’s frequently referred to in the media as if the “Twitterverse “ were a scientific poll. Even reputable media like the NYT and WAPO refer to aggregate opinions on Twitter to prove points. Less important outlets use phrases like “the Internet believes...” really referencing tweets and adding them up as if from a demographically correct survey. Good riddance!
@Tony Soll time will tell, however, in the meantime, can we abide a turnover of the Congress, then the Presidency to Trump/Bannon? They are as hell bent as Putin, I’m sorry to say. The “Twitterverse” perhaps is actually a barometer now, whereas under a the autocratic rule of a multi-billionaire who has flights of good and bad fancy...?
No one, regardless of how rich they are spends $46.5 billion dollars because it's "extremely important to the future of civilization." Let's keep it simple, he has an agenda that hasn't been revealed yet and we can be sure that it will negatively impact all of us.
Imagine if he spent that money trying to mitigate climate change. Now that would be critical to the future of civilization.
I am heartened to see the concepts of stakeholder versus shareholder capitalism being socialized. Thank you RR! Historically, Cold War media infused our collective consciousness with deep misunderstanding of economics. “Capitalism” became conflated with “Democracy” and “Freedom.”“Communism/Socialism” became conflated with “Totalitarianism” and “Oppression.” Yet “capital” in economic terms means resources that are used to generate more resources (versus “wealth”).
I’m a supporter of socializing the rhetoric found in the Davos Manifesto (https://www.weforum.org/the-davos-manifesto) and the work of the World Economic Forum (WEF). This movement has been stronger in Europe. WEF HAS accomplished a great deal in both using precision-language to talk about economics, and creating new systems to measure and report progress using stakeholder capitalism.
I’d be interested in hearing your thoughts on WEF and the Davos Manifesto.
I agree with Mr. Reich. I think that Elon Musk's desire to buy Twitter for himself is his fear that someday he may be suspended or banned from the platform. He doesn't want to be held "accountable" for his tweets to his 80 million followers. His "blather" about free markets, free speech, and free choice is just a smokescreen for his concern for his own markets, speech, and choice!
Tim Baldwin ; He is shortsighted and does not consider what this can ultimately do to him. It would not be long before he could be the most hated man on the planet. A thieving villain is a thieving villain.
Is he blinded by his reflection in the mirror? Isn't hubris the ultimate downfall of people like him?
Vampires don’t have reflections. 🤣
Tim Baldwin ; It has happened, I think. He thinks he has the right to determine what free speech is. Concerning.
I think it’s already a three-way tie among him, Trump, and Putin. Bezos is a close second, I think.
Well delineated and explained. I fear another Rupert Murdoch ramping up. Money subverts equality and opportunity in so many ways.
Elon Musk is just another lying bullshit artist like #45 - and call what he claims he want to purchase what it really is -- SHITTER - because people just use it to shit on each other!! Musk should eat shit and die.
The thing I love about you, Dee, is that you’re so shy and retiring. 🤣🤣
Dee Long ; Great name for the proposed former Twitter! I wish there was a way to stop this!
I have an account on Twitter, but have never used it. Probably never will.
Dee Long ; I think that is what he wants his opponents (who want to limit his selfish visions of world dominance) to do! Eat shit and die!
What is the solution to this dangerous situation. It’s apparently imminent.
regulate it
Brilliant!
Things don’t just happen. Jane Mayer wrote ‘Dark Money’ in 2016 and she explains clearly and with lots of documentation just how a few billionaires spent some of their money in political activity. Maybe her work will underpin change. Think of Ida Tarbell and Standard Oil in the time of the Robber Barons.
"Power corrupts and absolute power corrupts absolutely". The mega wealthy have allegiance to no country, just themselves, and they use they're corrupted concept of Capitalisms to justify they're wealth and power. When they also own major corporations, that need for power and more wealth becomes global with no regard for whether a country is a Democracy, Autocracy, or Totalization. One only has to look at Hitler's rise to power in Germany which was supported and enhanced by three of the largest U.S. Corporations and their leaders - Ford (Henry Ford), IBM (Thomas Watson), and Standard Oil of New Jersey (Rockefeller Family).
Are we helpless in the face of money power? Like Facebook, Twitter is a monolith. People. use both thoughtlessly. We can boycott by not using the platforms. Are we too addicted to social media to do that? I hope not.
Assuming your assessment is accurate, and it probably is, what can be done to avert the probable outcome?
you are right. it is scary for the oligarchs and trumpers to own both twitter, the social platform, and fox news, a 24 7 television platform. their lies could reach sooooo many people !!!!!!!
Jim ; He would be worse than the cartoon villain, Plankton, on Sponge Bob Squarepants! Worse because it isn't just a cartoon!
(I have a soft spot for Plankton for perhaps no reason. This explains something.)
Juliet ; I used to watch Spongebob Squarepants with my kids. Sometimes I catch my husband watching it. He sometimes wishes I would not watch the news. But he often updates me on important Jan 6th committee things. Have to see what they are talking about.
What if he could take over more media? Like Putin can control everything Russians can see; only this could happen to the whole world!
your are right. if the oligarchs can buy and own the media, then they can control what the media shows to the people just like in russia... maybe the orange man learned this a this on his dictator training lessons from his many visits to putin and kim.....
What was, exactly, the poison pill devised by Twitter executives?
One explanation: https://abcnews.go.com/Business/wireStory/explainer-twitters-poison-pill-supposed-84151651#:~:text=Twitter's%20plan%20%E2%80%9Cworks%20by%20imposing,stake%20of%2015%25%20or%20more.
Thanks... that helped.
The world did fine, maybe even better, before Twitter. What would happen to musk's twitter if everyone simply subscribed?
Good perspective and I hope he’s not able to acquire Twitter.
The Twitter board's "poison pill" lasted about as I long as I was afraid it would - one the money looked right, Twitter dropped its objections immediately! Yet another example (#3,650,003 or so) of corporate "conscience".
Yeah, I understand it is the so-called "free market" at work, but its "Invisible Hand" typically shows us its "Visible Middle Finger".
Of course he wants to be free from accountability because that’s the billionaire game! All kings want to be unaccountable! If you look at all wealthy people whether they have 700,000 or 70 billion that’s what they buy is complete freedom!
The continuation of the Musk-Twitter saga led to a report today that Twitter is being dominated by GOP because a mass exodus of Democrats. This fosters a theory, on my part, that the .01% wealth has decided to control all that we see, hear, and now socialize so that no other voice matters. Maybe they are upset that Democrats want to up their taxes. Musk's "free speech" is being isolated to the right...just like Fox.
Robert, This is the first article I've read on substack. As such this is the first comment to an article I've read on substack. When Elon Musk bought Twitter I felt that perhaps free speech may have been given new life in this country. It is a principle I believe in and one apparantley Elon Musk believes in as well.
The toxicity that has marred public discourse has turned me off from the ingenuous rhetoric from both political wings. I have also become increasingly distrustful of legacy media. There is virtually no platform to which I can go and get honest discourse. Even if that discourse may be distasteful to some.
However in the wake of Musks recent activity in purchasing Twitter I have renewed optimism. That optimism compels me to take in your views on that purchase. It is writing that I would not ordinarily consume because I do not find you a credible. Be that as it may it is through consumption of such material and the distillation of it that I feel I can form a more complete opinion on matters of importance.
Perhaps you might want to reconsider your opinion on the purchase as well. If your expertise and experience are truly of worth then let your words play to the public square. In the open and free market of ideas let them be weighed. Only in that space can they fairly be judged. I have a suspicion that you fear the public space. I find it more likely that your ideas have been formed in a cloister of friends and associates with whom you find universal acceptance. It is a comfortable space to be sure but not one that inspires revolutionary ideals.
I do not believe that Elon Musk is purchasing Twitter( at a loss) to promote himself or his tribe. I believe he is doing it to shift the theater of engagement entirely. What we have is a trench war with each side outdoing one another in acts of barbarism and treachery. A war that serves no one and offers destruction that is certainly mutually assured. I think that is what motivates Musk and he is articulating it in both word and dead. A new front has perhaps opened with the acquisition of Twitter. One where aims of annihilation may yield to the advancement of common interest and common sense.
As I mentioned at the opening I do not normally consume your work. Thanks to Elon Musk I am willing to take in what I might not ordinarily. You should thank him too. Probably long before you became entrenched in partisan politics you were an idealist. In the interim I fear you have lost confidence in your power to persuade and cling only to a confidence in power. With the re-opening of Twitter there is a new avenue for ideals to flourish. While you may not relish the results at least you can perhaps reminisce, through the struggle of others, the thrill of the debate.
The link is for a 2018 article but it is new to me.
https://www.ineteconomics.org/perspectives/blog/meet-the-economist-behind-the-one-percents-stealth-takeover-of-america
Why aren't we talking more about the definition of "free speech"? If I yell "fire" in a crowded theatre, is that free speech? Is it a crime? If my free speech incites a riot, am I protected or have I committed a crime? If my free speech encourages a crazy person to assonate someone, who is the criminal - me or the shooter? I get it - it's complicated but I think that there is enough damage being done in the name of free speech that we should do something control it.
Exactly. Survival of the fitest. The human paradigm. The Seven Deadly Sins stand as a warning to the common man. Yet as a closely held set of instructions to the gifted, well heeled, corporate citizenry . One would only hope that we as a species could choose to take a conscious step in our own evolution as to reprioritize humanity over the personal gain of power and wealth .
Ghastly. It would squelch my daily twitter. Private control of media should be regulated.
(1) How more "unaccountable" than he, Musk, currently is, will owning Twitter make him? (2) Why continue talking about accountability? We have made corruption legal - Citizen united. The courts approve rigged-up electoral maps - the candidates chose the electors. Employers steel wages and get away with it. Corporate crime law is anemic. "Controlling crime" never means controlling the tsunami of corporate crimes. Etc. The supreme court could be called "the court of supreme injustice." The "masters of mankind" are indeed way past unaccountable. They can rub their "Vile Maxim: all for us, and nothing for the rest" (Adam Smith1776 "The Wealth of Nations") in our faces with impunity. "Unaccountability"? We are way past that stage. They sleep-walked us into it. And we made it easy for them. Democracy is not a spectator sport. You must enter the arena and together fight the bull, daily. Thank you Robert Reich for fighting in the arena.
Professor you are write on point. Capitalism does not work if you allow monopoly. Mr. Musk would love to have monopolies that he would control. From everything I have read and seen, this man is dangerous.
Oh Robert, the rules of the game are that money buys things. End of story. New story would be that it's illegal to be a billionaire. We need new regulations for new times. The way to float this strike at billionaires would be the same way we could float all the progressive ideas our self-serving legislators won't handle: create an ad hoc Wisdom Council. You go first. Invite Oprah. You and Oprah invite #3 and so on to get a bunch of the most powerful people with their lights on. Everyone would listen to what you all would say.
I’m not convinced this is a big deal. My “gut” tells me, Robert, that you are underestimating the discretion of the average social media participant. To me Twitter, FB, and Instagram are more distractions for the bulk of its users rather than platforms that influence their daily decision-making process. I don’t care what the Mark Zuckerbergs of this country do to try to influence (read manipulate) their users. I also know - and now I’ll say the obvious - that each of us can choose either to abstain from these networks or do what I do and, that is, use it for entertainment and connection purposes and nothing more.
I’m not certain that Facebook and Twitter are going to continue without more government regulation in the future. It’s obvious to most everyone that can still think regardless of political ideology that social media has turned against relevancy of truth and is undermining our institutions that make democracy work. I don’t believe this was intended, but like many things what happened is very real.
I’m not even certain that either platform will be relevant in a decade in its current form. Perhaps as financial shell towards something new. Things change fast these days.
Musk, I don’t know. At least he’s not a psychopath like Putin… that’s a bigger concern regarding our species and world.
Musk is annoying, just like Bezos and Buffet. But our species loves the idea of success and greatness beyond what most can accomplish, particularly if it’s done “legitimately”. I’m exhausted thinking about them. The excess of power and money is boring and tiresome.
Putin, that’s another story. He has always been against anything truthful. I’m more concerned about people like him.
His yap about "freedom" is akin to the TrumpubliQan "trickle down" economic theory- good for "everyman" in the "Concept" of the ultra-rich. The overriding concept being what's great for the mega-rich is therefore good, period.
Viktor Orban of Hungary, Vlad Putin of Russia, Elon Musk, Rupert Murdoch and every autocrat and oligarch throughout the world know this important fact- control the media and you control the masses.
A full time influencer? So the world will get bat s**t crazier! He is useful to society as an influence not a policy maker! We need his genius for propagation of smart technology not political direction!
You know far, far more than most of us and you frame the issue well. I am incredibly skeptical of what Musk is doing. If it is only good for him, everyone else is the victim. Putin has certainly inspired breeders of unbridled malcontent.
Now it’s a done deal. Is there no government agency that can monitor or stop these acquisitions while they are still in progress. It feels like the right wing just made another coup.
I agree. I do not use social media. I am okay with that. I do not miss what I do not use. I was going to buy a Tesla. No more. Musk has enough $$. Thank you for sharing.
I just deleted my twitter account. Not being an influencer, I guess that is easier for me to stomach - but I am done with Musk. I used to admire him so much too....
Is this what is called a "leveraged buyout, using Twitter's assets to finance the buyout and takeover and loot the company?
Enforce the goddamn anti-trust laws!!
I'm extremely concerned that one of the first things he does is let Trump tweet again, reignite the vitriol, and cause even more division than we now already have in this country.
Slate says Musk just bought himself a giant pain in the ass: https://apple.news/Aafn1eQTLQZWcWB7o-Cuoaw
It has been my experience (and I reckon the experience of most people) that the wealthy call the shots in virtually every sphere in life: local government (all levels of government, really); academe, particularly institutions of higher education and research; entertainment and communications; transportation; community non-profits; courts and halls of justice; international organizations supposedly working on global issues--poverty, nutrition and agriculture, global warming, health care, infrastructure, natural and man-made disasters. Yes, I could go on forever--and you could too. The Fact is: life is controlled by the wealthy who will step up to the plate when things turn out well for everyone or those in need and want and, well, go into hiding and denial of responsibility when their actions result in harm and further disaster. In our lives, we are always held responsible and accountable for every downturn, whether or not we had anything to do with the downturn or were just a victim or spectator on the sidelines. The wealthy--on the other hand--manage to avoid any accountability. (If you need an example of how this works, you only have to recall Donald J. Trump's refusal to accept responsibility for the tragic response to the pandemic (his response) or for anything at all, really. In Donald J Trump's world, every downturn--whatever it is--is casually and callously--assigned to someone else who Trump then attacks relentlessly, in an effort to put as much distance between himself and his responsibility as humanly possible. This also extends to freedoms supposedly guaranteed to all...freedoms become the discretionary choices of the wealthy, to be extended and withdrawn at will.) As I have suggested, for those with wealth, it is always the Gilded Age; they do not suffer the turns of fate or disasters that ordinary people deal with. Gilded Agers are there in the heat of action if it means adding a garnish or two to their plate of opulence; they are nowhere to be seen when it's a question of where the buck stops, who's responsible, what the wealthy owe the people who made (and will always make) them possible. We ordinaries fund the Gilded Age and I don't see that changing as virtually every institution that could right this wrong has been purchased by the Gilded Age folks. Never fear, ordinary folks, this will be the perpetual state of life everywhere. The only thing we have for it is to hide ourselves and cross our fingers that the next official organization doesn't add another garnish to the plate of the few Gilded Age folks who plan to take it all. I believe they will or already have and the rest of us are, when all is said and done, here to serve the Gilded. I suspect that this is the normal order of things.
I posted this snippet from Bloomberg below but I’m going to post it again because it seems significant. A free for all is very likely to alienate advertisers and users. Maybe Musk is his own worst enemy: “Elon Musk’s vision of taking the guardrails off Twitter Inc.’s content moderation is lauded by free speech absolutists, but it risks creating a free-for-all that alienates advertisers and leaves regular users subject to abuse.”
Free speech is not fair speech. Those with wealth, have more power & more access because they design the product to advantage themselves.
I feel very apprehensive about losing the Twitter I know for one that can be used to promote a Fascist country.
I appreciate the education but This is terrifying. Is there nothing that can be done?
Ignorance and want now have become society’s abandonment of the poor and the consequences of that abandonment. Dickens predicted this long ago. The American constitution and its fundamental support of fundamentalism have led to economic extremism. Our political system has protect the concept of slavery at every level except for the extremely wealthy. Our founding fathers exemplified this and it has assured a continued system of economic control of the masses.
My fear is that Elon Musk might actually pair up with Donald Trump and allow him to continue spreading his lies on Twitter!
Musk, and the reliable few others who pop up to 'Say "Uncle"', should be pie-killed (a harmless non-lethal but embarrassing form of assassination) ..
Don’t use Twitter and don’t patronize its advertisers.
I do agree with the idea that limitations and regulations are needed on big corporations and billionaires, nevertheless, perhaps Elon Musk should be given a little leeway. Why? Because he is a genius and the wealthiest man in the world who is building enterprises which humanity desperately needs -- electric cars, solar energy, batteries, and space exploration and colonization. The biggest problem facing all of humanity is GLOBAL WARMING, and here we have an innovator willing to take it on. We progressives should tread carefully here.
Thanks again BOB!
Louis Brandeis' warning from half a century ago cannot be repeated often enough: "You can have great concentrations of wealth in this nation, or you can have democracy -- but you cannot have both."
The only practical solution is quite simple: tax away excessive concentrations of wealth using a progressive wealth tax. Again, money is a utility supplied by the government to conduct commerce -- it's not supposed to be a means for a few to pursue delusions of godhood.
Is Musk a Trumpster? If so, and he gets his way, Trump will be tweeting again and will forever be beholden to Musk. I don't tweet, and I don't want the country's leaders to tweet.
I find it very difficult to assume another person's intentions until they demonstrate or verbalize them.
The power of a social platform is that today's implementations allow disinformation to reach millions of people. The fear of this, or the intensity of that fear, should depend on how receptive people are to those disinformation messages. In my case for example, there is no influence, but there is an impact on my time as I can be sometimes motivated to look up the truth and keep my mind clear. As the elections in France show, most voters are not "that" stupid. I'd venture that most voters, even the ones who pass along falsehoods and conspiracies, actually know better. Maybe we have come through a fad wherein people paid more attention to lies and tricks than they should have? But I venture that people get "socialized" rather quickly and most people are going to look at messages from Trump, from Musk, from Murdoch, or from Russian trolls with more than a bit of skepticism and more than a thimble-full of doubt. As the Professor has suggested to @Ian, there is a good bet that folks will turn off the "noise" from the exploiters and find more balance in their beliefs and understandings. At least we can hope...
Never having had a Twitter account, I guess I don't know what I am missing, but I suggest everyone quits Twitter. You can probably live without it.
We need to protect our communication avenues or we the people will have a Russian federation type limit on civil discourse and political freedom. We are well on our way to that outcome and Musk and other too big to fail crony capitalists are taking us further.
Exactly. He is using the word Freedom as a Dog whistle to all those on the right. When the exact opposite is true. But they run-on slogans and could care less to really check out the motives here. This is Not going to end well for The People. I could see this right from the beginning. Too much Money is too much power.
Just positing that many of them are not total idiots, but do think about these things. Because who knows? Somehow this occurs
Well put…
We’ll put….
Maybe Left Twitter could do a mass exodus. And create its own thing. I don’t think it’s a good thing. But we have a little power together. We could demand something if things go awry???
I’m not really sure the best use of Twitter (certainly for me) is political arguments. I started on it posting art and it was so lovely because people across the world would be sharing when I was (during insomniac phases), and I follow and send a lot of literature stuff and comics and I feel like unlike people who know me, my followers are not getting “spammed” by my own enthusiasms.
"Consumers of social don’t have much freedom of choice. If consumers don’t like what Musk does with Twitter, they cannot simply switch to another Twitter-like platform. There aren’t any."
Not *precisely* correct; there are an infinite number of alternatives - as the software to run such a network exists in a free & open-source format:
https://en.wikipedia.org/wiki/Mastodon_(software)
"The largest social media platforms have grown gigantic because anyone who wants to participate in them and influence debate has to join them. After they reach a certain size, they’re the only megaphone in town."
The utility of a network increases as the square of the number of participants... but there's no fundamental reason today's Facebook can't become tomorrow's MySpace (as happened with Friendster before it, etc.); consumers are fickle creatures - especially when their investment is an increasingly short amount of attention & all of the misgivings they can muster.
"Where else would consumers go to post short messages that can reach tens of millions of people other than Twitter?"
Aren't only celebrities - and people who already have a turn of wealth in their favor - allowed a blue "verified" checkbox (which signals an account is "... of public interest... authentic, notable, and active")? It would seem consumers (i.e. the public) - in most cases - only visit in the *hope* of reaching an audience; should the fact of an inglorious spectacle accounting for the difference between those expectations and reality *really* come as a surprise?
"As a practical matter, your ability to be heard turns on the size of the megaphone you can buy."
... meaning that there's a standing market opportunity to provide a venue in which speech is (to put it not-so-elegantly) something other than a shouting match (though, ideally, the concept of a public forum is not conflated with the concept of a private fief). In some ways it almost seems surprising that Twitter had not - until now (and the introduction of 'Twitter Blue') - offered to charge consumers directly for the opportunity to be heard (much as Google & Facebook do for businesses).
You know... not that anyone would try to convince a socialist to worry about a trade unionist (as there is an order to these things, formally):
https://en.wikipedia.org/wiki/First_they_came_...
It might well upend democracy.
What do you think?
I think what you are worried about has already happened. Capitalism/consumerism/democracy has destroyed itself with borrowed money. Debt that can be repaid with more debt.
“The seeds of disaster had been planted years earlier with such measures as: the deregulation of the banks in the late 1990s; the push to increase home ownership, which encouraged lax mortgage standards; historically low interest rates, which created a liquidity bubble; and the system of Wall Street compensation that rewarded short-term risk taking. They all came together to create the perfect storm.”
― Andrew Ross Sorkin, Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System from Crisis — and Themselves
Our founders created an ideology, laws, and institutions to limit mans greed. Without the ideology, the laws and institutions are useless. Victimhood has replaced the ideology of our founders. Our democracy has fallen to the ruse of victimhood.
... or victimization - as debt could be little more than the temperature of the economy, i.e. a symptom of a more fundamental cause (e.g. a disease of inequality - akin to the anthropomorphic indifference which has set the world boiling in its own futile juices).
(Debt surely came from somewhere, yes?)
I’m not sure actually how productive this topic is. Musk is rather popular, and there are even worse rich people no one hears about. I’ve tried to debate with people in Musk’s feed. Why are these people so eager to defend him and “freedom”? Still. They don’t budge.
It seems like this could be a bigger threat if it were a different billionaire. Musk isn’t dumb and has a heart of some kind. But still.
He has this whole thing about free speech meaning you get to choose your algorithm, and actually, I’m sick of whatever they’re doing. But why can’t he just pay a fair share of taxes and not be a libertarian? Indeed, no one appointed him to do any of his missions. I, for one, think he should put it all into climate change if anything, not Mars, for godsakes. He could even maybe control oil companies and get them to stop owning Congress or something, he could operate substantially more ethically. (“If I ruled the world”…it wouldn’t be democracy. The only justification for a short-term takeover of the world is to solve the climate problem. After that, one would have to relinquish power. But to me, having a habitable world with all the beautiful species and ecosystems we need is even more important than democracy. If any billionaire (or I!) could be a magic savior, that is.)
By the way, when I used the term “fair share” in Musk’s feed and tried to say what I thought were rational things about it, maybe people took issue. Like, who am I to say what “fair share” is, and people seem to trust Musk to save the world more than American democracy. I had to throw up my hands for my mental health.
In this well written article Robert stated: "As a practical matter, your ability to be heard turns on the size of the megaphone you can buy'. We as USA citizens have the right and choice what megaphone we listen too. Koch Brothers and George Soros use their megaphones (behind the curtain) with their massive wealth. Zuckerberg used his "Zucker Bucks" in the last Presidential election. Obama team figured out the megaphone theory. Trump came along and perfected the social media art. Technology has changed the game for the 21st century. Looking back at history has no affect in today's new world. We are playing in a totally different time now. Technology is in it infancy. Just wait! Trying to silence one side or another will have ramifications in the USA. We are watching it unfold with Elon buying Twitter. The deal is predicted to go down today. The most-followed Twitter accounts include celebrities Katy Perry, Justin Bieber and former U.S. president Barack Obama. Interesting combination of people persuading citizens with their megaphone.
The algorithms set the constraints. There is no such thing as a "free" algorithm. Musk could set the algorithm so that everyone automatically had to "follow" him.
Twitter's going to accept Musk's offer, per Reuters. https://www.reuters.com/technology/exclusive-twitter-set-accept-musks-best-final-offer-sources-2022-04-25/
If there is no regulation or guardrails to limit 'free speech' where will the truth exist? An Elon Musk could define (or not) 'reality' and block any dissent. Scary prospect. The only 'remedy' would be if enough people could simply boycott Twitter. How many would even know to do that? And how bad would things have to get before they figure it out? (if they ever do). Hostile takeovers threaten everything from governance, the law, even housing. Where is a remedy?
Rupert Murdoch put our democracy in a "coffin" and now Musk will "nail it shut."
So what are people going to fight, and how?
Martha Ture; If a wealthy person wants to buy a company and is willing to offer the shareholders enough money, he will win, even if everyone else is screwed. That was my experience when Warren Buffett bought H. J. Heinz company. I and other small shareholders who owned the stock got screwed in the deal, but he didn't care. As far as I am concerned, Buffett's public image as a "nice" billionaire is baloney.
So the question stands, what are people going to do? https://www.reuters.com/technology/exclusive-twitter-set-accept-musks-best-final-offer-sources-2022-04-25/
I will cancel my Twitter account. No big deal for me, I rarely use it.
From Bloomberg on April 15: “Elon Musk’s vision of taking the guardrails off Twitter Inc.’s content moderation is lauded by free speech absolutists, but it risks creating a free-for-all that alienates advertisers and leaves regular users subject to abuse.”
Hope???
Hope is not a plan, nor is it a public policy, is it? And we know what Musk intends - reinstating the accounts of Old 3 Toes, and Donald Putin.
No, it isn’t. But I don’t know what is, beyond the various things we talk about here: getting out the vote, demonstrating, lobbying our representatives, boycotting. But is any of that actually happening? I’ve wanted to try to organize people but no one seems interested. After we make suggestions we never hear what became of them. Has there been follow through or not? Education is great but action is what really matters and I’m frustrated that people here aren’t organizing *together*. Maybe my attempts have been too subtle—I don’t know. Or maybe people really aren’t interested. I agree with you. We need a plan and the discipline to carry it out. Is anyone listening?
I know of two outstanding organizing entities. One is Walk The Walk USA. https://www.walkthewalkusa.org/. The other is Working Families Party. https://workingfamilies.org/
Agreed. I guess unions and government regulations (including on itself) could helpfully mitigate capitalism’s evils. We need to switch to a different model than growth and GDP asap, also.
Ha ha! Can you imagine Twitter’s workforce unionizing? If only.
Wouldn’t this have to happen via unions? I am not an advocate of violent revolution.
Well, get it done, then. https://www.reuters.com/technology/exclusive-twitter-set-accept-musks-best-final-offer-sources-2022-04-25/
@L Boyce. Musk quit facebook some years back. As soon as I heard, I quit facebook too.