Twitter and the limits of free enterprise
Posted: November 18th, 2022, 7:59 pm
https://www.businessinsider.com/elon-mu ... ip-2022-11
This is a wild but sad story that seems to be getting worse by the minute. Musk (eventually) bought Twitter and then fired thousands of employees and threatened the rest such that now many key employees are choosing severance pay over the idea of working in his shadow. He seemed to think he could intimidate everyone into working double time in order to boost profits, and this strategy has clearly backfired on him to the most spectacular extent imaginable (he is on record as saying the company may go bankrupt, though he was willing to buy it for something like 40 billion just weeks ago!).
I think it is clear that these developments have not been good for customers, employees, the company or the rest of humanity. It looks like he's destroyed billions in equity and disrupted thousands of lives for nothing but perhaps ego.
So, the question is, should we ever let someone have this much unchecked power? We have all sorts of checks and balances in government (the wisdom of these safeguards has been made crystal clear in recent years!). So, why do we not have some sort of check on the power of the uber-wealthy? Why do we just assume that he has the 'right' to cause so much destruction just because he is already wealthy? Perhaps this incident could shine a light on the need for some safeguards. I'm not sure what they could or should be. Further, I have no hope that they are coming soon, as we don't even make the wealthy pay taxes or follow many laws. Still, if we could reign them in a bit, should we, and how would you say we should proceed (just pretending that we would)?
This is a wild but sad story that seems to be getting worse by the minute. Musk (eventually) bought Twitter and then fired thousands of employees and threatened the rest such that now many key employees are choosing severance pay over the idea of working in his shadow. He seemed to think he could intimidate everyone into working double time in order to boost profits, and this strategy has clearly backfired on him to the most spectacular extent imaginable (he is on record as saying the company may go bankrupt, though he was willing to buy it for something like 40 billion just weeks ago!).
I think it is clear that these developments have not been good for customers, employees, the company or the rest of humanity. It looks like he's destroyed billions in equity and disrupted thousands of lives for nothing but perhaps ego.
So, the question is, should we ever let someone have this much unchecked power? We have all sorts of checks and balances in government (the wisdom of these safeguards has been made crystal clear in recent years!). So, why do we not have some sort of check on the power of the uber-wealthy? Why do we just assume that he has the 'right' to cause so much destruction just because he is already wealthy? Perhaps this incident could shine a light on the need for some safeguards. I'm not sure what they could or should be. Further, I have no hope that they are coming soon, as we don't even make the wealthy pay taxes or follow many laws. Still, if we could reign them in a bit, should we, and how would you say we should proceed (just pretending that we would)?