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Elon Musk plans to profit from Twitter, not create a town square for global democracy
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Elon Musk plans to profit from Twitter, not create a town square for global democracy
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The world’s richest man has bought one of the world’s most popular social media platforms. Elon Musk, CEO of Tesla, is currently worth about $210 billion, and in November 2021 he was worth nearly $300 billion—an unheard-of figure for any individual in human history. Not only does his wealth bode ill for democracy, considering the financial influence that he has over politics, but his acquisition of Twitter, a powerful opinion platform, as a private company also further cements his power.
This article was produced by Economy for All, a project of the Independent Media Institute.
To put his money into perspective, if Musk wanted to gift every single Twitter user $800, (given that Twitter has about 238 million regular users) he would still have about $20 billion left over to play with and never ever want for money. Musk’s greed is the central fact to keep in mind when attempting to predict what his ownership of Twitter means.
Musk has shrewdly fostered a reputation for being a genius, deserving of his obscene wealth. But his private texts during Twitter deal negotiations, recently revealed in court documents during legal wrangling over the sale, paint a picture of a simple mind unable to come to terms with his excess. His idea of “fun” is having “huge amounts of money” to play with.
And, he has an outsized opinion of himself. Billionaires like Musk see themselves as being the only ones capable of unleashing greatness in the world. He said as much in his letter to the Twitter board saying, “Twitter has extraordinary potential,” and adding, “I will unlock it.” Such hubris is only natural when one wields more financial power than the human brain is capable of coming to terms with.
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