What do you think of the reports that Twitter has lost 72% in value since Elon Musk took over?
I think your statement "The more fundamental question is why does a society allow people with that much wealth to exist at all." is really core to the issue at hand. It seems our laws and regulations are structured to allow for individuals to grow their wealth and power exponentially (sometimes in a way that is zero sum) rather than just linearly -- which would be sufficient to motive and drive innovation but that wouldn't create all the associated societal problems.
I believe the reports. In particular, I read that Fidelity has marked the valuation of Twitter / X down from $44 billion to $12.5 billion.
https://arstechnica.com/tech-policy/2024/01/since-elon-musks-twitter-purchase-firm-reportedly-lost-72-of-its-value/
I find it ironic that people like Jack Dorsey publicly went on record before the transaction to state "Elon is the singular solution I trust." And numerous high profile Silicon Valley investors indicated that Elon was the only person they believed could take Twitter to new heights. But Elon has done the opposite. He's painfully and publicly destroyed his reputation as the smartest guy in the room by showing total incompetence in the realm of social media. He's also proven to the world that he's a tinkerer, not a visionary.
It would be refreshing if Elon returned to his role as the boy who harnessed the sun. Better for our planet as his ownership of Twitter/X is a net negative.
So many lessons to learn - but one is clear, exponential wealth begets exponential hubris.
I personally have zero interest in Twitter or Musk and I am not sure why anyone waste time on either. The company is over valued and he is over hyped. No visionary and not an operator, a self-promoter for sure and risk taker that has an affordable loss profile so that isn't impressive either. If someone has a Billion dollars and they risk 990 Million that isn't taking any risk at all. The more fundamental question is why does a society allow people with that much wealth to exist at all. Does it actually benefit anyone, even the individual? So with the premise of any news is good news for the person who is promoting themselves even my own response is just fueling more the promotion and in that sense it is also a waste of time and attention.
I think your statement "The more fundamental question is why does a society allow people with that much wealth to exist at all." is really core to the issue at hand. It seems our laws and regulations are structured to allow for individuals to grow their wealth and power exponentially (sometimes in a way that is zero sum) rather than just linearly -- which would be sufficient to motive and drive innovation but that wouldn't create all the associated societal problems.