These billionaires are presumed to be free from responsibility because they own what they’ve had a hand in destroying. So under the rules of capitalism, they have a right to do whatever they want with their money. Right?
Wrong. Millions have come to rely on Twitter as a vital source of information and connection. Investors put their money—and trust—in FTX. These people aren’t mere collateral damage. They’re bearing a big part of the cost.
“You own it, you can break it” is a careless norm for a complex society.
Do we really think that the super-wealthy should be allowed to control so much wealth and wield so much influence?
Absolutely not. We need stronger laws protecting the rest of us from the recklessness of these so-called “disruptors.”
Robert B. Reich is the chancellor’s professor of public policy at the University of California, Berkeley and former secretary of labor under the Clinton administration. Time Magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He is also a founding editor of The American Prospect magazine and chairman of Common Cause. His film, Inequality for All, was released in 2013. Follow him on Twitter: @RBReich.
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Does Elon musk have a right to destroy Twitter?
Posted on December 5, 2022 by Robert Reich
You break it, you own it. That’s what I was told as a child. But for today’s billionaires, it seems like the opposite is true.
“You own it, you can break it”—at least if you’re rich enough.
Just look at Elon Musk.
He paid a fortune for Twitter and is now busily destroying it—firing half its employees and driving out even more, causing chaos on the platform, making advertisers flee, and threatening bankruptcy.
Or consider Sam Bankman-Fried, who became a billionaire after founding the popular cryptocurrency exchange FTX —until he drove the company into bankruptcy.
Seems FTX was a Ponzi scheme that got out of hand. At least $1 billion in customer funds is reportedly missing.
These billionaires are presumed to be free from responsibility because they own what they’ve had a hand in destroying. So under the rules of capitalism, they have a right to do whatever they want with their money. Right?
Wrong. Millions have come to rely on Twitter as a vital source of information and connection. Investors put their money—and trust—in FTX. These people aren’t mere collateral damage. They’re bearing a big part of the cost.
“You own it, you can break it” is a careless norm for a complex society.
Do we really think that the super-wealthy should be allowed to control so much wealth and wield so much influence?
Absolutely not. We need stronger laws protecting the rest of us from the recklessness of these so-called “disruptors.”
This post originally appeared at RobertReich.org.
Robert B. Reich is the chancellor’s professor of public policy at the University of California, Berkeley and former secretary of labor under the Clinton administration. Time Magazine named him one of the 10 most effective Cabinet secretaries of the 20th century. He is also a founding editor of The American Prospect magazine and chairman of Common Cause. His film, Inequality for All, was released in 2013. Follow him on Twitter: @RBReich.