The Five Blindspots of The Elon Musk Twitter Takeover
As a capitalist some parts make sense, but other parts not so much
When I talk about fixing the Money Mindset, it’s not just the impact on wealth building, it also addresses how we see events and interpret them. The pending takeover of Twitter is a great example; let’s discuss how wealth creates blind spots
Foremost, I believe in capitalism so I can appreciate the value of Twitter when considering;
-Twitter currently has 396.5 million users
-Twitter brought in $3.72 billion in revenue last year
-206 million users access Twitter daily. 75% of them are not based in the US
-Twitter is most popular among users aged 25–34
-8.85% of the worldwide social media users access Twitter
So the market cap of $45 billion makes perfect sense, but..
Here are five blind spots that make little sense and I’d love your thought.
- Oversight: Where’s the oversight? There is no conversation or analysis of the downstream effects of a hostile takeover of a platform that engages 8.85% of the world’s population?
- Freedom of Speech: Several people that I have talked to said this is a “win for freedom of speech” which the behavioral scientist finds interesting since (a) you already have freedom of speech, and (b) when the top 10 wealthiest individuals control newspapers, TV, search engines, and social media how does that work?
- Proportionality: For nearly two years in the U.S. there was a debate about infrastructure spending for roads and bridges eventually agreed upon, which was $7 billion to be dived among the states. Is Twitter more important than bridges and roads?
- History: This is not the first time in our country’s history that the wealthy have used their wealth to aggregate power, and also the reason some people believe they want to be wealthy. They don’t want money; they want power and see the two as the same.
- Accountability: I’m old enough to remember when the SEC thought Musk violated laws with tweets about cryptocurrency and Tesla that can move a market. So it’s perplexing to see a person charged with market manipulation gaining access to the platform of the manipulation. How’s that going to work in the future?
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George Blount coaches individuals on navigating economic change and financial stress in their lives. Organize your financial life, nurture your money mindset, and learn what you never knew about money concepts. Take the Money Mask Quiz and discover you money psychology at: https://georgeblount.com/money-mask-quiz/
