Who will pay the price for Big Tech’s arrogance?

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The salary of arrogance is…?

Tech news hasn’t had a week like last since—maybe?—the dotcom crash of 2000. FTX, the world’s second largest cryptocurrency exchange, went from 32 billion dollars arrive bankrupt for about three days and hackers took advantage of the chaos to stealing hundreds of millions of dollars. Meta has laid off 11,000 people, which is 13% of the workforce, and that’s only a tenth of all the others tech industry layoffs This year. And, Twitter, well, I do not need arrive tell friend About Twitter.

This is history repeating itself as tragedy and farce at the same time. We already know what scenes will be in the movies and TV series: Elon Musk bring that sink into Twitter HQ, a Twitter manager vomit in the trash after being asked to fire hundreds of people, the founders of FTX are amorous in their penthouse in the Bahamas. There will be books: Michael Lewis was dark FTX founders Sam Bankman-Fried for months and Walter Isaacson are write a biography of Musk.

Okay, but once everyone has dropped 🍿, what do we learn? A few things have stood out to me in the flow of skepticism:

  • Isaacson in a TV interview in September talked about one secret of Musk’s success: ability Show empathy for your employees when it obstructs his view.
  • Musk’s longtime acquaintance and investor, Chris Sacca, in a revealing theme about how Musk’s insiders have “become increasingly flattered and opportunistic,” resulting in “the hard truth that he’s standing alone and giving wings to this right now.”
  • More, those text messages released a few weeks ago between Musk and many other powerful friends reveals exactly that level of flattery.
  • William MacAskill, the philosopher (or, if you will, sect leader) of the Effective Altruism movement, to which he recruited Bankman-Fried, tacitly acknowledged in a sad theme that if you tell people that the best way to do excessive good is first to accumulate too much wealth, they can abuse that wealth?
  • A flattering (and extremely long) Bankman-Fried profile was posted by Sequoia Capital in September and then hastily taken down—but luckily preserved for posterity disgrace by the Internet Archive—which demonstrates his immense charisma: “After my interview with SBF, I was convinced: I was talking to a future billionaire. Whatever he did with the partners at Sequoia—who fell in love with him after a Zoom session—worked for me.”
  • see more mea culpa by the writer who published an equally flattering profile in Luck.
  • Finally, Mark Zuckerberg’s iron grip on Meta, in which he controls the majority of voting shares, is a good document and that’s why no one objected to his decision, over the yearsto continue to grow the company’s ranking in the pursuit of successive failed projects.

Oh, the price of power and pride! It’s one of the oldest stories in the book. But coming to the end of the year that tech stocks have been beaten, at least one person writes op-ed hope this moment will “marks the end of the era of visionary, autocratic tech founders who ‘grow too fast’.”


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