Financial Times calls out Elon Musk's "bully pulpit" tactics, urging business partners to moderate his influence as his unchecked power poses risks to global stability.
The editorial board of the Financial Times (FT) has taken a firm stance against Elon Musk, highlighting his use of what they describe as a "bully pulpit" to wield an unprecedented level of influence. The board's rare public statement points out that, while media moguls have always presented challenges to governments, none have achieved the level of influence Musk now commands. As the world's richest person and owner of the social media platform X (formerly Twitter), with nearly 200 million followers, Musk has the power to shape global discourse in ways never seen before.
In their editorial, the Financial Times board expressed concern over the dangers posed by such a concentration of power, especially in the hands of someone who claims to be an absolutist on free speech. The board noted that Musk's personal account has become one of the largest distributors of provocative content and hate speech. While acknowledging Musk’s right to express his opinions, the editorial emphasizes that his vast audience places a special responsibility on him to act more cautiously.
The editorial outlined several of Musk's recent missteps, which have underscored the risks of his unchecked influence. In the UK, X was criticized for spreading content that fueled anti-immigration riots, with Musk himself declaring that "civil war is inevitable." Despite concerns from the British government that these posts posed a national security threat, X refused to remove them. In the United States, where Musk has openly supported Donald Trump, independent fact-checkers have found that at least 50 of his posts regarding the 2024 election contain false information, yet they have amassed over 1.2 billion views.
Last month, the European Union accused X of violating digital content laws by allowing disinformation and hate speech to proliferate on the platform. While the FT suggests that action against X should be measured, they argue that Musk's business partners and investors have a crucial role to play in moderating his behavior. The board points out that the belief in Musk’s genius and the fear of losing massive profits have made his partners hesitant to criticize him. However, his increasing personal dominance poses significant "key person risk" to his businesses.
The editorial also warns that Musk's rightward shift may be alienating potential Tesla customers, a worrying sign for the company’s future. Additionally, the departure of advertisers from X could threaten the investments of those who helped finance Musk’s acquisition of the platform.
The Financial Times editorial board rarely issues public statements, typically doing so only when they perceive a significant problem or tension in society. With 1.2 million subscribers worldwide and an impact that reaches over 30% of the global entrepreneurial community, the FT is considered the most influential business publication globally. Their call for Musk’s business partners to intervene reflects the gravity of the situation and the potential consequences of unchecked power in the hands of a single individual.
Source: ft.com
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