Twitter’s ownership problem began long before Musk’s machinations.
One further form of community power that is spreading across the tech industry is worker organizing. Worker organizing in and around software has been underway since at least the 1970s, with efforts likeand a campaign to end Polaroid’s support for South Africa’s apartheid regime. While Twitter reports having one of the highest ratings for employee satisfaction, with Musk’s announcement, the fate of their jobs hangs in the balance.
Despite all the experiments we have been following since we first challenged Twitter’s structure in 2016, we can’t pretend that the path to platform democracy is easy or clear. Even the likes of Uber and Airbnb asked to share stock with their most loyal users, and existing US law. If two of the country’s biggest lobbying operations can’t implement even a modest version of community ownership, imagine what tiny startups are up against.
Community ownership remains a struggle in the face of tech billionaires and their egos. But it can win. On Thursday, Musk’s plurality stake in Twitter was exceeded by another shareholder: Vanguard, a gigantic financial firm owned by its mutual funds, which in turn are owned by the people who invest in them. Vanguard’s profit-maximizing agenda is little better as a steward for Twitter than Musk’s trolling.
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