Elon Musk, The Crypto Crash, And The Coming AI Takeover. Take A Look:- From the chaos on Twitter to the emergence of whip-smart chatbots, what comes out of Silicon Valley moves fast and often haphazardly. Now more than ever, we need to understand how technology is affecting humanity.
Back in the early 20th century, long before Twitter and the Internet, the iPhone and AI, bitcoin, and ChatGPT.
When the industrial revolution filled the skies with black soot and smoke, horses slogged the streets around the world.
And carriage, Vladimir Ilyich Lenin, then leader of the Bolshevik Revolution and first head of the Soviet Union, said the following: “There are decades where nothing happens; And there are weeks where there are decades.
If Lenin were alive today, I am sure the saying would sound something like this: “There are moments where nothing happens; And there are minutes where there are decades.
Everything is such an endless scroll now that even if you spend an inordinate amount of your day in that vortex of limitless content and news and videos and GIFs, you’ll still miss a million things.
What used to be the news of the day is now thrown on the Internet millions of times an hour. To whom do we have to thank for this constant concern? Silicon Valley, of course. And I’m here to tell you that it’s about to get worse.
It was a year of technological chaos. Take a look at the busiest corner of the internet to see how quickly things can change in today’s technoscape.
It’s been less than two months since Elon Musk bought Twitter for $44 billion, and since then, more than 5,000 people have been let go (or left) the company, advertising revenue is down as some companies reportedly Musk’s leadership has apparently lost faith, the company has changed direction more times than I can count, and according to analysts, Twitter’s net worth is now only $13 billion.
By the time I finish writing this column, Musk may no longer be CEO of Twitter (after all, he said, based on a Twitter poll, when he finds a replacement who’s “foolish” enough to take). He will quit.
Of course, Twitter isn’t the only direct change in the past year. On January 1, 2022, the cost of one bitcoin was $47,738.59. Today, it has fallen 65% since then, to a price of just over $16,000—and no one would be surprised if bitcoin plummets to zero, or rises back to $50,000 by the end of 2022.
Remember NFTs? At the end of the year that was all, anyone could talk about. There were apes and penguins and movie stills and record albums and sloppy lines and John Cleese had an NFT bridge to sell you, and now, many of these things are in liquidation or have dropped hundreds of millions of dollars.
Jack Dorsey’s first tweet was converted into an NFT and bought for $2.9 million in March last year, and as of April this year it was worth only $280.
Now the celebrities behind BAYC, or Bored Ape Yacht Club, including Gwyneth Paltrow, Jimmy Fallon, and Guy Oseary, are being sued in a class-action lawsuit for urging people to buy “lost investments.”
At the beginning of the year, Coinbase’s stock, which had gone public only a few months earlier, was priced at around $250 per share.
Today, it’s down 85% to $34 a share. This is a drop in market capitalization from $52 billion to $7.8 billion. Tesla stock, and market value, have been cut in more than half during the same time frame, shedding nearly half a trillion dollars.
The same is true for Meta, which lost hundreds of billions of dollars in value after Mark Zuckerberg decided that Facebook’s future was the Metaverse, and barely anyone on Earth agreed with him.
The overall NASDAQ composite, which started the year at a high of 15,000 points, is now hovering around 10,000 compared to the last decade when the composite moved in the complete opposite direction.
There was something upside to all the tech mayhem this year. For decades now, we’ve seen tech companies flout the law, and usually just customers—fuck us!—and get away with it.
And yet this year, Elizabeth Holmes was found guilty of four counts of fraud and sentenced to more than 11 years in prison for her crimes.
Sam Bankman-Fried, the creator of the FTX crypto exchange, confirmed that he was only running his over $30 billion financial institution for “effective altruism” (as in, making money to give it away). were), was also arrested after he allegedly bankrupted the company in a Bernie Madoff-level disaster, costing customers billions of dollars.
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