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Efforts to Reclaim Social Media from Billionaires

Many individuals around the globe are expressing a growing dissatisfaction with the current landscape of social media, dominated by billionaire owners and overseers. Platforms like X have become rife with negativity, while Meta appears to be steering towards a similar fate. Meanwhile, TikTok’s future remains uncertain. Overall, social media has lost much of its enjoyment and utility.

In response to this deterioration, a group of celebrities and former Twitter users is taking proactive steps to “rescue social media from billionaire control.” They are spearheading an initiative called FreeOurFeeds, aiming to create a new digital environment focused on public benefit instead of profit motives. This movement has garnered attention for its ambition to transform how social media operates, as detailed by User Mag.

The initiative boasts notable supporters, including actor Mark Ruffalo, director Alex Winter, and acclaimed author and journalist Cory Doctorow. Additionally, influential figures like musician Brian Eno and Wikipedia’s co-founder Jimmy Wales are contributing to the cause. The strategy involves developing new social media applications using the existing AT Protocol, a decentralized framework powered by Bluesky. This approach promises to grant users enhanced control over their data, algorithms, and online interactions.

Sherif Elsayed-Ali, Executive Director of the Future of Technology Institute, emphasized the urgency of this initiative, stating, “The last two decades have seen the world sleepwalk into a situation where a handful of companies dictate our entire social media experience. Now, for the first time we have an opportunity to rewrite the rules. Bluesky’s underlying technology, the AT Protocol, could offer a new pathway for the social web.”

Despite the potential for change, significant challenges remain. Bluesky currently relies on venture capital funding, and the team must secure resources to chart an independent course that separates social media’s future from the influence of individual corporations or wealthy investors.

Moreover, the initiative requires substantial financial backing to establish essential infrastructure. The organization aims to raise a total of $30 million over the next three years, with an initial fundraising campaign on GoFundMe targeting $4 million to initiate a public interest foundation. This foundation aspires to ensure that the technologies behind Bluesky are safeguarded against billionaire exploitation.

Critics may perceive this movement as a mere fundraising effort led by affluent public figures; however, it is important to consider the comparative wealth involved. While Ruffalo’s net worth is estimated at around $30 million and Winter’s at $4 million, billionaires like Elon Musk and Mark Zuckerberg have fortunes that dwarf these amounts. Musk’s wealth, approximately $416 billion, is about 14,000 times greater than Ruffalo’s, highlighting the stark financial disparities at play.

As this initiative progresses, it raises fundamental questions about the future of social media and the balance of power in digital spaces. Will efforts like FreeOurFeeds succeed in redirecting the focus of social platforms towards serving the public interest rather than simply enriching a select few?

Source
www.engadget.com