MSNBC host Stephanie Ruhl and former banker and Pac News co-founder Bill Cohan on Tuesday criticized billionaires Bill Ackman and Elon Musk for expressing their opinions on politics.
Mr. Ruhl introduced the segment, claiming that “America’s ultra-wealthy people have been extremely loud on social media lately, complaining about almost everything,” and spoke about Mr. Cohan’s early February. piece “How Vocal Billionaires Turn Wealth into Power” by The New York Times.
She went so far as to argue that billionaire Bill Ackman’s criticism of then-Harvard University President Claudine Gay “ended in her resignation,” allowing America’s wealthy to convert financial capital into social capital. This is a summary of what he argued.
When asked about how the power of money to influence speech has changed, Cohan said the once regional power of local businessmen who owned news organizations has changed, especially with Elon Musk. claimed that it has become much more ubiquitous in that it has expanded exponentially thanks to social media. He overhauled X’s approach to speech.
“So people like bill ackman You just have to go crazy and do it,” Cohan said. Perhaps it was well thought out and he means well. But he writes the kinds of things that would have gotten him fired long ago if he wasn’t independently wealthy, not a millionaire, and didn’t work for himself. ”
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“And why not?” asked Ruhl. “Whether it’s Bill Ackman or Elon Musk, why are they able to stand up and debate without any consequences?”
Mr. Cohan said Mr. Ackman ran a hedge fund in which he was “accountable to no one but his investors,” and that his investors “didn’t know if he was working with MIT’s Claudine Gay or Sally.”・It doesn’t seem like he cares if I say bad things about Kornbluth.”
Ruhl said this is a major paradigm shift, arguing that wealthy people previously preferred to influence politics indirectly with their money rather than through social media comments. She recalled how she laughed and enjoyed being able to “roll in the mud” like a mask when Ackman warned her about participating in a public forum.
Kohan claimed that Ackman loves being in the spotlight, adding, “This Platform X gives him unlimited character to do it without being filtered by you or me.” he claimed.
Bill Ackman famously criticized then-Harvard University President Claudine Gay, and she ultimately resigned from her position. (Chris Ratcliffe/Michael Fine/Bloomberg via Getty Images)
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“But these people have gone far beyond their area of expertise,” Ruhl warned. “That’s what’s amazing to me: They can say stupid things that have nothing to do with electric cars or investing and get away with it.”
Kohan reiterated that the power of these billionaires is that their wealth protects them from facing the same social and economic consequences as everyone else.
“They’re not affected by anything because they’re very wealthy,” Cohan said. “Even if they lost their jobs, if they were fired, if they were laid off, if they were expelled, nothing in their lives would change.”
When asked whether these people’s social media fame is good or bad, Kohan said, “It depends on whether you agree with them or not. They are a litmus test, a lightning rod for their point of view. There are a lot of There are people,” he said. “They actually agree with Bill Ackman and his campaign against Harvard’s Claudine Gay and Massachusetts Institute of Technology’s Sally Kornbluth. Some agree with Elon Musk. We We live in a very polarized society.”
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“But what about the idea that wealth equals expertise in all fields? Is this a new phenomenon?” Ruhl asked.
“No, that’s complete fiction, Stephanie,” Cohan replied. “But, you know, Bill Ackman doesn’t think so. Elon Musk doesn’t think so. Donald Trump doesn’t think so. They think they’re experts in everything, and they generally don’t think so. Tell them they’re wrong about these things, or they should just shut up. ”
