What if failure is the plan?. I’ve been thinking a lot about failure… | by danah boyd | Dec, 2022

Discovered: Dec 5, 2022 17:57 What if failure is the plan?. I’ve been thinking a lot about failure… ¦ by danah boyd ¦ Dec, 2022 ¦ Medium <— yup —> QUOTE: The debt financing around Twitter is gob-smacking. I cannot for the life of me understand what the creditors were thinking, but the game of finance is a next level sport where destroying people, companies, and products to achieve victory is widely tolerated. Historical trends suggest that the losers in this chaos will not be Musk or the banks, but the public....For an anchor point, consider the collapse of local news journalism. The myth that this was caused by Craigslist or Google drives me bonkers. Throughout the 80s and 90s, private equity firms and hedge funds gobbled up local news enterprises to extract their real estate. They didn’t give a shit about journalism; they just wanted prime real estate that they could develop. And news organizations had it in the form of buildings in the middle of town. So financiers squeezed the news orgs until there was no money to be squeezed and then they hung them out to dry. There was no configuration in which local news was going to survive, no magical upwards trajectory of revenue based on advertising alone. If it weren’t for Craigslist and Google, the financiers would’ve squeezed these enterprises for a few more years, but the end state was always failure