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      The left needs its own version of techno-optimism | Amana Fontanella-Khan

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      Today we live in an era defined by crisis. Indeed, we are facing multiple overlapping threats at once: from accelerating climate breakdown to the rise of authoritarianism across the world, we are in a situation that the historian Adam Tooze calls “polycrisis”. It is no wonder that hope is scarce, pessimism is high and despair is pervasive. As one meme that captures the grim, morbid mood of our age reads: “My retirement plan is civilisational collapse.”But not everyone shares this gloomy outlook. On the extreme other end of public sentiment sit Silicon Valley billionaires: they are some of the most optimistic people on earth. Of course, it’s easy to be optimistic when you are sitting on enough money to sway national politics. And yet, the source of their optimism isn’t simply money. It is also a deep-seated faith in unfettered technological advances.The left is rightly skeptical of the rosy “techno-optimism” advanced by the likes of Elon Musk, far-right mega-donor Peter Thiel and hedge fund billionaire Marc Andreessen. To tech oligarchs, technological advancement is best delivered by unfettered free market capitalism. The democratic state is a hindrance to be opposed, dismantled and destroyed – a set of goals that they now enjoy the power to achieve. Their ideology ignores inequality and glosses over the material harms their companies wreak on workers and the environment. Silicon Valley’s billionaire techno-optimism is clearly incompatible with leftwing values and should be rejected.But can and should the left advance its own techno-optimism? Can it put forward a vision of a brighter future that can compete with the grand visions of space exploration presented by Musk? Can it make the case that science and technology ought to be harnessed to deliver breakthroughs, abundance, sustainability and flourishing of human potential? And what would a progressive, leftwing techno-optimism look like? A techno-optimism that the 99% could get on board with, especially communities of color, and Black people who have historically been excluded, or even harmed, by scientific and technological breakthroughs? These are some of the questions that this new series, Breakthrough, launched by the Guardian examines.The left used to embrace technology. Indeed, the most leftwing prophet of all, Karl Marx, was so pro-technology that he is often described as “Promethean”, a reference to the Greek god who stole fire to give to humans. And it was feminist Shulamith Firestone who in the 1970s envisioned a day where we might have artificial wombs and be liberated from housework, thanks to automation: a feminist utopia delivered by technology.Some of the most groundbreaking sci-fi imagery that we encounter in books and movies like the Matrix, such as people living virtual lives entirely untethered from their bodies, were first popularized by JD Bernal, the Marxist scientist and futurist who designed the so-called Bernal spheres, for permanent space settlement, in 1929. Writing of Bernal’s influential book, The World, the Flesh and the Devil: An Enquiry into the Future of the Three Enemies of the Rational Soul, Arthur C Clarke, considered one of the fathers of sci-fi, wrote that it was “perhaps the most remarkable attempt to predict the future of scientific possibility ever made, and certainly the most stimulating”. And it was all rooted in a firmly leftwing – and specifically, socialist – world view. And, of course, Star Trek, one of the most successful sci-fi series of all time, is widely considered to be depicting a socialist post-scarcity utopia.Today, however, the left is either fearful, agnostic or hostile towards technology. The green “degrowth” movement, for example, views industry and technology as the root of our climate crisis. For them, the solution to the climate crisis is not more technological growth and innovation, but less. As Kohei Saito, the author of the bestseller Slow Down: The Degrowth Manifesto, said in an interview: “I was initially more optimistic about the development of technology” but, after reading degrowth theories, “[I] abandoned the possibility of green growth.”Saito goes on to say: “If we want to have more, in today’s sense, it will simply bring about ecological catastrophe.” Reducing consumption and production – austerity and retreat, in other words – is the only path forward for the degrowth movement. But this ignores the fact that technology can help us replace fossil fuels with other sources of clean, affordable and scalable energy that would allow for continued growth and advancement, without harming the environment.Meanwhile, leftwing leaders such as Bernie Sanders and Alexandria Ocasio-Cortez are very good at the necessary and essential task of confronting tech monopolies and billionaires, who concentrate economic and political power in their hands. But what is often lacking is a positive, bold vision for what a science and technology agenda for the 99% would look like – how technology in the right hands might help provide abundance for all.This is a lost opportunity. For all the pessimism and decline that we are witnessing – declining rates of graduation, declining birth rates, declining rates of homeownership and a rise in deaths of despair and skyrocketing rents – we also may well be on the brink of unprecedented breakthroughs and advances that could create record levels of wealth to be enjoyed by all, if these breakthroughs are accompanied by a political system that favors the wellbeing of all over billionaires. It may be hard to imagine such a system at the moment, given that corporate interests have seized nearly all levers of power, but it is nonetheless critical to do so. Do we have a political vision of how tech and science might work for us all?In 2024, artificial intelligence (AI) was recognised with not one, but two, Nobel prizes. Google’s DeepMind discovered 2.2m entirely new materials – 800 years worth of science in a few months. Last year saw the first time that sickle cell disease, a disease that was hitherto incurable and predominantly affects people of African descent, was reversed in a novel Crispr gene-editing therapy. Cancer and heart disease vaccines could be ready within the next five years. And now, for the first time, AI is solving the intractable protein-folding problem – one of biology’s greatest challenges – and designing new proteins, which is essential for discovering new drugs and understanding why certain diseases occur.View image in fullscreenSo why is it that technology is almost never invoked by the left as a solution to polycrisis in general, or the climate crisis in particular? Why is it that the only people who offer bold, inspiring visions for the transformative role of technology are the likes of reactionaries like Musk?There are, of course, reasons for this. Technology alone is no panacea. Nor does technology guarantee progress. In fact, periods of technological advancement have almost always been accompanied by violence, dispossession and war. Many leftwing philosophers in the post-war period, having witnessed the ravages of fascism and Nazism, equated technology – and even the very idea of progress itself, with violence.As the Frankfurt school philosophers Theodor Adorno and Max Horkheimer – both of whom were Jewish intellectuals forced to flee Nazi Germany – argued in Dialectic of Enlightenment: “Technology … aims to produce neither concepts nor images, nor the joy of understanding, but method, exploitation of the labor of others, capital.”And Black artists such as Gil Scott-Heron, witnessing the advances of the space age, asked what benefit the Apollo mission might have for those struggling to make ends meet back on Earth. In Whitey on the Moon, Scott-Heron writes:“A rat done bit my sister Nell.(with Whitey on the Moon)Her face and arms began to swell.(and Whitey’s on the Moon)I can’t pay no doctor bill.(but Whitey’s on the Moon)Ten years from now I’ll be paying still.(while Whitey’s on the Moon)”Those critiques continue to resonate with many today. Especially as we witness one billionaire after another fly into space, as life on Earth grows more perilous by the day. And as billionaires push not simply the frontiers of space, but of the human body itself, it is right to remind ourselves of the legacy and history of eugenics. We can only benefit from warnings – such as those made by Timnit Gebru and Émile Torres – that the pursuit of longevity and eternal life, as well as transhumanist projects such as Neuralink, risk perpetuating eugenicist ideals in the 21st century.Perhaps, though, we would do well to adopt the position of the Frankfurt school philosopher, Herbert Marcuse, who accepted many of the critiques that his colleagues made of the Enlightenment, but who also left space for the possibility that it could go either way. In a 1941 essay on technology, he wrote: “[Technology] can promote authoritarianism as well as liberty, scarcity as well as abundance, the extension as well as the abolition of toil.”He envisioned a world in which technological progress might allow human flourishing and self-realization. In a world that is technologically advanced enough, “everyone could think and act by himself, speak his own language, have his own emotions and follow his own passions” once we are “no longer chained to competitive efficiency”.Perhaps the most important condition for us to flourish is to address our climate crisis. Today, to warm our homes and cook our meals, we still set fire to things. Those who cook on gas stoves heat their food over literal flames, as cavemen once did. If we are to move out of the fossil fuel era into a new, cleaner and sustainable era – while still maintaining our freedom to travel and fly and enjoy the material comforts that we do today – this will require a combination of political will and technology. Whether fusion energy, fission or a host of renewables, the path to a new era of energy production requires new technologies and breakthroughs. Right now, for example, Silicon Valley billionaires are investing billions in chasing the holy grail of limitless, clean fusion energy to power AI. Can and will the state match those efforts? And should the left make the case that it should?There is no inherent value in technology. It is neither good nor bad. It is up to us how machines are used. And indeed, who makes those machines, how, and to what ends are all political questions. While we push to change our political system and direct it towards a more equitable, inclusive and liberatory path, let us also, at the same time, push for technology to move in that direction, too.We live in dark, depressing and – frankly – terrifying times. Our planet’s fragile ecosystem is fast spiraling out of control. Our democracies are fracturing. And billionaires are seizing for themselves all of the spoils of the digital era. Technology might well be the thing that pushes us over the edge. But it could also, if we play our cards right, allow us to exit our era of polycrisis. But that won’t happen on its own. The path towards better technology – tech for the 99% – can only be achieved through a politics of the 99%. And it must start with a vision.It is time that the left deploy all of our energies and powers towards a political vision of abundance. Abundance that is delivered by a movement for the 99% that pushes for technological growth and development for the benefit of all.We hope this series might be a place for that political vision to be discussed, debated and laid out so that optimism about the future – in particular, techno-optimism – is no longer just something that the very rich in this world can have.

      Amana Fontanella-Khan is the Guardian US opinion editor More

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      The left needs to abandon its miserable, irrational pessimism | Aaron Bastani

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      View image in fullscreenAt the start of the millennium it was widely presumed each successive generation would achieve a higher level of prosperity than the last. Today that is no longer the case. Just 19% of Americans expect their children’s lives to be better than their own, while two-thirds believe their country will be economically weaker by 2050.So our zeitgeist is increasingly one of pessimism, from anxiety about the climate crisis to concern over rising inequality. According to the historian Adam Tooze, we are living through a “polycrisis” – where such challenges are not only simultaneous but mutually reinforcing.Yet there is one sliver of society where optimism still reigns supreme: Silicon Valley.For a long time technological utopianism was a leftwing idea. Its patron saint was Edward Bellamy whose 19th-century novel, Looking Backward, was more influential among the American left than Marx and Engels. In Britain this perspective was best represented by Fabian socialism. Its rationale was alluringly simple: human progress was a corollary of technological development, with both needing scientific management. Over time, more complex technologies would require a larger state. And a larger state would require socialism.Today such thinking has been inverted, with supporters of market capitalism, and a minimal state, most optimistic about the future. Marc Andreessen, co-founder of the venture capital fund Andreessen Horowitz, even penned a “techno-optimist manifesto” last year – in part to counter the prevailing winds of despair. If nothing else it reveals how Silicon Valley thinks, with Andreesen expressing this with particular clarity when he writes how “there is no material problem   … that cannot be solved with more technology”.As the magazine Current Affairs observed, no evidence is forthcoming alongside such bombastic claims. For instance, when Andreessen writes how “central planning is a doom loop”, he conveniently omits how the development of the internet, solar cells, lithium batteries, the jet engine and nuclear power all relied on state-backed R&D. But while his screed is bizarre, uninformed and in parts even dangerous, he is right about one thing: our instinctive miserabilism, increasingly pervasive on the left, is unwarranted.Take recurrent arguments against having children. Choosing to have kids is a personal matter. Yet in recent years I’ve repeatedly encountered the claim that having descendants is immoral because of climate change. Even if you agree that ours is an age of polycrisis, this is absurd.After all, 100 years ago the average person, in one of the the world’s wealthiest societies, could expect to live until 40. Today global life expectancy is 73. In 19th-century England, between 40 and 60 women died in childbirth for every thousand births. Today that figure is seven for every 100,000. As Ezra Klein has noted, no serious climate models suggest a return to the world of 1950, let alone 1150. Taking this argument to its logical conclusion, nobody should have had children before our grandparents – in which case humanity should have long been extinct.Such irrational pessimism inflects how we view technology too. Yes, there are moral questions surrounding innovations like gene-editing and Crispr, but these same tools could eliminate thousands of inherited conditions – from sickle cell to Huntington’s disease. The 2030s may well be a decade of inflationary shocks and extreme weather events, but it could also herald the arrival of real-time language translation and cancer vaccines used by billions.View image in fullscreenIn their defence many pessimists acknowledge such developments – they are simply aware that any benefits will be unequally shared. This is particularly relevant for machine learning and the world of work. AI could add as much as $13tn to the global economy between 2017 and 2030. Given recent technological changes have, according to the World Bank, meant that “advanced economies face increasingly polarized labour markets and rising inequality”, concerns around who benefits from an innovation as potentially disruptive as the steam engine make sense. While some will get rich from its commercial applications, many more will lose jobs or see their wages squeezed. Ignoring that, and maintaining technology as somehow neutral, is a covert form of class war.The philosopher Alfred Whitehead once declared that the greatest invention of the Victorian age was the idea of invention itself. Yet as humanity mastered how to innovate, we progressively lost touch with why we should. This now seems to have reached its apogee with “effective accelerationists”, whose answer to every challenge is simply more technology. I can think of no idea more ill-suited for a world of polycrisis.So what is the alternative from the left if mindless tech optimism will only deepen problems heading our way?As with the right it should be a project of individual freedom. But such freedom should be understood as meaningless, or even destructive, if it generates unfreedom elsewhere. The economist Amartya Sen defined unfreedom as constraints beyond our control which undermine our ability to pursue lives of meaning. Inadequate access to food is a source of unfreedom, as is being homeless or not having an education. Franklin Roosevelt put it best when he said that “necessitous men are not free men”.If eliminating unfreedom is the end, then the creation of Universal Basic Services (UBS), is the means. These UBS comprise housing, healthcare, transport and education, should be free at the point of use, and funded by progressive taxation. Accessing them should be viewed as necessary for any citizen to fully participate in economic life. Indeed they are just as fundamental to a life of freedom as legal and political rights.Markets would still exist for things like cars, or silk ties, but the logic of profit wouldn’t apply to UBS. So rather than machine learning creating the conditions for the world’s first trillionaire, as gleefully predicted by Mark Cuban, it could provide the basis for a post-carbon, autonomous transport infrastructure, or free adult education throughout one’s life.Alongside UBS, the dividend of technological progress would also make possible a four-day week. After all, countries with a shorter working week enjoy higher levels of social capital, more volunteering and greater gender equality. What is more, those who work less report greater feelings of personal satisfaction. To be clear: this isn’t a post-work society, not least because, in our lifetimes at least, there will be enough work to go around with an ageing population and climate adaptation. But a four-day week should be to the 2030s what the eight-hour day was to the late 19th century.For all the extraordinary inventiveness of recent decades, perhaps our greatest technology remains the state – that unique vehicle for collective action. To create UBS, and expand leisure time for all, means believing in it once again. Indeed meaningful optimism about technology requires political demands and a specific vision for our collective future. Without that we are always at the whim of the 0.01%.

      Aaron Bastani is the co-founder of Novara Media. He is also the author of Fully Automated Luxury Communism More

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      in US Politics

      ‘Major brand worries’: Just how toxic is Elon Musk for Tesla?

      by

      Globally renowned brands would not, ordinarily, want to be associated with Germany’s far-right opposition. But Tesla, one of the world’s biggest corporate names, does not have a conventional chief executive.After Elon Musk backed Alternative für Deutschland (AfD) – calling the party Germany’s “only hope” – voters are considering an alternative to Tesla. Data released on Thursday showed that registrations of the company’s electric cars in Germany fell 76% to 1,429 last month. Overall, electric vehicle registrations rose by 31%.Tesla’s biggest shareholder, who has voiced support for rightwing leaders around the world, is now a de facto US cabinet member under Donald Trump’s administration.Tesla’s valuation has become inextricably tied to Musk’s politics. After he spent $288m backing Trump’s 2024 election victory, Tesla’s valuation passed $1tn. Yet Musk’s political involvements – unprecedented for the head of a company that size – could also be having a negative effect.On Friday, a group of Extinction Rebellion activists occupied a Tesla store in central Milan. Activists chained themselves to the cars’ tyres, and others glued themselves to the windows along with the slogans “Make millionaires pay again” and “Ecology for all, no ecofascism”.Analysts are openly wondering if Musk is causing lasting damage to a brand he has made synonymous with electric cars and, by extension, liberal aspirations to tackle climate change.Tesla was approached for comment.Tesla was the world’s biggest producer of battery electric cars in 2024, but sales dropped to 1.79m, the first time the company has endured a sales decline since 2011 after years of rapid growth that made it the world’s most valuable carmaker.The manufacturer said in January that global sales would grow during 2025, and Wall Street analysts expect Tesla to sell more than 2m cars this year. But even those forecasts would hardly represent a blazing return to form. As recently as October, Musk said he expected 20% to 30% annual sales growth, implying as many as 2.3m cars sold.“Customer retention will be key in 2025 as customers may begin to look for an ‘Alternative for Tesla’,” said Matthias Schmidt, a Berlin-based electric car analyst.View image in fullscreenOther analysts are more optimistic. Dan Ives, of Wedbush Securities, a US financial firm, is a longstanding Tesla supporter. Ives believes the company’s share price could rise from its current level of about $280 to hit $550. However, he acknowledged the negative perception created by Musk’s partnership with Trump and his work on the so-called department of government efficiency (Doge) – an issue he described as the “elephant in the room” for the brand.Calling them “major brand worries for Tesla”, he added in a note to investors that the direct impact on sales should be relatively small. “We estimate less than 5% of Tesla sales globally are at risk from these issues despite the global draconian narrative for Musk.”Ives said that Tesla was on the verge of making a new, cheaper vehicle – costing less than $35,000 – and would “own” the autonomous vehicle market, factors that would help push Tesla to a valuation of more than $2tn.Nonetheless there are clear signs in the US, Tesla’s biggest market, that would-be buyers are wavering, according to Strategic Vision, a market research company. Its new vehicle experience study tracks the buying preferences of up to 250,000 car buyers in the US, and it shows a sharp decline in regard for Tesla since Musk bought Twitter (now X) in 2022.Shortly before the multibillionaire bought the social media platform, 22% of new vehicle buyers would have “definitely” considered buying a Tesla. By the end of 2024 it was just under 8%. The proportion who would not consider buying a Tesla has risen from 39% over the same period to 63%.According to Strategic Vision, approximately half of non-Tesla EV buyers identify as Democrat or liberal, compared with about 20% identifying as Republican or conservative. Among Tesla owners, the Democrat owner group has fallen from 40% during the Biden administration to 29% now, with the Republican group averaging about 30% since 2021.“Democrats, the majority party of EV owners, are now actively rejecting Tesla and choosing other options,” said Alexander Edwards, president of Strategic Vision.Meanwhile, global protests against Musk and Tesla are intensifying. In America, there have been demonstrations outside dozens of Tesla showrooms, while in the UK a guerrilla poster campaign – “0 to 1939 in 3 seconds” – has emphasised Musk’s fascist-style salute at an inauguration rally. In Germany, he was recently caricatured on a carnival float as “Napo-Elon”.Ross Gerber, chief executive of the US investment management firm Gerber Kawasaki, which holds shares in Tesla, said Musk had given people an outlet to express their disdain for his politics.skip past newsletter promotionafter newsletter promotionHe said: “He has left himself open to a direct way for people to attack him if they don’t like his politics. It’s ironic because the vehicles were made for liberals who care about the environment and it has become a symbol of the conservative movement.”Tesla is valued at about $847bn – still more than the next 10 carmakers combined. Few investment banks have included any effect from Musk in their work trying to accurately value Tesla. Still, there are further reports of falling sales. In Australia, February sales were down about 72% compared with the same month in 2024, according to data released this week.View image in fullscreenSeveral analysts have raised concerns that the current valuation is much too high. JP Morgan is among the most pessimistic of the investment banks, suggesting that Tesla’s share price could fall as low as $135 – or a valuation closer to $400bn. Musk is the largest shareholder in Tesla, a key contributor to his status as the world’s wealthiest person.“Tesla shares continue to strike us as having become completely divorced from the fundamentals,” wrote JP Morgan in January, pointing out that 2025 profit expectations were down 70% since 2022. The share price has more than doubled since then – something that would not usually happen when investors expect lower profits.Analysts at UBS, a Swiss investment bank, concur, saying that Tesla’s valuation “continues to confound us”, with big risks in its efforts to make money from self-driving cars or humanoid robots.While sales declined steeply in January in several markets, several analysts have warned against relying on numbers for a single month. Schmidt said: “Some consumers are likely holding back purchase decisions and waiting for the updated Model Y which arrives this month. The big question though is, are these just the die-hard Tesla enthusiasts which remain in line while other potential consumers jump ship?”There have also been positive signs elsewhere. UK Tesla sales fell in January, but bounced back by a fifth in February to leave sales up year-on-year for 2025 so far. In the US there were also signs of a recovery after a fall in January, with preliminary data for February indicating rebound sales of about 42,000 cars, up 14% year-on-year, according to Wards Intelligence.But the UK sales figures also highlight another concern for investors: that Tesla’s lead on rivals could be narrowing as a flood of new models arrive. Tesla’s electric market share for the first two months of 2025 was 11%, down from 14% in 2024, according to New Automotive, a research group.Ben Nelmes, New Automotive’s chief executive, said: “The impact of Elon Musk’s political views on Tesla’s sales may have been overstated, but Tesla is gradually losing its position as the dominant EV seller in the UK as other carmakers bring more up-to-date and cheaper models to market.”In China Tesla is under big pressure from a slew of cheaper competitors, most notably BYD. In Tesla’s second-biggest market, sales of its China-made EVs dropped 49% year-on-year in February, to the lowest level since August 2022.Edward Niedermeyer, author of Ludicrous – a 2019 book about Tesla which focuses on Musk’s habit of making bold claims about the business that don’t stack up – argues that the prospect for new business like robotaxis and robots are distant. “The unique moment that we’re in now is the business has peaked,” he said.The worry for Tesla investors is whether Musk has turned that peak into a cliff-edge.Additional reporting Lorenzo Tondo More

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      ‘Musk? He’s horrendous’: Martha Lane Fox on diversity, tech bros and International Women’s Day

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      As Elon Musk grinned in the Oval Office, one of Britain’s most influential tech investors looked on in horror. “He is absolutely horrendous. I have said it multiple times: I think it is horrifying what is happening,” says Martha Lane Fox.For the British peer and ex-Twitter board member, the sight of Musk holding forth from the bully pulpit of Donald Trump’s White House shows the Silicon Valley dream has gone sour.“The richest man in the world, who can stand there alongside the president, and kind of carte blanche make jokes about how he’s carving up people’s jobs in the government. Then he can be there with a chainsaw laughing on stage…“It is really, really alarming, and I find it extremely unpleasant at a values-based level – but also, just how can we be watching this in plain sight? It makes me feel very anxious. I think it is gross.”In an interview with the Observer to mark International Women’s Day, the president of the British Chambers of Commerce (BCC) warned the diversity pushback orchestrated by Trump and his tech bro acolytes will not only damage society, but also the economy at large.Since his return to the White House, the US president has shut down all federal diversity, equity and inclusion (DEI) initiatives, while Musk’s “department of government efficiency” (Doge) is ripping up funding schemes.Some of the world’s biggest companies are following suit. Amid a wider pushback against everything from environmental targets to sustainable development, among the most prominent taking part are US finance and tech companies, including Goldman Sachs, Accenture and Amazon, while UK businesses such as GSK have also fallen in line.“He needs to be contained,” Lady Lane Fox says of Musk’s role in the rollback. “I find it extraordinary that the richest man in the world is trampling all over these things and that we still have kind of fanboying from the tech sector. It’s already been corrosive for society, and I would argue it is going to continue to be.”For businesses, she says the bottom line is that companies that take diversity seriously appeal to the widest possible employee talent pool and are better placed to target a broad range of customers. This, she adds, is about profit as much as social justice. However, she has a broader concern about the future.“The first thing, it’s financial. But the second thing, it’s about power and money – like everything, right?“If you’re looking at a sector like the digital sector, where there’s the growth in jobs, growth in opportunity – it is the growth sector in the economy. Yet you are not including a whole bunch of people in that. Then you are going to be creating inequality. Full stop. So it’s financial and it’s a question of social justice.”Given the close ties between Britain and the US, there is a view that where corporate America treads, the UK naturally follows. But there are signs that some UK businesses – and even the British operations of some US companies – are prepared to stand apart.The accountancy firm Deloitte instructed staff working on contracts for the US government to remove pronouns from their emails, while also announcing the end of its DEI programme. But its UK boss told staff its British operations remained “committed to [its] diversity goals”.“It feels as though global companies rooted in the US are making a politically motivated slight shift in emphasis and tilt, through to rowing back everything. And it does feel a bit more tempered here,” says Lane Fox.UK businesses have an opportunity to do something different, she says, which could bring financial benefits. “I think we’ll build more robust companies, attract talent and have a much better shot at building the most resilient companies of the future.”For almost three decades, Lane Fox has built a career – and multimillion-pound fortune – in tech. She made her first big money floating Lastminute.com, the online travel site co-founded alongside fellow Oxford graduate Brent Hoberman in 1998.View image in fullscreenShe joined the board of Twitter – now X – in 2016, landing herself a huge payday in Musk’s $44bn hostile takeover in 2022, before he dissolved the board and appointed himself the sole director.Seeing Musk in the Oval Office, parading his son X on his shoulders, made her question the gender divide. “Can you imagine if that was a woman? Can you imagine what that would look like? I mean, I just think the whole thing is really gross.”But while railing against Musk in a personal capacity, the BCC president does not suggest this approach is for everyone. “It is really tricky to navigate. You have a responsibility to your customers and your employees that might be different to our personal view sometimes.”Government regulation to enshrine diversity targets is also a bad idea, she says, preferring instead that companies report their progress. “Keeping it in the light, keeping up the reporting, is important – keeping up good investors, looking at the right metrics and investing in the right companies all helps.”However, not enough progress is being made. Analysis this week showed that worsening unemployment and workforce participation for women has pushed the UK behind Canada to its lowest global ranking for workplace equality among large economies in a decade.The gender pay gap has been declining slowly over time, but average pay is still 7% less for women than for men. It is a challenge Lane Fox is all too aware of. “Look at the data and it is really freaking depressing – and it is not moving,” she says.“What worries me is that it’s far too easy to find numbers that I thought we were moving on from.“In this week of International Women’s Day, we see representation at the executive level has gone back. I see progress on boards is still good at the FTSE 100 level, but bad at FTSE 250 and 350 level.“I know there will be people in the sector thinking: ‘Oh, here she goes again.’ That’s true of many women [that people think that]. But it is so important to keep making these arguments.” More

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      Trump to host crypto leaders after creating strategic reserve of bitcoin

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      Cryptocurrency industry elite are set to meet with Donald Trump at the White House on Friday to discuss how the government will enact Trump’s vision of making the country the “crypto capital of the world”. The day before, the president signed an executive order creating a strategic reserve of cryptocurrency for the United States.Trump will host players including Michael Saylor, co-founder and the executive chair of MicroStrategy, and Zach Witkoff, one of the founders of the president’s own crypto business, World Liberty Financial, according to the executives’ social media posts.Vlad Tenev, the CEO of Robinhood Markets, will also attend, according to a spokesperson for Robinhood. Witkoff and Saylor did not respond to requests for comment. Attenders expect the event to focus on Trump’s plans to build the strategic reserve, which the president said will contain bitcoin and four other coins. Trump directed the secretaries of treasury and commerce to develop “budget-neutral strategies” for acquiring additional bitcoin that have no “incremental costs” on taxpayers.“For the first time, industry leaders feel they’re walking into a collaborative discussion,” said Les Borsai, co-founder of Wave Digital Assets, a crypto investment adviser, who said he did not receive an invitation.Participants said they were focused on any further details on the strategic reserve, a government stockpile of crypto assets.The reserve will be capitalized with bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings, the White House “crypto czar”, billionaire David Sacks, said in a post on social media platform X.“This [strategic reserve] is going to be the biggest point of contention for many of us,” said JP Richardson, co-founder and CEO of Exodus, a bitcoin wallet developer. Although he owns the four other coins that Trump has suggested including in the reserve, he does not think they have a place in a strategic reserve.“Crypto has made big strides, but it’s still a relatively nascent industry,” Richardson said. The other coins are smaller and function in a very different way, one he said may create more risk. Brian Armstrong, co-founder and CEO of Coinbase, posted on X on Sunday that a bitcoin-only reserve was “probably … the best option”. Both Richardson and Armstrong will attend the summit.In a post on X, Brad Garlinghouse, the CEO of Ripple, who also confirmed his attendance at the summit, hailed Trump’s recognition that “we live in a multichain world” stretching beyond bitcoin. XRP, the coin tied to Ripple, is one of the four other cryptocurrencies Trump has suggested may be added to a crypto reserve. Attendees said they were optimistic about working with an administration that views crypto as a mainstream asset class and expressed hope for a straightforward regulatory process.skip past newsletter promotionafter newsletter promotion“What everyone really needs to have at this point is clarity on what the level of scrutiny and intensity of regulation will be, who the key regulators will be,” said Yesha Yadav, the associate dean and a professor of law at Vanderbilt University. That could speed up the process of approval by the Securities and Exchange Commission of a flurry of new listings of exchange-traded funds.Trump’s family has launched cryptocurrency meme coins and he also holds a stake in World Liberty Financial, a crypto platform, which has sparked some conflict-of-interest concerns. His aides have said Trump has handed over control of his business ventures, which are being reviewed by outside ethics lawyers. The White House did not respond to a request for comment. More

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      Crypto giant Tether CEO on cooperating with Trump administration: ‘We’ve never been shady’

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      Paolo Ardoino, CEO of the cryptocurrency company Tether, was flying over Switzerland last week as he contemplated the changing regulatory landscape.Tether used to be at war with the establishment. Now it is the establishment.The crypto giant – tether is the most traded cryptocurrency in the world – has had a strange trip. Four years ago, banks were dropping Tether as a client, and regulators in New York had the company against the wall over questions about commingled client and corporate funds. Treasury officials were complaining that dollar-backed cryptocurrencies enjoyed the international privileges of the dollar without the responsibilities of preventing its misuse. Federal investigators were looking into Tether for possible violations of anti-money-laundering and sanctions rules.The cryptocurrency industry anecdotally – and conspiratorially – describes the Biden administration’s posture toward crypto as a systematic effort to debank crypto in the form of tactics such as “Operation Choke Point 2.0”. Ardoino says Tether’s leadership needed to become globetrotters in search of someone to take their business.And it’s a lot of business. Tether currently is the 17th largest holder of US government debt, with nearly as much in treasury bonds in its digital vaults as Saudi Arabia. Tether’s value remains stable because it is pegged one-to-one to the dollar, meaning the value of each individual tether coin is $1. The company backs the total value of the cryptocurrency with dollar assets like treasury bonds in an American bank – in this case, $140bn deposited with Cantor Fitzgerald.Tether comes just behind bitcoin and ethereum as the most valuable cryptocurrency, and by most measures it is the most widely traded. Investors in countries with unstable currencies, like Turkey or Argentina with their 40%-plus inflation rates, use it to hold on to the value of their savings against the dollar. Crypto traders use tether to park their digital assets in a safe place.The degree of cooperation between Tether and law enforcement reflects an evolving shift in the government’s posture toward the company, even as federal agencies had been cracking down on cryptocurrency more broadly under Joe Biden.“We’ve never been shady,” Ardoino said. “The company has been great. It has been attacked. Debanked. You know, when you’re trying to be a disruptor – in a good sense – you are going to always be attacked by the establishment.”Previous administrations’ hostility to crypto – and perhaps to tether in particular – was the product of strategic mistakes the company had made, Ardoino said.“We were very naive. We thought: ‘Oh, we are going to keep our head down.’ We were not communicating. We were not telling what’s going on, and that was used against us,” he said. “And that’s fair, right? So, if someone is not communicating, or you feel is not transparent enough, then that is how people get to fear.”After settling its case with New York regulators in 2021, Tether began to come out of its shell, publishing quarterly statements and expanding its cooperation with the government. Today, things are different for Tether. Its banker – the Cantor Fitzgerald CEO Howard Lutnick – has been confirmed as secretary of commerce in the Trump administration. The company says it is proud of its cooperation with US law enforcement. Though Tether’s holding company is headquartered in crypto-friendly El Salvador, the cryptocurrency is expanding in a way that Ardoino says will help the United States secure its position as the world’s reserve currency.“We have 400 million users in emerging markets,” Ardoino said. “We are basically selling the US debt outside the US … We are decentralizing the US debt as well, basically pushing for dollar hegemony. That’s how the US can maintain its dominance when it comes to its currency.”It’s a line Lutnick might have written into his confirmation hearing speech himself. The Senate confirmed Lutnick on a party-line vote 51-45 in February. Ardoino said their relationship is at arm’s-length now, though.“Cantor [Fitzgerald], they are our custodian. So, we will continue to have this relationship with Cantor,” he said. “They have been a great custodian for us. They are primary dealers, so we can have basically direct access to the Fed[eral Reserve] to purchase [government] debt. With Howard, when he goes into government, we cannot talk to him.”Lutnick has been a vocal backer of cryptocurrency and tether’s position in the industry in particular. Senators had some sharp questions for him about tether at his 29 January hearing, with Senator Maria Cantwell pressing him about audited holdings.“Do you think the market needs to comply with audits about whether one-to-one ratios really exist on stablecoins?” Cantwell asked Lutnick.“I believe stablecoins, US dollar stablecoins, should be audited, should be completely backed by US treasuries 100%,” Lutnick replied.skip past newsletter promotionafter newsletter promotion“How do we prove that?” Cantwell then asked.“A US audit and one-to-one backed by US treasuries,” Lutnick continued. “And lastly, you can’t change the rules; meaning if someone has bought the stablecoin, you can’t change the price. If someone’s made a deposit with you, you can’t say: ‘I’m going to withdraw, you’re going to change the price.’”She also asked about reports that “as much as $19bn of Tether could be illicit activity by the North Koreans, the Russians, the Chinese. And so, what do we do about that? What is your solution?”“It’s like blaming Apple because criminals use Apple phones,” Lutnick replied. “It’s just a product. We don’t pick on the US treasury because criminals use dollars. So, I think it’s just a product … They are signed up with all US federal law enforcement. They follow all federal law enforcement instantly.”Ardoino rejects the suggestion of tether’s usefulness to criminals. “There is no financial institution – even the big banks, they don’t have this breadth of collaboration,” he said, citing more than 200 agencies in 50 countries that work with Tether.A Swiss bank might rebuff an American law enforcement agency coming for money in its accounts. Tether, however, touts its ability to return money stolen from others. For example, a notable “pig butchering” scam last year sent Shan Hanes, CEO of Heartland Tri-State Bank in Elkhart, Kansas, to a 293-month federal prison term for embezzling $47.1m and sending it overseas as cryptocurrency. Tether was able to recover $8.3m for the victims.The traditional banking system is more porous than a cryptocurrency wallet right now, Ardoino argued.“When [criminals are] finally trying to use blockchain and move money on the blockchain in USDT [tether’s trading symbol], we see them and we freeze them,” he said. “And it takes 15 minutes to freeze an address from our stock. We are much more granular and faster than any bank or any other financial institution. So, I’ve been saying very loudly and publicly that any criminal using USDT is a very stupid criminal, because we can see everything and we can catch it.”Ardoino does see a threat in an adversarial regulatory relationship toward crypto, both in the United States and Europe. Both Coinbase, the largest cryptocurrency exchange in the US, and EU-based exchanges removed USDT because it does not comply with the EU’s Markets in Crypto-Assets regulation, which went into effect at the end of 2024. Traders can hold Tether in non-custodial wallets but can’t trade it on an exchange that complies with European regulations.“I think that the US understands very well that they should very, very much avoid a DeepSeek moment for finance and crypto,” Ardoino said, suggesting that it is possible that some invention in a stealth-mode lab somewhere beyond the industry’s attention could radically change the competitive environment. Ardoino was referring to the Hangzhou-based startup DeepSeek, a large language model AI that emerged seemingly from nowhere in January that could compete with Meta and OpenAI’s offerings at a fraction of the cost. Its emergence is disrupting AI business plans by changing the competitive environment.Ardoino hopes the new administration will have settled on its approach to regulations – likely to be much friendlier than its predecessor’s – by September, he said. “I think that they want to get regulations done by June. June would be very aggressive as a timeline, but September is realistic.” More

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      White House to overhaul $42.5bn Biden-era internet plan – probably to Elon Musk’s advantage

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      The Trump administration is preparing to overhaul a $42.5bn Biden-era program designed to connect tens of millions of rural Americans to reliable and affordable high-speed internet, in a move that is expected to benefit billionaire Elon Musk.Howard Lutnick, the commerce department secretary who has oversight of the federal program, recently told senior officials inside the department that he wants to make significant changes to the federal program, sources with knowledge of the matter told the Guardian.Instead of promoting an expensive buildout of fiber optic networks – as the Biden administration sought to do – Lutnick has said he wants states to choose the internet technology that would be low cost for taxpayers.That, experts agree, would favor satellite companies like Musk’s Starlink. Musk, whose company owns about 62% of all operating satellites, has not hidden his disdain for Biden-era program, telling voters last year that he believed it should be brought down to “zero”.Sources spoke on the condition of anonymity because of the sensitivity of the matter.Experts generally agree that using satellite services costs less to connect difficult-to-reach homes than fiber. But fiber also provides a more reliable, faster and less expensive option for consumers.Any change to the program could face substantial pushback from states and Congress, including Republican senators who have previously sought assurances from administration officials that the federal program, which is expected to generate billions of dollars in long-term economic growth across some of the poorest states in the US, would largely be left alone.The so-called Bead program (which stands for “Broadband Equity Access and Deployment”) was passed with bipartisan support in 2021 and aimed to connect 25 million Americans to high-speed internet. Under the Biden plan, states were left to make their own plans, request federal funding and hold competitive bids for internet service providers that would build the network. Given different choices of how to connect homes to high-speed internet, the Biden administration said it wanted states to build fiber optic networks, which are expensive to set up but are considered reliable and can offer affordable rates to consumers. In cases where fiber optic networks were too expensive to build, states could opt for cheaper options, like using satellite.“I don’t think there is doubt that Bead will continue,” said Blair Levin, policy advisor to New Street Research, a telecommunications and technology analysis firm. “What is in doubt is whether people get a long-term solution or something that is definitely good for Elon Musk.”Lutnick has told commerce officials that he wants Bead to be “tech neutral”, which means not favoring one technology over another. It is unclear whether Lutnick would try to force states to choose satellite service over others.Such changes – which would probably be challenged by individual states – would radically alter a program that has faced some criticism but has generally been embraced by both Republican and Democratic governors across the US, who have been expecting to receive billions of dollars in federal funding. The funds would provide an economic lifeline that would connect an estimated 56m household in mostly rural communities who are unserved or underserved to high-speed internet. It is estimated that the program, as it stands now, would generate at least 380,000 new jobs and fuel more than $3tn in economic growth.The commerce department did not respond to a request for comment.“The driving force behind Bead was parity. Can you get internet service in rural Wyoming what you can get in suburban Denver?” said one analyst who requested anonymity because they are providing advice to some states on the issue. “Fiber is utterly critical. If the internet is the most important infrastructure asset a state has, and you are using satellite, then it means you are not building something in your state. It can be turned on and off by the satellite provider.”Any dramatic change to the federal program also raises legal questions. States have spent years planning for Bead, including holding competitive bids for companies to build fiber networks. It is unclear whether the commerce department can force these states to restart their planning from scratch. The overriding criticism of the Biden program is that the bureaucracy took too long, and that not a single household has yet been connected to high-speed internet yet. The Trump administration might argue that states may as well start again to benefit taxpayers.skip past newsletter promotionafter newsletter promotionFor states like Louisiana, which was poised to receive $1.355bn under the Biden program and was the first state to get full approval for its plan, any change could upend estimates that the fiber optic build-out would drive $2bn to $3bn in economic growth for the state and between 8,000 and 10,000 new jobs. Planned investments, like a $10bn AI center that is poised to be built by Meta in Richland parish, a poor farming region in the north-east corner of the state, would depend on fiber optic connections. In a recent letter to Lutnick, the Louisiana governor, Jeff Landry, said the state would be ready to break ground on its fiber optic network within the first 100 days of the administration.The top Louisiana official working on the program, Veneeth Iyengar, has said about 95% of the state’s funds will be used to build fiber, and the remaining 5% will be used for cable, fixed wireless and satellite.Trump administration officials have balked at the program’s price tag.Musk made his views about the program clear at a town hall meeting in Pittsburgh last October, before the election. When he was asked about what he would do to help make the government more efficient, Musk immediately raised Bead as an example of a program he would cut.“I would say that program should be zero,” he quipped at the time, while also suggesting that his own satellite company, Starlink, could provide internet connectivity to rural homes at a fraction of the connectivity cost.Starlink did not immediately respond to a request for comment.Some Republican senators asked Lutnick about his views on Bead during his confirmation hearing, but he offered no promises. When Republican senator Dan Sullivan of Alaska asked Lutnick whether he could assure him that commerce would not rely on Starlink “as a solution to all of our problems”, Lutnick declined to answer, saying only that he would work to pursue the “most efficient and effective solutions for Alaskans”.Do you have a tip on this story? Please message us on Signal at +1 646 886 8761 More

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      UN human rights chief ‘deeply worried by fundamental shift’ in US

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      The UN human rights chief has warned of a “fundamental shift” in the US and sounded the alarm over the growing power of “unelected tech oligarchs”, in a stinging rebuke of Washington weeks into Donald Trump’s presidency.Volker Türk said there had been bipartisan support for human rights in the US for decades but said he was “now deeply worried by the fundamental shift in direction that is taking place domestically and internationally”.Without referring to Trump by name, Türk, an Austrian lawyer who heads the UN’s rights body, criticised the Republican president’s measures to overturn longstanding equity and anti-discrimination policies, as well as repeated threats against the media and politicians.“In a paradoxical mirror image, policies intended to protect people from discrimination are now labelled as discriminatory. Progress is being rolled back on gender equality,” Türk said in comments to the UN human rights council in Geneva.“Disinformation, intimidation and threats, notably against journalists and public officials, risk undermining the work of independent media and the functioning of institutions,” he added. “Divisive rhetoric is being used to distort, deceive and polarise. This is generating fear and anxiety among many.”Since returning to power, Trump has continued to attack the press. Last month, he barred the Associated Press news agency – on which local and international media have traditionally relied for US government reporting – from the White House.His administration has launched a purge of anti-discrimination policies under the umbrella term of diversity, equity and inclusion (DEI), and moved to slash rights for transgender people. At the same time, the administration has sent panic through communities with its widespread and muddled immigration crackdown.Internationally, the US has moved to withdraw funding for international organisations that promote health and human rights, such as the World Health Organization, and imposed economic sanctions on the international criminal court, which is investigating war crimes in Gaza.Washington’s traditional allies, including Canada, France and Germany, are feeling increasingly alarmed as Trump lashes out at democratic leaders while expressing a fondness for autocrats, including the Russian president, Vladimir Putin.In his speech on Monday, Türk presented a concerned overview of the global rights situation, saying the world was “going through a period of turbulence and unpredictability”.“[What] we are experiencing goes to the very core of the international order – an order that has brought us an unprecedented level of global stability. We cannot allow the fundamental global consensus around international norms and institutions, built painstakingly over decades, to crumble before our eyes.”He called out the growing influence wielded by “a handful of unelected tech oligarchs” who “have our data: they know where we live, what we do, our genes and our health conditions, our thoughts, our habits, our desires and our fears”.Türk added: “They know how to manipulate us.”While his comments were not directed at the US, they come at a time of rising and consolidated power among American tech and social media billionaires who have fallen in line behind Trump.They include Elon Musk, who owns X and has been the 78-year-old president’s most prominent backer, but also Meta’s Mark Zuckerberg, who has ended factchecking programmes on Facebook and Instagram – a move the UN chief, António Guterres, has warned will open the “floodgates to more hate, more threats, and more violence”.Amazon’s Jeff Bezos, the world’s third-richest man and owner of the Washington Post, which in the last US presidential election declined to endorse a candidate for the first time in decades, recently banned opinion articles that did not support his views on “personal liberties and free markets”.Türk, whose comments were not limited to the situation in the US but could also apply to tech leaders in China and India, said that “any form of unregulated power can lead to oppression, subjugation, and even tyranny – the playbook of the autocrat”. More