Thread by @teddyschleifer, NEW: Jack Dorsey's announcement is perfect timing for a new, long story [...]

NEW: Jack Dorsey's announcement is perfect timing for a new, long story we have just published:

We are living in tech billionaires' world now more than ever. These are the tradeoffs we make when we depend on billionaires to save us. https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg

The coronavirus crisis has Americans living in tech billionaires’ world now more than ever.

Two things can be true at once:

Tech billionaires can be doing good — while simultaneously revealing their power and entrenching it for the long haul.

My long read on this dynamic, which I promise was not timed with this Jack Dorsey news. https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg

The coronavirus crisis has Americans living in tech billionaires’ world now more than ever.

Good on Jack Dorsey, yes.

But here is the inherent tradeoff with billionaire philanthropy, as @tompkinsstange puts it:

“If we need the resources now but we’ll regret them having this power later, what does it mean for immediate suffering at the moment?” https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg

The coronavirus crisis has Americans living in tech billionaires’ world now more than ever.

Here's Dustin @Moskov, one of Silicon Valley's most thoughtful philanthropists:

"Philanthropy is taking on a greater portion of the responsibility for response than anyone expected," he tells me. "Philanthropy simply can’t solve this crisis on its own.” https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg-jack-dorsey

Now more than ever, the coronavirus crisis has Americans living in tech billionaires’ world.

What the billionaire philanthropy debate misses:

A nurse on the front lines of the crisis probably couldn’t care less whether the mask that protects them came from Tim Cook or from Donald Trump — they’re just glad they have one. https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg-jack-dorsey

Now more than ever, the coronavirus crisis has Americans living in tech billionaires’ world.

We're not just talking about billionaires' philanthropic power in this story.

We're talking about their political power, too, which this crisis has revealed.

Take the story of Larry Ellison, Donald Trump and hydroxychloroquine.

https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg

Tech billionaires are commanding more plutocratic influence during this crisis, yes.

But if the powerful exerting their power to save lives brings them more power, there’s an argument to be made in three words:

So be it. https://www.vox.com/recode/2020/4/7/21203179/coronavirus-billionaires-philanthropy-bill-gates-larry-ellison-mark-zuckerberg-jack-dorsey

Now more than ever, the coronavirus crisis has Americans living in tech billionaires’ world.

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