Twitter's nightmare

Follow Us Get the newsletter Hi, it's Vlad in Tokyo. Twitter Inc.'s nightmare scenario has played out: A system-wide hack compromised the accounts of some of the best-known people in the world. Individuals identifiable by one name only -- Bezos, Musk, Kanye, Obama -- were tweeting out apparent invitations for people to send them Bitcoin, which would be doubled in return. Twitter's brute-force response was to turn off tweeting for all verified accounts, muting business and political figures across the spectrum and also muzzling official public service announcements -- at a time when, for example, Illinois was under a severe weather warning. It was a reminder of the importance and centrality of Twitter as a universal information source on a global scale and should instill a profound sense of unease about the trust we put into it on a daily basis. Because guess who else was compromised by the Bitcoin scammers: U.S. presidential candidate Joe Biden. We can count ourselves very lucky that it appeared to be greedy online marauders and not hostile political actors that broke through Twitter's defenses. The worst-case scenario of the incumbent president's account being hijacked is hard to comprehend, but it could involve rocket launches, loss of life and other catastrophic consequences. So yes, when it comes to Twitter's cultural and political dominance, it might be time for a rethink. One of Twitter's best functions is as a self-correcting filtration mechanism at a time of breaking news or ongoing events. We saw this illustrated with the George Floyd protests that spread across every American state and later the world: People were actively sharing information from the protests and also fact-checking one another. Some misinformation slipped out, as it always does -- but in my judgment at least, it was quickly swarmed out of existence by the site's credible sources. That usefulness breaks down when Twitter itself is the breaking news. While the whole hack situation was unfolding and verified accounts were blocked, much of Twitter was filled with gleeful humor about putting us blue checkmarks in our rightful place. But that didn't help get the story straight or provide much reliable information. It wasn't just smug journalists who couldn't post their hot takes. Every official or news-gathering account that would usually be able to provide the more cautious, fact-checked play-by-play of events was also thwarted. The U.S. is building up to an election in November that will decide the next president and the makeup of the country's legislature. It matters to the entire planet, whether we're talking about the environment, international relations or the future of integrated globalized supply chains. At this time of increased sensitivity to keeping our facts straight, Twitter's security failure is shocking and embarrassing. In the long run, it may be a good thing. I'd rather have a mess contained within the digital realm than a real-world disaster caused by our excessive trust in online information exchanges. If you read one thing For Businessweek, Max Abelson documents his calls with an anonymous billionaire who has plenty to say about the coronavirus pandemic. "By focusing on the economy, a lot of people are going to get sick. And if we focus on public health, a lot of people are going to lose their jobs," he said in the interview. "I know which way it's going to end, but you can't say it. You sound insensitive. In today's world, everybody's going to attack you."   And here's what you need to know in global technology news Facebook is struggling to recruit and retain Black employees. The percentage of Black staff in technical roles was 1% in 2014. Today, it's 1.7%. The Committee for Better Banks, a group of workers, has criticized most U.S. banks for their treatment of employees and customers during the pandemic crisis. Moderna vaccine tests are looking promising. Federal researchers said this week that the company's trial vaccine had elicited antibodies in all people tested in its initial safety trial.   Like Fully Charged? | Get unlimited access to Bloomberg.com, where you'll find trusted, data-based journalism in 120 countries around the world and expert analysis from exclusive daily newsletters.   You received this message because you are subscribed to Bloomberg's Fully Charged newsletter. Unsubscribe | Bloomberg.com | Contact Us Bloomberg L.P. 731 Lexington, New York, NY, 10022