Axios

Twitter's most precious asset isn't its technology, its business, its data, or its employees. What makes Twitter unique is the attention it has won from the media profession — and that is what Elon Musk bought for $44 billion. Journalists fell in love with Twitter because it's a fast, open medium for sharing news. Then their presence on the platform transformed what was once just a buzzy, ephemeral social network into a conduit for world leaders, public institutions and social debates.

Every decade or two, a new wave of innovators tells us they've found the technological key to eliminating society's gatekeepers and empowering individuals — but every time the music stops, big companies remain in charge. These recurring waves of decentralizing energy have repeatedly failed to empower individuals and build small-is-beautiful paradises. But they've been highly effective at unseating incumbents in the industries they target for disruption.