Technology Not A Campaign Item

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Below is an old blog 30 December 2023.

Technology drives our lives but it has never been an election issue in both Canada and the U.S. It is seldom on the national stage. That is why Americans probably missed the news that might affect them.

Hong Kong. November 8. Reuters reported that ByteDance is offering to buy back shares from its employees outside the U.S. for $160 per share.

What is ByteDance? It’s the Chinese company that owns Tik Tok. Last December, the U.S. banned Tik Tok from cellphones, laptops and other devices used by government workers. Why? Because it believes China was extracting information it could use to put the United States of America in danger. ByteDance CEO Shou Zi Chew appeared before Congress and U.S. Senate and denied the allegations.

American presidential elections have standard issues like the economy, taxes, immigration and abortion, but not technology. It is unfortunate because it is responsible for many problems. Workers lose jobs when one machine can do the work of ten men. Internet banking is technology. That’s why neighborhood branches have disappeared, a great inconvenience for senior citizens who prefer over-the-counter service. They are scared of online hackers. Are you having problems with your credit card? Call this toll free number. Somebody with an accent, in another part of the world answers the phone and guides you through your credit card history.

The youth continue to refuse to go to college, because of lucrative opportunities online. It's technology. Some succeed on YouTube and Tik Tok, others don’t.

There are many other reasons why technology should be an election issue. The Tik Tok ban is a foreign policy issue. The claim that China interferes in local elections of all countries that beg the U.S. for money is also political. There's no interference. They just echo His Master's Voice.

And as long as the U.S. ignores technology, it will continue to be a consumer, not an innovator. Now, let’s go back to the ByteDance news mentioned on top of this blog. What is buy back? I’m clueless, like most U.S. Senators.

“Buybacks allow employees to cash in shares without waiting for the company to list on the stock market.” That’s how the Reuters media release explained it.

Nonqaba waka Msimang

Executive Blogger

 

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