This week: Elon's theater of the absurd is a sign of the times

The tech world celebrated its version of a royal baby on Monday with the news that Elon Musk and the musician Grimes have welcomed their first child together. Say hello to X Æ A-12. (The name is probably a joke — we think?)

It was an appropriately absurdist moment for a topsy-turvy week that showed how the coronavirus pandemic's toll on tech companies is spreading, and highlighted the best and worst tendencies within the tech industry.

On the positive side, we witnessed inspiring moments:

On the other hand, we were also reminded of the cutthroat nature of the business:

And then of course, there was Elon, back at it again:Advertisement

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So where do we go now?

I wish I could tell you which of the above examples represent the future of the tech industry that will emerge from this challenging period.

Some of the most powerful businesses created during the past decade now look incredibly fragile — on the same day that Airbnb announced its job cuts, Uber's CEO told employees to expect layoffs in the coming weeks. But it's way too early to write these businesses off.Advertisement

And just when we were ready to dismiss the idealism that once defined Silicon Valley, the recent actions of some tech workers and execs raise the possibility of a more equitable system taking root in a land of increasingly dominant mega-corporations and excessively paid CEOs.

In truth, no one really seems to know what to make of our technorati right now.

Maybe Apple and Google will save us from COVID-19 thanks to their contact tracing alliance. Or maybe we're just being played for fools. Advertisement

This tech ambivalence is playing out among startups involved in the government's $670 billion small business loan program. As Troy Wolverton reports, many venture-backed startups that received the loans are unsure if they're actually entitled to the money. The US Treasury Department and Small Business Administration, which are overseeing the system, have provided mixed guidance and been frustratingly vague.

So far, the public outrage directed at loan recipients like Shake Shack and AutoNation hasn't hit the startups (this may simply be because the startups that received the loans aren't as well known). With tech startups in a sort of no-mans-land, many are choosing to play it safe and give the money back.

There's a big test case on the horizon

One important and developing situation to keep an eye on is Google's planned acquisition of Fitbit. Advertisement

The $2.1 billion deal is supposed to close this year. But as Hugh Langley writes, there is a growing effort by privacy and antitrust advocates to stop Google from getting its hands on the wearable device maker.

The deal's critics warn that Google will obtain reams of personal health data collected by Fitbit devices — an argument that fits neatly into the distrust of Big Tech that was on the ascent a year ago.Advertisement

But with tech now seen as a valuable ally in the fight against COVID-19, Google may be able to make the case that Fitbit is an important tool that will enhance its ability to fight pandemics.

And if all else fails, maybe Elon Musk will tweet about it.

Read the full story here:

Google's deal to buy Fitbit is under intense scrutiny on 2 continents – here are the privacy and antitrust hurdles it must clear to land an 'unprecedented' merger

Sound bite of the week:

"Given enough time, I'm going to breach you. You're not going to keep me out."

— David "Moose" Wolpoff, the cofounder and CTO of cybersecurity startup Randori, tells BI correspondent Jeff Elder about his "addiction" to hacking systems.Advertisement

Though his scowling mien may not show it, the Moose is happy right now — his startup just landed $20 million in Series A funding and his services are in demand by Fortune 500 customers who want to stress test their computer systems.Randori

Not necessarily in tech:

Inside Nike: Sources share claims of sexism, cheating, abuse at the world's wokest brand

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— Alexei

Read the original article on Business Insider

Elon Musk\'s theater of the absurd is a sign of the times for tech