In his recent farewell address, President Joe Biden issued a strongly worded warning to the United States, highlighting a pressing concern.
💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸
Biden described this troubled trend as a “dangerous concentration of power,” quickly adding that he sees an oligarchy taking shape and believes it threatens democracy. Many people have speculated that his warning referred to billionaires such as X owner Elon Musk and Meta Platforms (META)  CEO Mark Zuckerberg.
As Donald Trump prepares to return to the White House, Zuckerberg’s company has taken steps that are seen as shifting Facebook in a more conservative direction in an attempt to appease Trump. These have included ending fact-checking and replacing it with a crowd-sourcing system similar to X’s Community Notes.
This week, news broke that a new group has launched a campaign to combat the billionaire class’ grip on social media.
A new group is looking to change the social media industry that is dominated by Elon Musk and Mark ZuckerbergÂ
Image SourceL Austin American-Statesman-USA TODAY NETWORK / Shutterstock
A new battle is brewing for the future of social media
Over the past few years, the social media ecosystem has shifted dramatically. From the launch of Truth Social by the Trump Media & Technology Group (DJT) , to Musk’s acquisition of Twitter (now X), the industry is now largely seen as being more polarized than it has ever been, leading an increasing number of people to abandon all social media platforms.
No,w as the U.S. faces an uncertain political future, one group is taking a stand to change the social media landscape. #FreeOurFeeds is a campaign created to “save social media from billionaire capture,” by creating an ecosystem powered by AT Protocol, the network behind Bluesky that lets developers create decentralized social media applications.
Related: Changes at Meta Platforms could cause drastic social media shift
Widely seen as the best alternative to Twitter and Facebook, Bluesky has surged in popularity in recent months. More than one million new users signed up for the platform in just the week following Trump’s victory in Novembe, 2024.
But despite Bluesky CEO Jay Graber’s claims that Bluesky will remain “billionaire-proof,” a group of tech industry insiders are stepping forward to create a system in which private interests such as billionaires cannot amass control of entire networks.
That said, this new group supports Bluesky’s decentralized objectives; it simply wants to ensure they are upheld in the future.
Inc. reports that this team will “use the platform’s open-source model and desire to create social media apps that users can connect to others, without any single company or owner being in control of app link in the chain created.”
According to reports, this requires roughly $30 million over three years. But #FreeOurFeeds isn’t taking checks from other billionaires. Rather, it raises the money in true grassroots fashion, using a GoFundMe campaign to procure the capital it needs.
As of this writing, the digital campaign has raised $58,058 of its immediate $4 million goal.Â
On the campaign’s page, the group states that “Our bigger fundraising goal, of $30m in 3 years, will enable us to further develop the AT Protocol and create a fund for developers so they can build a wealth of social applications on top of open protocols to make social media a healthier and happier place.”
More Tech Stocks:
TikTok doesn’t hesitate to shut down trending Elon Musk rumorsA fierce technology battle erupts within Donald Trump’s fanbaseInternal messages from Meta leaders reveal fierce AI rivalry
This comes at a time when other social media platforms are taking similar action. Mastodon CEO Eugen Rochko recently announced that his network will be transferred to a new non-profit organization, stating that it should not be owned by a single individual.
Who is behind this new social media initiative?
If successful, this initiative has the potential to change the world of social media, particularly how its platforms grow and develop. But who are the people behind this campaign who are so focused on helping usher in a new era for social media?
Related: Big tech leader slams President Biden for new AI policy proposals
According to reports, its backers refer to themselves as “custodians.” The list of people behind #FreeOurFeeds includes names such as Wikipedia founder Jimmy Wales, and Mozilla Foundation President Mark Surman and Executive Director Nabiha Syed.
Former tech investor Roger McNamee, who backed Facebook in its early days only to become one of its most vocal critics, is also behind #FreeOurFeeds. He recently discussed the movement and its importance, stating:
“We’re in a world right now where every new startup is either crypto or AI. Show me something that might actually make the world a better place. If this works, it’s going to make the world a much better place.”
While he hasn’t publicly issued an endorsement of #FreeOurFeeds yet, tech billionaire Mark Cuban fits the profile of someone who might choose to throw his weight behind it. Cuban has vocally advocated for Bluesky users to help the platform grow, framing it as a way of taking a stand against Musk and Trump.Â
Related: Veteran fund manager issues dire S&P 500 warning for 2025
