The Bloomberg Billionaires Index estimated that the world’s 10 wealthiest people – a list dominated by U.S. tech billionaires, including Elon Musk – gained nearly $64 billion on November 6, the largest daily increase since the index began in 2012. The tech titans had multiple reasons for celebrating. Much of the gains for the top 10 was because of a surge in U.S. stocks after the election as investors anticipated a regulation-light policy platform. The theory that regulation is bad for innovation has been taken up as a rallying cry by the tech sector both in and outside of Silicon Valley: if regulators are allowed to have their way, the argument goes, AI development will be hampered. So, for them, light regulation – or no regulation – is great news. The argument against regulation as a hindrance to innovation is not new. What is new is Trump’s creation of the Department of Government Efficiency (DOGE) to dismantle federal agencies. This week Trump announced that he has appointed two tech entrepreneurs, Elon Musk, the entrepreneur behind Tesla and Space-X and one of the U.S. President-elect’s biggest campaign contributors, and Vivek Ramiswamy, a pharmaceutical entrepreneur, to lead DOGE. Trump plans to appeal President Joe Biden’s executive order on AI, according to his campaign platform and Musk and Ramaswamy could very well dismantle some of the regulatory agencies which have stepped in to fill that void, leaving no guardrails in place. In an exclusive column for The Innovator Kay Firth-Butterfield, one of the world’s foremost experts on AI governance and until recently Head of Artificial Intelligence and a member of the Executive Committee at the World Economic Forum, and her co-author Rebecca Y. Gonzales, make the case for responsible regulation. |