Self-preservation was certainly a part of why there was inaction, as was financial motive. I also think they were rather naïve about their roles & responsibilities and the real world consequence of their own platforms, as well as lacking in a sophisticated understanding of how to do content moderation or even politics. These topics are both very old (social organizing, radicalization, usenet), and very new (primary medium for global discussion, recommendation algorithms, etc).
This is definitely a moment that will define social media specifically and tech more broadly. Before Wednesday, social media was one thing, and after, it will be another. This is also a bit of a backlog being flushed; many of these decisions were likely made months or years ago, and only accelerated by Wednesday's events.
I see this a little like safety regulations - every regulation is written in blood. Perhaps soon so will every major shift in the tech landscape.
This is definitely a moment that will define social media specifically and tech more broadly. Before Wednesday, social media was one thing, and after, it will be another. This is also a bit of a backlog being flushed; many of these decisions were likely made months or years ago, and only accelerated by Wednesday's events.
I see this a little like safety regulations - every regulation is written in blood. Perhaps soon so will every major shift in the tech landscape.