Here's a simple explanation for cancel culture:
Cancel culture or call-out culture is a phrase contemporary to the late 2010s and early 2020s used to refer to a form of ostracism in which someone is thrust out of social or professional circles – whether it be online, on social media, or in person. Those subject to this ostracism are said to have been "cancelled".[1][a][4] The expression "cancel culture" has mostly negative connotations and is used in debates on free speech and censorship.[5][6]

The notion of cancel culture is a variant on the term call-out culture. It is often said to take the form of boycotting or shunning an individual (often a celebrity) who is deemed to have acted or spoken in an unacceptable manner.[2][7][8][9][10]
Source: https://en.wikipedia.org/wiki/Cancel_culture

I believe that cancel culture can be good, but nowadays there is a lot of bad to it. Let's start with the good. Cancel culture is good when there is agreement across different groups and/or nations that someone did something egregious and should be boycotted. Examples of these bad actors would be Russia because of their unprovoked invasion of Ukraine, and Hitler because of the Holocaust and his many other crimes. Such people and their actions should not be supported in any way.

Where cancel culture can go wrong is when it is use as a political weapon (e.g. to silence, to divide, etc). The easiest example to see if or when it is being used as a political weapon is when cancel culture is applied selectively and/or inconsistently. Someone or group become outraged by some comment or act so they shun the bad actor online, usually done in large groups. But then, when someone from their side commits the same act, there is not the same action. In my mind this clearly shows that the act is not the problem, but it's also trying to eliminate opposition. Another time I disagree with cancel culture is when the outrage comes mostly from one side and/or is debatable. If something is really wrong, then you're likely going to have people from both sides speaking out. But when it's just one side, then you gotta question how much politics is playing a role, and you can even question who the person was to first stir up outrage. Was it just some politician, and then he or she just gets others to follow her lead?

And last but not least, I am against cancel culture because it is a very divisive tool. Imagine if both Republicans and Democrats were doing that to each other. If that happened, then the United States would fail. Nowadays, it seems like it's mostly those on the Left that use it, or perhaps they are the ones that get the most traction doing it because most mainstream media is on their side and they help bring attention to it. But we're starting to see a small shift with Republicans starting their own media brands, Elon Musk has Twitter (although he's more of a Libertarian), Trump has his own social media platform, we other media outlets other than Fox News. I caution the Republicans about doing their own cancel culture because they will be just as wrong. Many forget that former president Trump helped popularize cancel culture when he called for Colin Kaepernick to be cancelled. Since then, Kaepernick has had a hard time being hired. Some things can be called out, but not to the point of being boycotted.

Feel free to share your own thoughts on the topic!
 
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Unfortunately, it seems ELon Musk may be acting against free-speech, which is something he accused the previous Twitter management of doing. Several media outlets have reported that Elon has suspended multiple Twitter accounts of journalists. I'll be the first one to admit that the mainstream media has been very harsh of Elon, and unfairly so, but this act of his goes against his free speech absolutist stance. He claims the suspensions are a result of the following,
On Wednesday, Musk tweeted that a car one of his children was in was followed and blocked from moving by the driver, who Musk said got on top of the hood of the car with his child in it. Musk also tweeted a video containing the car’s license plate and the person who he said followed the car with his child.

Musk said, “Any account doxxing real-time location info of anyone will be suspended, as it is a physical safety violation. This includes posting links to sites with real-time location info.”

“Posting locations someone traveled to on a slightly delayed basis isn’t a safety problem, so is ok,” Musk added.
Source: NBC

But then NBC also posted this challenging Elon's reasons for suspending these journalists accounts:
The accounts that were suspended, though, did not tweet about the real-time location of the car Musk said his child was in. One of the banned accounts, “@elonjet,” previously tweeted flight data showing the location of Musk’s private jet. Some of the journalists who were banned had previously tweeted links to the account and other profiles run by creator Jack Sweeney, whose personal Twitter account was also suspended. On Wednesday, Musk tweeted that legal action would be taken against Sweeney

In conclusion, I agree with the following sentiment from the same above source:
“Even if it’s ‘doxing,’ the bans seem arbitrary and excessive,” journalist Glenn Greenwald, who has also argued against left-leaning bias, tweeted on Friday. Greenwald has recently defended Musk, who’s attracted criticism from Democratic lawmakers.

In an email to NBC News, Greenwald added that any new Twitter rule should be clearly defined and consistently applied.

“My concern is that if Musk is going to ban or punish accounts based on his whims and arbitrary application of unclear rules, then he will end up replicating rather than uprooting the pre-Musk censorship regime that has been cheered for years by Democrats and liberal media corporations,” he wrote.


Personal note to Elon. Elon I'm a huge fan of Tesla and your reasons for wanting to take over Twitter. Please do not disappoint by acting just like the people you criticized. If you want to justify these recent actions then please present clear and verifiable evidence that these suspensions were done to avoid harm.