The Livery Company that represents insurance businesses in the City of London has said it will no longer use the social media platform X.
The Worshipful Company of Insurers has published an official statement stating that the platform formerly known as Twitter no longer serves its best interests and it wishes to put distance between the Company and what it sees as inappropriate content.
“We no longer believe it is a platform where we can constructively engage with the people and organisations relevant to us,” it said in a statement.
“We also wish to disassociate ourselves from the ever-increasing volume of hateful content on the platform. We will continue to maintain a social media presence on LinkedIn, Instagram and YouTube.”
The announcement follows several days of rioting across the UK which has caused considerable damage to property across the country.
Representatives of the UK Government have called on Elon Musk, the proprietor of X, to step in to stop misinformation being spread on the social media platform that he owns.
The latest announcement by the Worshipful Company of Insurers is significant for the insurance market in the City of London, especially, given the organisation represents some 520 members in the insurance and risk community.
The organisation also holds a Royal Charter. It was awarded Livery status three months after its foundation in October 1979.
On Monday (5 August), a spokesman for the UK Government released a statement saying that social media companies have a “moral responsibility” to stop the spread of misinformation.