Several months after the collapse of FTX, Axios and Harris Polling conducted a survey on Americans’ opinions about 100 highly-visible brands. Surprisingly, despite FTX’s problematic history, which includes the evaporation of billions of dollars of investor value and alleged criminality, the exchange did not rank at the absolute bottom of the list. In fact, FTX was positioned just above Twitter and Fox Corporation, both of which faced their obstacles during the time the survey was carried out.
Elon Musk’s impact on Twitter led to its diminished standing, while Fox Corporation faced a Dominion lawsuit. With FTX ranking 99th out of 100, one could argue that there might be hope for the exchange’s planned reboot. Other brands ranked unfavorably include Spirit Airlines, TikTok, Balenciaga, Meta, and Tesla, which experienced a significant drop in the public’s estimation.
Axios’ survey measured Americans’ attitudes towards companies based on character, trust, and ethics, among other metrics. Bitcoin also appeared on the list, and although its scores were not as disastrous as FTX’s, it still landed in the bottom 10. Environmental groups have targeted Bitcoin due to concerns about its energy consumption.
At the other end of the spectrum, Patagonia and Costco were considered the most reputable brands by Americans. Tech giants Apple and Samsung also made it into the top 10. With FTX accused of stealing customer funds and misappropriating them for lavish parties and personal expenses, it’s impressive that only one corporate entity was perceived as worse: The Trump Organization, which was already convicted of criminal behavior at the time of the poll.
The results of this survey illustrate the potential consequences of negative events and public controversies on a company’s reputation. Even the tech industry leaders aren’t exempt from this, as seen in the case of FTX and Tesla. On the other hand, it also shows that even though a brand might be in a bad place today, there’s still a possibility for redemption and improvement if the necessary measures are taken. Companies should always be prepared to confront any potential issues and address them in a transparent and responsible manner to maintain their image in the eyes of the public.
Source: Blockworks
