| > I know right! Except for […] You mean like Krugman recognizes in this paragraph: > Granted, Musk has had some real successes. Tesla was ahead of the EV curve, and Starlink is a critically important service as well as a viable business. Krugman's hypothesis is in the very next paragraph: > But these achievements weren’t enough to make Musk the world’s richest man. His wealth has, instead, historically rested mainly on self-fulfilling faith — investors believing in Musk’s genius have piled into stocks in Musk-controlled companies, and the rising value of these companies has enhanced his reputation for genius. followed by: > We have a term for enterprises that look successful because they keep drawing in new investors and keep drawing in new investors because they look successful. They’re called Ponzi schemes. And Elon Musk is basically a human Ponzi scheme. > Furthermore, the SpaceX IPO now in progress makes it clearer than ever that Musk’s greatest skill isn’t developing futuristic products. It’s his mastery of financial shell games and his ability to leverage insider influence, especially his influence with the Trump administration. |