Elon Musk's luck has finally run out
From 2019 to 2022, it seemed as if every gamble that Musk took was
paying off. Tesla was consistently profitable for the first time in
its history and its stock soared as its massive new Shanghai plant
ramped up production. SpaceX rockets captivated the public's attention
-- even when they blew up, everyone still clapped. Accusations of
corruption and self-dealing slid right off Musk's back. Musk could do
and say anything he wanted and success followed: He was even named
Time's 2021 Person of the Year.
Then Musk did what every risk-addicted blackjack player inevitably
does: pushed his luck too far. Overconfidence, confirmation bias, and
delusions of control led to a string of bad decisions -- and BOOM --
Elon's empire is in trouble again.
The change of fortune was apparent at The New York Times Dealbook
Conference last week. During an interview with host Andrew Ross
Sorkin, the recognizable tells that Musk's hand had gone cold were
everywhere. He raged at the very people who will dictate Twitter's
fate, seemed baffled by key questions about the future of his
companies, and offered non-apologies for his unhinged, antisocial
behavior online. Sorkin suggested Musk's brain is like a storm, but it
sounded more like two cats fighting to get out of a duffle bag.
This, ladies and gentlemen, is what it looks like when Musk realizes
he's in a jam entirely of his own making. I know, because we've seen
it before, including back in 2018, when he nearly flew Tesla into a
mountain. He may find a way to ward off calamity, as he did then, but
this jam is much tighter than the last one. Musk has to contend with
over $13 billion of debt still weighing down a swiftly sinking
Twitter, Tesla's profits shrinking because of a lack of demand and new products, and a world that is generally sick of his schtick. In
Muskland, everything is connected by money -- problems at one business
bleed into the others. That's why Elon is being exceptionally
obstinate. It's not just your imagination -- his luck has changed.
https://www.businessinsider.com/elon-musk-problems-twitter-x-tesla-gamble-luck-run-out-2023-12
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