Elon Musk is the only member of the elite that isn’t a deranged lunatic.
Elon Musk is now richer than Warren Buffett.
The fortune of Tesla Inc.’s chief executive officer rose $6.1 billion on Friday, according to the Bloomberg Billionaires Index, after the carmaker’s stock surged 11%. Musk is now the world’s seventh-richest person, also ahead of tech titans Larry Ellison and Sergey Brin.
The 49-year-old owns about a fifth of Tesla’s outstanding stock, which comprises the bulk of his $70.5 billion fortune. His majority ownership of closely held SpaceX accounts for about $15 billion.
Shares of the electric-car maker have risen 269% this year. The company’s booming valuation helped Musk land a $595 million payday earlier this year, making him the highest-paid CEO in the U.S.
Musk is the latest tech entrepreneur to rise above Buffett in the ranks of the world’s richest. Steve Ballmer, the former Microsoft Corp. CEO, and Google’s co-founders Larry Page and Brin also have leapfrogged the Oracle of Omaha. And Indian tycoon Mukesh Ambani surpassed Buffett this week.
Mike Novogratz, the longtime money manager who now runs digital currency investor Galaxy Digital Holdings Ltd., warned that valuations of technology companies are getting way too high and that small investors should get out of the market before it crashes.
“We are in irrational exuberance — this is a bubble,” he said Friday in a Bloomberg Television interview. “The economy is grinding, slowing down, we’re lurching in and out of Covid, yet the tech market makes new highs every day. That’s a classic speculative bubble.”
The bubble can go on for as long as people want to believe in it.
Elon Musk is in the business of selling things that people do not need, but which make them feel good about themselves. At this time, no one needs an electric car, or deep space flight. However, they feel more eco-friendly, or more optimistic about the future, by paying for these.
Elon Musk sells people a more optimistic image of themselves.
This is similar to the luxury real estate business of the early Donald Trump. People did not need that either, but they paid for it to boost their image of themselves.
Eventually, Donald Trump figured out that he could just sell image directly, by doing television, instead of tying it down with the limits of real estate.
When he became president, he did not just wake up one day and decide to become president. He was doing mock political campaigns, and running a show of himself looking presidential, years before he was a serious candidate.
He worked decades to build his image and his skill at perception management, before he leveraged those assets into real power.
Now is Elon Musk’s time to lay his own groundwork.
Elon Musk, however, has not been effective with his public image.
Maybe he wants to become political in the future, or just get richer to do more engineering, or he hasn’t decided his own future. Either way, power comes from the perception of power. He needs to realize, as Trump did, that perception is already his main business, and diversify in that field.
Firstly, he should get a talented full time public relations adviser and media strategist. I am sure he already has a team of corporate suits to nag him – but these are clearly not the right people. They might know how to market his products, but they are not doing a good job at marketing Elon Musk.
Elon Musk is obviously not dumb and knows how this works. He just needs to do for himself what he has already done with his technology products. He needs someone in demand, like Tucker Carlson’s former head writer, who has taken famous, politically sensitive people and made them even more famous.
Secondly, he should buy a major news outlet.
Jeff Bezos bought the Washington Post for a reason. Why can’t Elon Musk? He went on Joe Rogan to say the same things about this quarantine communism that Andrew Anglin, Alex Berenson, and Alexander Lukashenko have been saying about this hoax, and the media just blotted him out.
Is he going to take that lying down? If it turns out that you need to buy your own newspaper if you want to get fair treatment in the press – well, that’s something he can do. In fact, the media is hurting and contracting, like a lot of industries, so it’s a good time to buy.
America needs you, Elon Musk.