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Elon Musk helps me understand which laws in America are complex (contract law, possibly copyright law) and which are conventions. If you’re rich and powerful, you can take ketamine, smoke pot, ask your subordinates to bear your babies and manage your companies like a fiefdom.
Musk is unusually connected to his companies. Tesla may have survived the 2008 financial crisis thanks to him. His involvement and fame have saved Tesla a lot on advertising. Tesla shareholders voted for a massive pay package in 2018 for this service. However, a Delaware judge struck it down because shareholders were not adequately informed that many of Tesla’s theoretically independent directors weren’t.
Musk clearly based himself after Jobs.
Because investing in Musk has been so profitable for so many individuals over the last 20 years, his quirky and sometimes scandalous behavior has been accepted. Musk managed to raise $6 billion for xAI, his unfocused AI startup that may or may not compete with Tesla, despite his social media ownership missteps.
Musk clearly resembled Steve Jobs, who was dictatorial, volatile, and publicity-obsessed. Musk’s model refinements gave him an empire of firms, the highest pay package ever, and political leverage that Jobs didn’t have at Apple. Fandom makes this work—retail shareholders overwhelmingly accepted Musk’s pay package.
Tesla is less of a meme stock than GameStop or AMC, but it has similarities.
Some of these people are true believers—many thanked Musk for his social achievements at the shareholder meeting. Not all Tesla owners are purists. Many stock market investors desire to make money.
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