Elon Musk Is Unable to Manage His Great Power Responsibly – Take a Step Back to Limit His Power.
His tweet about Manchester United is the latest example.
With great power comes great responsibility.
You've heard this phrase before. It makes sense, as it is famous for being spoken by Uncle Ben Parker to his nephew Peter Parker just before his death. With this phase, Uncle Ben wanted to tell the one who was becoming Spider-Man that he had to make good use of the great power that was now his.
With more than 104 million followers on Twitter, we can legitimately say that Elon Musk has great power. The Tesla or SpaceX boss triggers hysterical reactions to each of his tweets. All it takes is for him to post a tweet talking about Dogecoin for the value of this cryptocurrency to explode for no real reason.
The harder the fall is then for those who follow the unwise advice of the one who had promised the SEC in the past to be careful with his tweets by having them validated by a lawyer. Promises are only made to those who believe them!
In the middle of August 2022, Elon Musk had some fun on Twitter this time by announcing that he was going to buy the English soccer club Manchester United. This seemingly innocent sentence has been liked almost 900K times on Twitter:
Faced with the hysteria triggered by his tweet, Elon Musk then had to deny it after five hours, speaking of a joke:
“No, it's a recurring joke on Twitter. I'm not buying out any sports clubs.”
This tweet having been liked only 58,000 times, Elon Musk was keen to make a new clarification to spare his English fans living in Manchester:
“Although, if there was only one team, it would be Man U. They were my favorites when I was a kid.”
Faced with the flip-flops of someone who doesn't use much power responsibly, Manchester United shareholders had better have a good heart. Within hours, the New York-listed stock had jumped nearly 17% to $14.90 before the markets opened. The pump deflated after the publication of the second tweet.
Doesn't Elon Musk's sense of humor risk tiring the stock market regulators?
The richest man on the planet is used to little jokes, sometimes inspiring euphoria and sometimes panic among investors.
His penultimate joke is not a joke at all and could cost him dearly. After having wanted to buy Twitter, he finally gave up the idea, explaining that the social network underestimated the number of spam messages published. So, the 44 billion dollar buyout, or 54.20 dollars per share, is over. The stock, which had struggled to cross the $50 mark in April 2022, fell back to $34 in July 2022, before rising again in the $44 zone.
This time, it is the prospect of legal action by Twitter executives, aimed at forcing Elon Musk to keep his commitments, which supports the stock price.
In the meantime, the billionaire is in the process of selling off a significant portion of his Tesla shares. Sensitive souls should refrain. The share price of the world's most expensive carmaker fluctuates according to the boss's mood. In one year, the stock has crossed the $1,100 threshold three times, even reaching a high of $1,243. But it has also fallen to 620 dollars ...
Depending on whether Elon Musk announced to buy back Twitter to sell Tesla shares to do so, that the manufacturer gave up its BTC units - after having given up accepting them as a means of payment a year earlier - or congratulates its Giga Factory in Shanghai, whose production capacity reaches one million vehicles at the expense of exploited Chinese workers.
Collateral victims of Elon Musk's irresponsible tweets multiply
Bitcoin is another collateral victim of Elon Musk's sweeping statements. Last year, Tesla bought $1.2 billion worth of Bitcoin. Elon Musk then took up a famous meme in the Bitcoin world by saying that he had diamond hands:
All this before selling it for almost 1 billion dollars a year later, to obtain much-needed cash. Tesla now owns “only” 10,800 BTC. As always with Elon Musk, his promises are only binding on those who believe them.
To justify this change of attitude, Elon Musk wanted to make himself a defender of the fight against climate change by saying that Bitcoin mining had become too polluting in his eyes ... A pretext obviously, for the one who would have pushed the Hyperloop project over the past decade simply to bury a high-speed train project in California.
So, is Elon Musk whimsical? Crazy? A genius? A sorcerer's apprentice investor? Or a little bit of all of the above?
Whatever answers you choose to these questions, keep in mind that Elon Musk will continue to tweet recklessly in the future, and since you can't count on the Tesla boss to show responsibility with his great power, it will be up to you to step back and limit the too much power Elon Musk now has.
Some reading
Elon Musk’s Big Lie About the Hyperloop Has Just Been Exposed. His only objective would have been to sabotage a Californian high-speed rail project.
The Twitter Lawsuit Against Elon Musk May Reveal a Truth That No One Is Ready to Hear. 80% of Twitter accounts could be bots …
Worry Because Elon Musk Sold 75% of His Bitcoin? No Problem, Satoshi Nakamoto Had Already Foreseen This. No one is more important than another in the Bitcoin revolution, as Satoshi Nakamoto once said.
The Reasons for Elon Musk’s Success Can Be Found in His 5 Favorite Books. His willingness to learn more and more is one of the keys to his success.
Missing Time To Improve Yourself? Embrace the 1-Hour Rule Followed by Elon Musk. This rule will allow you to make your daily improvement a priority.