First, Elon Musk revolutionized the automobile industry, then he tackled space travel. By taking control of Twitter, the eccentric billionaire now wields a nearly untold level of influence.<\/p>\n
In using his fortune to grab hold of such an important platform, experts say, he has even inserted himself squarely in today’s global political conversation.<\/p>\n
“He is not just expressing views on an instrument of communication, he now owns it and sets the policy of how that instrument will be used,” Jeffrey Winters, a specialist in elites and oligarchs at Northwestern University, told AFP.<\/p>\n
The question now is what he will do with that power, starting with the topic on everyone’s mind: Whether or not Musk will allow former US president Donald Trump to return to the site.<\/p>\n
Without anyone to answer to, Musk “is going to change the constellation of political voices that are going to be expressed through Twitter,” Winters said.<\/p>\n
According to the professor, Musk represents a typical oligarch\u2014a person whose fortune lends them social and political power not available to an average citizen\u2014though Musk does not have any governments or militaries under his control.<\/p>\n
In the business world, Musk’s bona fides as an innovator are well-established.<\/p>\n
“He goes into directions that people just never go in, and he creates brand new products that proved to be highly effective and successful,” said Nicholas Colas, co-founder of DataTrek Research.<\/p>\n
Musk did not invent the electric car, but with Tesla, “he showed it was possible in a big scalable way,” Colas explained.<\/p>\n
With SpaceX, Musk introduced internet satellites and reusable rockets, technologies that were “something that’s been promised but never really delivered until he came along,” Colas added.<\/p>\n
For Colas, Musk can in some ways be compared with inventors as prolific as Thomas Edison or iconic Apple founder Steve Jobs.<\/p>\n
He has proven at least that he knows how to make money: Tesla is by far the highest-valued car company on the stock market and SpaceX is worth more than $125 billion.<\/p>\n
So when the richest man in the world gives his two cents on a business matter, such as his opinion on a company or on cryptocurrency, like an oracle\u2014his fans listen.<\/p>\n
He can shake up the markets with just a few words.<\/p>\n
In 2021, when Musk edited his Twitter bio to simply say “#bitcoin,” the price of the virtual currency temporarily soared 20 percent.<\/p>\n
He could have stuck to his role as a businessman and adopted a low profile. According to Winters, that’s what most rich people do, fearing hostile reactions to their wealth.<\/p>\n
They employ lawyers and lobbyists to discreetly protect their interests, sometimes financing political campaigns.<\/p>\n
But “Elon Musk is unafraid to be very rich and very visible,” Winters said.<\/p>\n
“The creation of Tesla as an iconic brand brought him to people’s attention and great wealth,” said Arizona State University communication and marketing specialist Mark Hass.<\/p>\n
“Then he just was willing to put himself out there continually on social media on issues that other CEOs would never publicly engage (with) the way he did,” he added.<\/p>\n
“He’s not afraid to say what is on his mind, regardless of who he insults, regardless of which regulator he angers,” said Hass.<\/p>\n
When Musk took to Twitter to propose a peace deal between Kyiv and Moscow, he probably viewed himself “as just giving his opinion like anyone else,” Winters said.<\/p>\n
“When you control the satellites that are important for Ukrainians’ ability to communicate, your opinion has massive ripple effects,” he explained.<\/p>\n
But in Washington, Musk still has less influence than other financial heavy-hitters such as JP Morgan’s Jamie Dimon or Goldman Sachs’ David Solomon, who “control the banking system,” Colas said.<\/p>\n
In buying Twitter\u2014largely with his own money, but also with significant backing from investors who expect a return on their own risk\u2014Musk has taken on a huge potential liability.<\/p>\n
“He can’t just flip a switch and make an anarchy there (at Twitter), because every big advertiser will back away,” Colas cautioned.<\/p>\n
“He likes to push things to the edge,” Hass said. And so far, “he’s never self-destructed.”<\/p>\n
But in controlling Twitter, Musk has a more direct line to the public than ever before, and “I don’t know where his red line is,” Hass added.<\/p>\n
\n \u00a9 2022 AFP\n <\/p>\n
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\n With Twitter, Musk’s influence enters uncharted territory (2022, October 30)
\n retrieved 22 February 2023
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