Has Elon Musk taken one gamble / calculated risk too many?
Tesla shares lost $126 BILLION in single day following news of Musk’s bid to buy out Twitter. That is 23% of its entire value – in a single day.
Twitter’s founder Jack Dorsey has found it difficult to make Twitter profitable and keep to its original values. He would cash in for nearly $1 BILLION if Musk’s buyout is finalised. Is it surprising that he is supporting Musk’s bid?
Facebook hired Nick Clegg, former UK Deputy Prime Minister, to help with the EU’s stringent plans for Internet Regulation. These are being described as the most far-reaching internet regulation in a generation. Will they tolerate a complete free for all on Twitter as Musk seems to be advocating?
Just about every industry expert is warning that an unregulated Twitter is an impossible proposition. There needs to be “moderation” of some sort. It would be a cesspit otherwise – according to some and incredibly dangerous in terms of potential child abuse, sex trafficking and who knows what else besides. Certainly a race to the bottom and not the top – or the Free Speech aspirational model Musk appears to be advocating.
So why is he doing this?
Ego? A new toy? Another adrenalin rush? So far Musk has been incredibly successful, from PayPal to Tesla to SpaceX. It is almost impossible to achieve even a single success of the magnitude Musk has achieved in his incredible career.
There is no doubt Musk is fearless.
But is he putting his neck on the line with his attempt to enter the Communications industry with his Twitter buyout? But there is a thin line between fearlessness and recklessness. Many are saying that he has crossed that line as he has never owned a communications company before. Musk himself admits he is paper rich but cash poor. Just exactly how poor only time will tell.