How is it possible that Elon Musk could emerge from his Twitter debacle more culturally dominant than ever?
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There were lots of reasons for Tesla’s rise, many of them concrete. The company announced it would open new factories in Austin and Berlin. It reported four consecutive profitable quarters for the first time and was invited to join the S&P 500. It grew production to build half a million cars in one year and dominated the U.S. market for battery-powered electric vehicles. It was a pioneering company with incredible potential.
It’s hard to fathom how somebody could make more money faster than anyone ever has by tweeting, yet that’s pretty much what happened: A carrot was dangled, and Musk, likely figuring he would never reach it on the basis of such old-fashioned metrics as quarterly earnings, yoked Tesla’s stock to his Twitter feed and went goblin mode.
Twitter sued to force Musk to follow through on the transaction, and a Delaware Chancery Court judge has scheduled an October trial. If Musk wins, it may prove he has reached escape velocity from all rules and laws; it’ll also probably decimate Twitter’s stock and leave the company exposed to another hostile takeover, assuming it isn’t incinerated by shareholder litigation first.
Tesla is the most valuable automaker in the world even though it sells only a fraction as many cars as most of its rivals. In the second quarter of 2022, it doubled profits over the same period in 2021, which is remarkable in itself but more so given COVID-related factory shutdowns and Musk’s copious personal distractions.
The question is whether Musk’s attempted jilting of Twitter is just one more sideshow on a general path to business glory or evidence that he’s immolating like one of those Starship prototypes.
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