Nobel economist Paul Krugman slams Elon Musk and Sam Bankman-Fried, and says we're living in an era of 'petulant oligarchs'
, Musk still has an army of dedicated followers, who see him not as a"whiny brat," but a visionary, Krugman said. It could be attributed to Musk's enormous wealth. While many have compared the billionaire to 20th century business tycoon Howard Hughes, Musk's wealth greatly surpasses that of Hughes, even afterthis year. That's helped keep fans loyal even as the exec's business dealings falter and investors turn sour.
"Many of the superrich, who as a class used to be mostly secretive, have become celebrities instead," the top economist added."But the big fortunes made in information technology turned this narrative into a full-blown cult, with wannabe or seem-to-be Steve Jobs types everywhere you look.", the disgraced crypto executive facing charges of fraud, money laundering, and conspiracy after the collapse of his crypto exchange, FTX.
But the tarnished reputations of both Musk and Bankman-Fried could mean the allure of the"genius entrepreneur" has evaporated. "Musk and Bankman-Fried may end up doing a public service, by tarnishing the legend of the genius entrepreneur, which has done a great deal of harm," Krugman said."For now, however, Musk's Twitter antics are degrading what had become a useful resource, a place some of us went for information from people who actually knew what they were talking about. And a happy ending to this story seems increasingly unlikely.
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