Elon Musk's Luck Appears To Have Run Out: Business Insider

From 2019 to 2022, it seemed that every gamble Elon Musk took was paying off.

Musk, like a risk-addicted blackjack player, pushed his luck too far, and as a result, his empire is now facing challenges. I Photo: Heisenberg Media Flickr

Tesla became profitable for the first time in its history, and its stock soared. SpaceX's rocket launches captivated the public, even in the face of occasional failures.

Accusations of corruption and self-dealing seemed to have minimal impact on Musk. However, according to Linette Lopez's report for Business Insider on December 11, 2023, Musk's luck has finally run out.

Lopez attributes this shift in fortune to overconfidence, confirmation bias, and delusions of control, leading to a series of poor decisions.

Musk, like a risk-addicted blackjack player, pushed his luck too far, and as a result, his empire is now facing challenges. The turning point was evident at The New York Times Dealbook Conference last week, where Musk's demeanor indicated a change of fortune.

During an interview with host Andrew Ross Sorkin, Musk exhibited signs that his hand had gone cold.

He displayed frustration towards individuals who play a significant role in determining Twitter's fate, appeared perplexed by key questions regarding the future of his companies, and offered non-apologies for his erratic behavior online.

Sorkin suggested that Musk's mind resembled a storm, but it seemed more like two cats fighting to escape a duffle bag.

Lopez notes, "This, ladies and gentlemen, is what it looks like when Musk realizes he's in a jam entirely of his own making."

She draws parallels to a similar situation in 2018 when Musk nearly flew Tesla into a mountain. While he may find a way to avert calamity once again, the current predicament is tighter than the previous one.

Musk is confronted with over $13 billion of debt burdening a struggling Twitter, shrinking profits at Tesla due to a lack of demand and new products, and a general weariness from the public toward his persona.

In Musk's interconnected financial world, problems in one business affect the others, making him particularly obstinate in the face of challenges. According to Lopez, "It's not just your imagination — his luck has changed."

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