Whatever your opinion may be about entrepreneur Elon Musk, who shocked the social media world with his purchase of Twitter, you can’t ignore him.
Voted Time Magazine’s Person of the Year in December 2021, he happens to be the world’s wealthiest man with an estimated net worth of $253 billion, far out-distancing Amazon’s Jeff Bezos at $162 billion (ceobuz.com, April 28, 2022).
He can buy just about anything and does. Coca Cola may be next.
Affluence brings influence, and Musk doesn’t shirk from peddling it. Last year his Space X’s PAC contributed a record-breaking $2.4 million to politicians of both parties; Tesla, 1.5 million (opensecrets.org).
He has donated money to the presidential campaigns of Barak Obama and Hillary Clinton.
In California, he contributed to the campaigns of Gov. Gavin Newsom, Dianne Feinstein, Meg Whitman, and former governor Jerry Brown.
Though he says he prefers to stay out of politics, it hasn’t stopped him from entering the political fray. He opposes Biden’s tax credit proposal to give a $4,500 discount to consumers buying vehicles made by union workings, affording an advantage over Tesla, Toyota, and others.
He supported Andrew Yang, who advocated for a universal basic income, in his 2020 primary run.
Since 2003, Space X has secured $1.5 billion in contracts, mostly NASA related.
He vehemently opposes Biden’s proposal to close the tax loophole for billionaires to help finance his safety net plan.
His battle with the FEC over regulation has been ongoing.
He abhors union organizing.
To brand him as an ultra conservative, however, is untrue in its simple-minded reductionism. Like others such as rival Bezos, he’s pragmatic, focused on his business interests.
Musk isn’t easy to like and there exist significant foreshadowings of trouble with his takeover of Twitter. Despite his advocacy of freedom of speech, he’s been known to fly off the handle with subordinates who have disagreed with him, or engage in “rage firing.” In his just published book, Power Play: Tesla, Elon Musk, and the Bet of the Century, The Wall Street Journal writer Jim Higgins gives numerous, detailed instances of Musk’s firing of contractors and employees out of sheer rage.
Nonetheless, he deserves credit for being a climate change hawk, if not pioneer, founding Tesla, an EV concern. 75% of EV vehicles sold this year were Teslas. Tesla solar panels are on thousands of rooftops in the U.S. Climate change hasn’t been a priority issue for most conservatives. He was among the first in line to oppose Trump’s withdrawal from the Paris climate accord.
Musk is one of your consummate engineers, a segment to whom we owe substantial, but unacknowledged, gratitude for its contribution to the public welfare and many of the amenities we enjoy.
He revitalized a non-viable EV industry, designing a new battery and reviving a waning space program as well. Courageously championing the new technology and investing heavily, he taught himself rocketry and invented an entirely new space craft.
The pity would be that his new venture might distract him from the substantial contributions he’s made to mitigating climate change, Tesla bridging the gap on the issue between liberals and conservatives, a sentiment echoed by environmentalist Bill McKibben, founder of 350.org.
A registered independent, Musk has tweeted, “To be clear, I am not a conservative. Am registered independent & politically moderate. Doesn’t mean I’m moderate about all issues. Humanitarian issues are extremely important to me & I don’t understand why they are not important to everyone.”
He takes Russia’s Ukraine incursion seriously and has supplied the country with thousands of Starlink kits to maintain its Internet, essential to its survival. Zelensky has thanked him for this. Critics minimize the charity component, saying the U.S. government did the financing. The reality is Space X donated thousands of kits on its own.
The Left has, nonetheless, turned him into Lord Voldemort, infamously rich, tax-dodging and a taunting critic of its activism: “The far left hates everyone, themselves included! But I’m no fan of the right either,” Musk tweeted Friday morning. “Let’s have less hate and more love” (April 29, 2022).
If he’s paid little tax, it’s the fault of the system, not Musk. A good many Democrat and Republican members of Congress, many of them millionaires, maximize their own exemptions.
Musk views government regulation as hostile to innovation and laments huge deficit spending, contributing to inflation.
Conservatives are liking Musk and enthusiastic about his acquisition of Twitter. They applauded his moving Tesla headquarters from blue state California to red state Texas. They’ve long felt that Twitter has frequently discriminated against them. Last year, it banned Trump permanently. Enthusiasts advocate a presidential run in 2024, ruled out for the South African born Musk by the Constitution.
Conservatives point out the Taliban’s presence on Twitter, yet Trump is banned. On the other hand, the Southern Poverty Law Center has criticized Twitter’s allowing right wing extremists a platform for staging the January 6, 2020 Capitol attack.
Musk says he bought Twitter to promote free speech and has plans to make it better: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential — I look forward to working with the company and the community of users to unlock it.”’
The problem is we don’t really know what Musk means by this. Democrats, understandably, remain fearful. Will the likes of Donald Trump and misinformation saturate the new Twitter? Many leftist tweeters have already departed.
Not much talked about, Musk has considerable business ties with China, hardly your paragon of free speech. In fairness, he isn’t alone in the business community when it comes to prioritizing profit over human rights issues. Would it make Twitter more reluctant to remove China propaganda or misinformation posts? China is Tesla’s second largest market with half of its cars produced there. Musk has been the beneficiary of several billion in Chinese investment loans.
Several leading Congressional Democrats are advocating a review of the purchase.
Truth is, many Twitter aficionados, including Democrats, adore Musk, who has 81.2 million followers.
He’s admired by the public for his fierce independence. He’ll not be reigned in. He speaks to the issue, not the political mindset. He does what many can only dream.
On the other hand, most Democrats see him as a wolf in sheep’s clothing. He may not be able to run for president, but were Trump reinstated and make a run to regain the office, Twitter could potentially impact the race in his favor. Twitter enjoys an estimated 300 million users worldwide, 38 million of them in the U.S.
Just the other day, Musk hinted at the possible scenario: “Time outs are better than permanent bans. A good sign of free speech is: Is someone you don’t like allowed to say something you don’t like? … Twitter has become a de facto town square. It’s important people have the reality and the perception that they’re able to speak freely within the bounds of the wall.”
Reinstating Trump would likely trigger a Tsunami tidal wave, with many skilled staff and millions of Twitter users deserting its ranks and unleashing an aroused Congress. Meanwhile, Trump says he’ll never return to the platform, no matter what Musk does.
But no need for heart palpitations just yet. The deal doesn’t close for six months, allowing for a lot to happen. Thursday, the Federal Trade Commission, announced its seeking whether Musk observed an antitrust reporting requirement when he initially invested in Twitter (Reuters).
Then, too, the UK and EU, concerned that that a Musk owned Twitter may attract extremists, insists Twitter conform to new content rules or face sanctions that would include fines or even a total ban.
Given his mercurial temperament, it’s conceivable he could withdraw from the deal, triggering a billion dollar penalty, agreed to by Musk.
In its latest issue, Time Magazine states “the lesson of Musk’s career is to take his ambitions seriously. He’s rich not because he gamed the system but because he’s a genius who uses the incredible force of his will to mobilize resources to pursue his ideas. He’s devoted himself to tackling what he views as humanity’s biggest problems, and he has decided, as he put it recently, that ‘having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization.’”
And for democracy as well.