We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

Elon Musk, less eccentric icon more con artist, represents the entire smoke-and-mirrors game of the US financial market

16 3 29

Tesla CEO and SpaceX founder Elon Musk recently overtook Amazon’s Jeff Bezos as the world’s richest person, a feat that happened largely in the span of less than a year. However, Musk, the eccentric billionaire with a wannabe Tony Stark image, is highly misunderstood – just like the circumstances of his wealth are. In many ways Musk’s meteoric rise this year – a rise that is based on no solid foundation – is a microcosm for the entire US financial system.

On the day that Musk overtook Bezos in net worth, January 7, his wealth stood at about 195 billion US dollars, which is 10 billion more than Bezos’, after Tesla’s shares had jumped eight percent that day. But here’s the thing about Musk’s wealth: it is tied almost entirely to Tesla. That is to say that Musk does not have 195 billion dollars in cash; he only has wealth on paper.

In fact, signs of the billionaire being cash poor have already shown and were widely reported. On May 1, he tweeted that he would sell “almost all physical possessions” and “own no house,” which was seen by some as on-brand eccentricity but is really a sign that Musk sees a looming financial reckoning, which is evident by the........

© RT.com

Get it on Google Play