The stock plunge in Elon Musk’s electric car company shows what makes businesses successful in the information age – and it has a lot in common with bitcoin.
If you’re one of those people who bought bitcoin or another cryptocurrency near its peak last fall, you’ve lost a lot of money. Is it any consolation to know that you would have lost a similar amount if you had bought Tesla stock instead?
On the other hand, as someone who has spent much of my professional life in academia, I’m familiar with the phenomenon of people who are genuinely brilliant in some areas but utter fools in other domains. For all I know, Musk is or was a highly effective leader at Tesla and SpaceX. In the case of Microsoft, the traditional story has been that businesses continued to buy the company’s software, even when it was panned by many people in the tech world, because it was what they were already set up to use: Products such as Word and Excel may not have been great, but everyone within a given company and in others it did business with was set up to use them, had IT departments that knew how to deal with them, and so on.
Electric cars may well be the future of personal transportation. In fact, they had better be, since electrification of everything, powered by renewable energy, is the only plausible way to avoid climate catastrophe. But it’s hard to see what would give Tesla a long-term lock on the electric vehicle business.
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