Thread by @profgalloway

Once we idolized astronauts & civil rights leaders who inspired hope and empathy. Now we worship tech innovators that create billions and move financial markets. #nomercynomalice #SNL

Zuck's empire has been disarticulated—a new king will seize the Iron Throne. Behold the Launcher of Dragons, Borer of Tunnels & Father of X Æ A-Xii. The coronation will take place before a live studio audience, with Tesla long bots and adoring CNBC personalities.

.@elonmusk is now the most influential individual in the world — so influential, he can distort the modern world’s premier platform, our free market system.

Is @elonmusk a net positive for society? 100% yes. It’s the word “net” that is the problem. #nomercynomalice profgalloway.com/the-martian/

#Bitcoin is a trillion-dollar cryptocurrency that could reshape the world economic order … and @elonmusk can manipulate it with a tweet.

When Musk changed the bio of his Twitter account to “#bitcoin” on January 29, the cryptocurrency rose from $32,000 to more than $38,000.

Despite being one of the wealthiest people in history (on paper), Musk constantly needs more cash. #Tesla's earnings last quarter were a beat only thanks to emissions credits. #nomercynomalice

Musk must keep capital and talent flowing into these enterprises while distracting us from anything regarding fundamental analysis (P/E ratios) or sobriety (it’s a car company). The embrace of crypto serves both needs.

Our idolatry of innovators and the algorithmic media ecosystem have distorted the allocation platform — the market. In the spectacle economy, it’s about the show, the now, the short-term hit.

You only have to drive a Tesla around the block to know @elonmusk is a genius. (Rocket ships landing on a pad in the middle of the ocean? Genius.)

But this much economic power in a single man is unhealthy & dangerous for the markets and our economy.

profgalloway.com/the-martian/