this post was submitted on 14 Sep 2023
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Basically, yeah. I'm not saying they "will" do that, but this is what they're hoping to accomplish.
Think jet.com, Uber (and UberEats), WeWork, Bird scooters, etc. etc. This isn't anything particular to Musk, this is just how US companies have operated over the past 10 years.
Musk is good at this strategy mind you. But he's hardly unique in regards to doing it. MoviePass was really bad at this strategy, but plenty of others "succeeded". (Not true success in my books, but a financial success in that they got big enough that a big bank bought them out and they're hundred-millionaires now. Even if the company is worthless with terrible business plan like jet.com was, if the company leaders/owners were bought out, they see that as a personal success). Key to this strategy is raising more-and-more money from venture capitalists and IPO / SPOs by hyping (over-hyping) and misleading your statistics a bit. Speaking in half truths, pretend you're solving world-changing problems (We're going to Mars!!!!), etc. etc. Its all a package deal.
Yup, spot on. Neo-robber barons, but this time around they don't even have to build something tangible to make their fortunes.