As John Quiggin writes, the pre-2020 Musk was the Musk of Tesla, batteries and Starlink. The post-2020 Musk is the Musk of Starship, robotaxis, Cybertrucks and Twitter – a string of commercial flops and assets that literally exploded.

It matches the "Dead Economy Theory" from https://www.owenmcgrann.com/p/the-dead-economy-theory.

The actual dead economy risk is that our institutions and markets will continue to move capital from productive activity into memestocks, vibes, and bubbles.

That's not just a dead economy – it's one that'll kill everyone you love and everything that matters.