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The issue is that the relevant reference class is arguably "everything Musk does since he became a druggie". Until Grok, the last thing a Musk company did that didn't suck was the Tesla Model Y launch in 2019, and that was a minor variant on the 3 - the last difficult thing was the Falcon Heavy in 2018. Since they we have seen the Cybertruck (yuck), the 2nd-gen Roadster (not), the Semi (kinda), the 25,000 USD Tesla (just cancelled), FSD (based on non-standard meanings of "full" and "self" and about 5 years behind Waymo), Starship (subject to rapid unscheduled dissassembly), a deeply underwhelming Boring Company, and Twitter ending up bailed out with XAI's VC money. Oh - and DOGE breaking things without actually cutting spending.
So the case for "Musk has lost the secret sauce" is quite strong. The case for "Musk still has it" is being made by people who are already calling Starship and FSD as successes. The case for "Musk has mostly lost it, but is investable anyway" is that one Grok makes up for a lot of flops.
The bull case for Tesla is based on a pivot to a new AI/robotics business that doesn't exist yet. (Even Tesla bulls don't think the core automotive business is worth more than about 5x10^11 USD), so enough people still believe that Musk can do it again to keep buying the shares.
I'm still skeptical of 'Musk cooked his brain with drugs' as a narrative. Have any of these commentators actually met the guy? Or are they familiar with him through media only? If we believed the media on Putin, he was supposed to have died of Alzheimer's, Parkinson's, cancer and maybe another dozen things by now. But this isn't so. Just because journalists don't like him, he isn't necessarily in ill health.
Plus you're forgetting the brain implants that let a guy play games while completely disabled, Neuralink is state-of-the-art albeit not a revolutionary breakthrough. What about the satellite network that kept Ukraine in the fight? What about nuking Kamala's election chances?
Roughly 1 major development per year is still pretty impressive! At the risk of sounding like a redditor 10 years ago, how is he not the modern Tony Stark? Ridiculously wealthy, unrealistically multi-domain, extremely controversial womanizer with outrageously grandiose dreams, extremely petty and lacking in wisdom, highly idealistic, plus significant but not obviously debilitating drug issues.
What kind of unrealistic standard requires one not to ever fail, or not fail several times in succession? Facebook's AI and VR programs have been failures yet they're successful. Google's past is littered with failures, they're infamous for making and abandoning products. But they're still successful. If the media was constantly constructing a 'Google is really fucked this time' narrative, then lots of people would believe it.
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As the ancient saying goes: post shorts.
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