In opposite ways, Musk and Mamdani pose the same question
Friends,
Last week, two things happened that may shed some light on where American capitalism is heading.
First, Tesla’s board caved in to Elon Musk’s demand that he get a pay package of $1 trillion (if he meets various goals).
Musk’s trillion-dollar pay package is so grotesque as to make a mockery of the most ardent free-market capitalists. Although his board is stuffed with cronies and relatives, he still had to hold it hostage to get his trillion — threatening that if he didn’t, his attention would wander elsewhere. Other Tesla shareholders got shafted.
Second, the voters of New York City — the capital of world capitalism — elected as their mayor a Democratic Socialist who thinks billionaires shouldn’t exist.
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