Review

Ambition

Culture

3 November 2023

6 min read

The awe and outrage of Musk's toxic ingenuity

Walter Isaacson’s Elon Musk, is a biographic rollercoaster reckons Krish Kandiah. One marked by magnificent moments and moral crossroads.

Krish Kandiah

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

Elon Musk, wearing a dark suit, stands on a stage to a white robotic looking surgical robot.

Elon Musk at a demonstration of the Neuralink technology in 2020.

There is something both inspiring and unnerving about Elon Musk. He is a game-changing pioneer and innovator in so many industries pivotal to our future: rockets, electric cars, solar panels, batteries, satellite Wi-Fi, and Artificial Intelligence. But he is also no stranger to scandal, controversy and allegation. In his latest biography, author Walter Isaacson explores the toxicity as well as the ingenuity that has come to be associated with the richest man on the planet. As he reveals Musk’s series of successes, and what has been sacrificed to acquire them, I found myself going on an emotional journey: from compassion to awe to outrage.

Compassion: a man familiar with misery

In the opening chapter of his book Isaacson draws attention to the trauma in Elon’s childhood. Perhaps unsurprisingly, Elon was socially awkward at school. When he once pushed back at a boy who bumped into him, he was being beaten up so badly his face was unrecognisable. When he returned from hospital Musk reports how his father reacted: “I had to stand for hours. He yelled at me and called me an idiot and told me that I was just worthless.” There are a number of similar stories from Musk’s seemingly brutal childhood. Errol Musk, Elon’s father, features heavily in a series of shocking revelations including that he slept with his own stepdaughter, fathering two children with her. The background of Musk’s chaotic childhood, his experience of domestic abuse, and his series of fractured relationships provides a context for some of the strange, indeed outrageous things catalogued in the book.

Having worked for many years with children in the care system and with refugee experience, I understand a little about the impact of trauma and how it can change the brain in profound ways. There is a great deal of evidence showing how adverse childhood experiences can cause long-lasting impact on decision-making, impulse control, relationship building, mental health management and emotional regulation. While many turn to alcohol, drugs or self-harm as coping mechanisms, others, perhaps like Musk, channel the pain into ambitions and achievements.

I found myself feeling profoundly sorry for Musk. No child should have to experience such prolonged cruelty both at school and at home. All of us need to know that we are loved and valued, independent of anything we have done or anything that has been done to us.

Awe: a man of magnificent moments

Musk’s ideas have revolutionised so many industries. The automotive industries move to electric power owes a lot to the innovation of Tesla. His Space X programme is currently changing the way we think about space travel. His company was the first to create self-landing reusable rockets and was the first private owned company to develop a liquid-propellant rocket that reached orbit; the first to launch, orbit, and recover a spacecraft; the first to send a spacecraft to the International Space Station; and the first to send astronauts to the International Space Station. He is also trying to revolutionise Artificial Intelligence (AI) through his company xAI - a direct competitor to Open AI even though he was one of their early backers.

Musk has a complex relationship with AI as he is not only one of the lead innovators in the field but also the most prominent of the 33,000 signatories of a letter calling for a pause to ‘Giant AI Experiments’ until there is, in Musk’s words, “a regulatory body established for overseeing AI to make sure that it does not present a danger to the public."

AI, alongside each of the other major interest areas in Musk’s work, is way beyond any dreams I ever had of a futuristic world. Musk has managed not only to imagine the unimaginable, but to find a way to get there with impressive speed, scale and sustainability values. The more I read about the innovations involved in each step of each project, the more impressed I am with the genius behind them.

Outrage: a man without a moral compass?

Despite Walter Isaacson’s clear respect for all Musk is achieving, he paints a warts-and-all picture of his book’s subject. We see a man who is ruthless in his hirings and firings, who has often treated staff and colleagues badly. In 2018, he famously called a rescue diver, helping to save teenage boys from a flooded cave in Thailand, a ‘paedo’, in what seemed to be a reaction to a snub to his offer of using his minisub.

In light of these sorts of outbursts, and his apparent desire to save the world from looming environmental disaster, it is no wonder that some people have accused Musk of having a messiah complex. Yet if he does, it is a very different mindset from the true messiah. He appears to me to be morally, emotionally and financially the polar opposite to the Jesus whose willingness to sacrifice himself on behalf of those in need was central to his claim to be sent from God. From the way Isaacson describes Musk, I see him more as a man on a mission to save himself than to save those around him.

The future? Musk, a man at a crossroads.

Isaacson closes his book with the following analysis:

“But would a restrained Musk accomplish as much as Musk unbound? Is being unfiltered and untethered integral to who he is? Could you get the rockets to orbit or the transition to electric vehicles without accepting all aspects of him, hinged and unhinged? Sometimes great innovators are risk-seeking man-children who resist potty training. They are reckless, cringeworthy, sometimes even toxic. They can also be crazy. Crazy enough to think they can change the world.”

I find this a disconcerting epilogue to the book. It suggests that we can pardon toxicity in the name of innovation, that the ends always justify the means, that morality and decency can take second place to advancement and wealth. If this stance were to be applied to, say, the development of AI, Musk’s fears of it becoming a danger to the public may sadly well be realised.

While factors such as grand ambition, the contribution to society, early years trauma, and mental health struggles may provide a robust explanation of why a person may be toxic, toxicity itself can never be excused. No amount of wealth can undo the harm toxic masculinity does to those around us. No amount of charitable giving can buy a person a generous spirit or moral compass. No amount of environmental awards can create the sort of world we really want to live in in the future – a world where people treat one another with the respect they need and deserve.

Elon Musk’s biography is unusual because he is still mid-journey. Who knows what else he may go on to achieve or fail at, to create or destroy? Will his AI revolution be a force for good, helping to create a better future for those who need it most, or will it become the behemoth of the doomsayers? What will future editions add to his biography? Is being ‘untethered’ really integral to who Musk is, or can he change? The visionary in me would love to imagine a redemption and transformation story for Musk that can unleash a compassionate generosity that could even overshadow his creative genius. The sceptic in me fears he may end up doing more harm than good.

Article

Culture

Economics

Ethics

1 May 2025

6 min read

The rights and wrongs of making money with meme coins

When does investing become speculating, or even addictive gambling?

Laurence Fletcher

Laurence is a journalist at the Financial Times.

A montage shows Trump with a raised fist against other images of him and the phrase 'fight fight fight'.

$Trump coin marketing image.

gettrumpmemes.com,

Donald Trump’s “liberation day” tariffs may have driven sharp swings in global financial markets, but his actions in markets a few months earlier were in some ways even more peculiar.

On the Friday before his inauguration as the 47th US President in January, the Republican surprised many with the launch of the $TRUMP memecoin, described by its website as “the only official Trump meme”. The cryptocurrency token, in which Trump’s family business owned a stake, initially soared in value to more than $14bn over that following weekend.

Then, on the Sunday, Trump’s wife Melania launched her own memecoin, $MELANIA, which reached a value of $8.5bn. Even the pastor who spoke at the president’s inauguration subsequently launched his own memecoin.

For those wondering what exactly a memecoin is, you are not alone. In short, they are a form of cryptocurrency - an asset class that itself has attracted plenty of questions about its substance and purpose - representing online viral moments. They have no fundamental value or business model and, according to the US securities regulator, “typically have limited or no use or functionality”.

Donald and Melania Trump’s coins subsequently plunged in price, but still have a value of around $2.5bn and $214mn respectively, according to website CoinMarketCap.

There are plenty of others in existence. PEPE, based on a comic frog, has a value of around $3.6bn; BONK, a cartoon dog, has a market cap of $1.5bn; and PNUT, a reference to a squirrel euthanised by authorities in New York and about which Trump was allegedly “fired up” (although doubt has since been cast on the president’s involvement in the matter), is still valued at around $174mn, despite having fallen sharply in price.

Dogecoin, seen as the world’s first memecoin and originally created as a joke, boasts a market value of around $25bn. (There are other memecoins which may not be suitable for these pages).

Some people’s willingness to buy an “asset” with no use or fundamental value may seem strange to more traditional investors. But it can be viewed as just one manifestation of the speculative investor behaviour evident since the onset of the coronavirus pandemic and, indeed, at times throughout history.

The price of Bitcoin recently rose above $100,000, despite many investors still viewing it as having little or no value (in 2023 the UK’s Treasury select committee described cryptocurrencies as having “no intrinsic value, huge price volatility and no discernible social good”). In early 2021, shares in GameStop - a loss-making US video games retailer that some hedge funds were betting against - rocketed as much as 2,400 per cent, as retail investors piled in, many with the aim of inflicting pain on the hedge fund short sellers (in that respect at least, a highly successful strategy that became the subject of the film Dumb Money). The huge rise in AI and other tech stocks in recent years - until the recent tariff-driven volatility - has also been described as a bubble by some commentators.

Whether or not such episodes can be compared to infamous bouts of speculative mania in history depends on your point of view (and often can only be judged with the benefit of hindsight) - be it the 17th century Dutch tulip bulb mania, shares in the South Sea Company in the 18th century or the dotcom boom and bust of the late 1990s and early 2000s.

But it does give rise to the question of when investment should start to be described as speculation or even as gambling? And what are the rights and wrongs of any of those activities?

There can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources...

Gambling can be thought of as risking a stake on, for instance, the result of a game of chance or sport in the hope of a bigger payout. While often the result is purely down to chance, in some cases a strategy or an element of research (for instance of a horse or football team’s form) can be used. Investment, in contrast, tends to involve purported economic utility and assets believed to have some sort of underlying value, and holds the hope of future profit (although there are also plenty of bad investments or those that have gone to zero). While an investor must be prepared to lose their entire stake, in some cases such an event is relatively unlikely (for instance, if they buy a fund tracking the performance of a major stock exchange). Speculation is harder to define, but is generally seen as shorter term than investment, with more chance of a bigger gain or loss, and dependent on price fluctuations. Rightly or wrongly, the term has a more negative connotation than investment.

One writer who explored the ethics of these activities was Oswald von Nell-Breuning, a Jesuit theologian and economist who served as an adviser to the Pope and who was banned from publishing under the Nazis.

While he found that “one general definition cannot capture all the nuances” of speculation, he identified two different types of speculative activity - one that was purely trying to make a profit from financial market trading, and one based on trying to create a viable business. (See this article in the Catholic Social Science Review for a fuller explanation of Nell-Breuning’s views on speculation).

As the CSSR article shows, Nell-Breuning found that there can be positive effects from speculation - one might think of better liquidity and price discovery in a market, while, in commodity futures markets, speculators allow producers to hedge risk.

But he also argued that there can be negative effects, for instance if the actions of speculators force businesses in the real economy to change their plans or divert time and resources away from production.

And whereas gambling typically takes place within a circle of players who have chosen to take part, speculation, he wrote, can affect a greater portion of society - for instance, if it affects the price of shares or bonds they hold.

The Bible - on which Nell-Breuning’s faith and analysis was based - does not take a prescriptive approach to such activities. But it does provide some interesting guidance.

An entrepreneurial approach to business and investment is applauded, for instance when the writer of the book of Proverbs (traditionally believed to be King Solomon) praises the virtues of “an excellent wife”. These include investing in a field and using her earnings from business to plant a vineyard, and feeding her family from her gains.

Jesus tells a story of a master who, before going on a journey, gives his property to his servants, each according to their ability. To one he gives five “talents” (a large unit of money), to a second two and to a third servant he gives one.

The first servant trades with his talents and makes five more talents - a 100 per cent profit - and is applauded by the master on his return. The second servant also trades and similarly makes two more talents and is again applauded.

But the third servant, being afraid and believing the master to be “a hard man”, hides the money in a hole in the ground. He is condemned as “wicked and slothful”, and told that he should at least have put the money in the bank.

While Jesus’s story may primarily be about how we view God’s nature, how we use our God-given abilities and whether or not we can take risks in faith for Him, it is also hard not to see investment and indeed wise speculation as being virtuous activities here. Putting the money into a bank account is, in this story anyway, more of a fallback option.

But the Bible also warns us against putting money above all else in our lives. The love of money is, famously, a root of all sorts of evil, while we are also told to be content with what we have, and that “wealth gained hastily will dwindle”.

Nell-Breuning similarly warns that a “get-rich-quick” mindset, when this is placed above all else, can be harmful, and advises caution in situations where the lure of big profits can lead the speculator into market manipulation or fraud.

After all, both gambling and crypto trading have the potential to become dangerous and damaging addictions needing treatment.

Ultimately, Nell-Breuning struggled to come to a simple conclusion on the question of whether speculation, in and of itself, is morally wrong. It is, he wrote, a judgment call for those involved.

When making such decisions ourselves, his - and the Bible’s - warnings may be worth bearing in mind.