Elon Musk is steamrolling Wall Street to become a trillionaire

Today on Decoder, I’m talking to Ryan Mac, a technology reporter at The New York Times and coauthor of the excellent book Character Limit: How Elon Musk Destroyed Twitter, which came out in 2024. I can’t recommend it enough. I wanted to have Ryan on the show because we’re on the cusp of the Space X IPO, which promises to be one of the most consequential public offerings in history for a variety of reasons — its biggest-ever size, of course, at nearly $2 trillion dollars, but also because all kinds of rules that keep our markets fair are being bent, if not outright broken, along the way. I also wanted to talk to Ryan because buried somewhere inside SpaceX is X, the social platform formerly known as Twitter, which Musk purchased in 2022. That’s what Ryan cowrote that book about. I was very confident that Musk would come to regret buying Twitter back then. I wrote a piece called “Welcome To hell, Elon,” which is probably the single most-read thing I’ve ever written. My thesis was that there would be no way to grow Twitter users and revenue without moderating the platform well and, ultimately, that Elon buying Twitter would destroy his reputation and cause damage to his other companies. Now, we have the numbers from the SpaceX IPO filing to see how right my prediction was. X is shrinking by every major metric, but it may not matter, as Ryan points out. Take a listen, and let me know what you think. Ryan and I also got into all those rules being broken to land the SpaceX IPO — rules about shareholder control, inclusion in the major index funds, and all the other levers of market accountability that usually serve to keep companies in check. You’re going to hear us say “corporate governance” a lot in this episode, and while it may sound boring, it won’t be if you take a shot every time it comes up. Okay, don’t do that. But do consider what it means that Elon has become so rich, so powerful, and so detached from the levers of accountability that he can apparently get away wi