The New Tech CEO’s Power: Influence

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Elon Musk, CEO of Tesla, was recently on Saturday Night Live. Yes, you read that right. Elon Musk, a self proclaimed nerd, was the HOST of Saturday Night Live, the variety show that has claimed celebrities, sports athletes, and pop stars. The Tech CEO is becoming the new celebrity and influence is the new power.

Tech CEOs have always been revered for their ability to bend the present into their vision of the future. Steve Jobs, Andy Grove, Bill Gates were among the first generation of Tech CEOs that gained some level of cult status. However with the rise of social media and the consolidation of power (~20% of the S&P 500 and 33% of the NASDAQ 100 is comprised of “Big Tech” (i.e. FAANG)) has given the new Tech CEO cult-like status.  

The leader of the Tech CEO cult is Elon Musk who runs TWO companies (SpaceX and Tesla). When he tweeted about GameStop “stonks” the stock went crazy. Every time he tweets about Dogecoin or Bitcoin, it rises or falls accordingly. He once tweeted about his own public company, Tesla, thinking about taking it private at 420 (prior to the split) and settled with the SEC. Musk has so much influence beyond his own companies that he can move markets with a tweet. Similarly, Jack Dorsey, who also runs TWO public companies (Twitter and Square) also has a good amount of clout and had an NFT sell of his first tweet for almost $3 million. 

As consumer technology eats more of our attention and retail investors have access to the markets, Tech CEOs are appealing more toward “Main Street” than to “Wall Street.” We were able to see the Reddit crowd force hedge funds to liquidate their position with the GameStop short squeeze as well as a major move by Dogecoin to get to $1. 

Not only do Tech CEOs have the ability to move markets, but they are also able to somewhat influence our thinking. Jeff Bezos, CEO of Amazon, is already the owner of the Washington Post as well as Amazon Studios who is in the process of buying MGM, a major film studio.  Mark Zuckerberg, Facebook’s CEO, acknowledges how his platform affected the outcome of many elections beyond just the 2016 one. 

The future belongs to whomever can utilize these tools to move masses and change minds. The 45th US president harnessed these tools for a surprise upset victory in 2016 as well as other members of the US House and Congress.  

These tools are so addictive that Apple has created “Screen time” which lets you know how much time you are spending on your device, scarily akin to the patch, which lets you know how many cigarettes you have smoked on your way to cutting down or cutting it out. 

So what does that mean for you as an up and coming influencer?

Be specific in whom your audience is and own them. Once you’ve gotten to the top then you can branch out into whatever other realm you might be interested in. But until that point stay focused. Can you imagine Amazon trying to be a movie studio when they could barely deliver your books to you on time? But now that Amazon is the de facto online store they can now do anything. Just like Musk can talk about Bitcoin without detracting from Tesla or SpaceX and Jack Dorsey can have two full time CEO jobs. 

Stay focused, utilize the tools here on Famecast to get your message onto every platform that your audience might be using or reside and stay consistent. As we previously discussed, consistency is key to building an audience and keeping them engaged. Questions on building your following? Email us!

 

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