How Elon Musk Reached the Top of the Global Economy

In a Ynet daily news podcast, the discussion focused on Elon Musk’s economic power and what could follow from the largest offering in history. Prof. Yair Antler of Tel Aviv University said Musk’s influence existed even before the listing, because the group of companies he controls can shape the global economy, including the direction of the tech sector, financial markets, and critical infrastructure such as transportation, space, energy, and communications. According to Antler, Musk’s strategic decisions affect the pace and direction of development across many products.

Antler argued that such concentrated power raises a problem for the free-market ideal. In theory, he said, markets are supposed to work through competition and the “invisible hand” described by Adam Smith, but when one player has such outsized influence, it becomes possible to affect regulation, competition, public policy, and decision-making through lobbying and similar tools. He cited Musk’s business ties with Donald Trump as one example of how that influence can shape outcomes and create inequality versus other market players.

The professor also noted that shares often rise after a public offering, but usually balance out over time. If a stock jumps 15% soon after listing, he said, that can be a negative sign for the company’s owner too, because it suggests no major new information emerged and that Musk may have “left money on the table” by pricing the offering too low.

Asked whether the excitement around Musk amounts to a bubble, Antler said it is hard to tell. The market is in a good period and has momentum, which fuels the hype, and Musk himself is a major draw. He said some of that enthusiasm is part of Musk’s own strategy, including around companies whose profit picture is less clear, such as X, but he still would not call it a bubble.