A bust in honour of Elon Musk, which was vandalised, near Starbase in Brownsville, Texas. Reuters
A bust in honour of Elon Musk, which was vandalised, near Starbase in Brownsville, Texas. Reuters
A bust in honour of Elon Musk, which was vandalised, near Starbase in Brownsville, Texas. Reuters
A bust in honour of Elon Musk, which was vandalised, near Starbase in Brownsville, Texas. Reuters


Elon Musk's downfall could mark the end of a cultural era


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June 12, 2025

A century ago, TS Eliot mused about the world having ended, not with a bang, but with a whimper.

In his poem The Hollow Men, he described a generation unable to do anything with conviction, whether for good or ill, as societies, institutions and communities in Europe struggled with the new morality and the political upheaval following the devastation of the First World War.

“Between the idea

And the reality

Between the motion

And the act

Falls the Shadow”

The parallels between 1925 and 2025 are legion, but perhaps none has been as striking as the culture wars that have shaped the current public discourse. Trust in government, experts and institutions is at a low ebb. Amid such a divisive political landscape, it is little surprise that individuals with maverick personalities have grown in influence. Arguably, no one illustrates this point as strongly as Elon Musk.

His public image, cultivated through antics on X, meme culture and polarising rhetoric, has helped fuel a rise in his wealth and status as a business and technological prophet. Most pertinently, Mr Musk’s vision of the future has also lacked empathy. His dreams of Mars colonisation, AI-human interfaces and radical innovation are as ambitious as they are detached from societal needs or human connection.

There have also been actions that bring into question his ethics. For example, markets have been disrupted, if not manipulated, following his social media posts about Dogecoin and Tesla stock.

Yet, until now, Mr Musk had insulated himself from the ire that enveloped other tech leaders. He had avoided the political theatre in the US Congress that Meta’s Mark Zuckerberg, Google’s Sundar Pichai and Amazon’s Jeff Bezos were obligated to take part in. His purchase of X (when it was still called Twitter) and his subsequent alliance with the Republican Party seemed to keep regulators at bay while amplifying his influence.

His track record means very little now, however, after his spectacular falling out with US President Donald Trump. On Wednesday, the shockwaves from the detonation of the most famous political alliance of our time seemed to finally fade with the words: “I regret some of my posts about President Donald Trump last week. They went too far.”

Could Mr Musk’s post on X also be the waving of the white flag for his style of leadership?

With never-seen-before gusto, Mr Musk had supported Mr Trump’s presidential campaign and after the latter won the White House, he became a regular fixture in the Oval Office, even parading his four-year-old son in front of the cameras, such was the familiarity between the two men. It seemed a stunning triumph of his convictions.

Eventually Mr Musk seemed to tire as his personal behaviour and his brainchild, the Department of Government Efficiency, became magnets for sustained controversy. So, he stepped back from the front lines.

There had been a very clear cost, too, from such an unprecedented high-profile political affiliation. The Tesla share price is still down 14 per cent in 2025, but it had been even lower.

After he was no longer on the inside of the administration, it took only days for him to turn against the President, attacking the “One Big Beautiful Bill Act”, a key part of Mr Trump’s legislative agenda, and drawing return fire online and in the media from his one-time ally. Then, after Mr Musk made the explosive and since-retracted claim that Mr Trump appeared in the files related to the late financier and alleged sex trafficker Jeffrey Epstein, it became clear there could be no way back.

Not only is Mr Musk’s aura now diminished, but it could be the end of the techno-libertarian myth that has been at the root of so much divisiveness during the past decade.

Figures like Mr Musk and Peter Thiel – also a supporter of Mr Trump – championed the idea that private innovators could outpace and outthink the state. The equivalent of shadow nations grew out of Silicon Valley and undermined the ability of governments to govern, further eroding trust and bringing extreme ideas to the mainstream, enabled by an unregulated flood of technological advances.

The truth is, once any company achieves the scale of a country, it becomes nigh on untouchable. Mr Musk seemed to be trying to reach these heights while remaining bigger than his companies in the minds of the public.

The social media age helped him to try to do this, and his approach has been very much a blueprint for the broader rise of content creators and influencers. Yet, back in the 1920s, TS Eliot warned of the perils of such hollowness.

“Between the desire

And the spasm

Between the potency

And the existence

Between the essence

And the descent

Falls the Shadow”

Looking back 100 years from now, the Musk-Trump fallout will probably help mark the closing act of a cultural era defined by deficiencies in human connection and empathy for others.

The biog

Job: Fitness entrepreneur, body-builder and trainer

Favourite superhero: Batman

Favourite quote: We must become the change we want to see, by Mahatma Gandhi.

Favourite car: Lamborghini

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

RESULTS

1.30pm Handicap (PA) Dh 50,000 (Dirt) 1,400m

Winner AF Almomayaz, Hugo Lebouc (jockey), Ali Rashid Al Raihe (trainer)

2pm Handicap (TB) Dh 84,000 (D) 1,400m

Winner Karaginsky, Tadhg O’Shea, Satish Seemar.

2.30pm Maiden (TB) Dh 60,000 (D) 1,200m

Winner Sadeedd, Ryan Curatolo, Nicholas Bachalard.

3pm Conditions (TB) Dh 100,000 (D) 1,950m

Winner Blue Sovereign, Clement Lecoeuvre, Erwan Charpy.

3.30pm Handicap (TB) Dh 76,000 (D) 1,800m

Winner Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.

4pm Maiden (TB) Dh 60,000 (D) 1,600m

Winner Bladesmith, Tadhg O’Shea, Satish Seemar.

4.30pm Handicap (TB) Dh 68,000 (D) 1,000m

Winner Shanaghai City, Fabrice Veron, Rashed Bouresly.

Updated: June 12, 2025, 10:17 PM