Tomorrow's Business Today
Elon Musk's challenge to the PR trade
The other day Elon Musk claimed Twitter, a business he seemed to acquire almost by accident, is not too far from being profitable.
At least, it was closer to no longer haemorrhaging money.
Like his sometime sparing partner Donald Trump, the thing with Musk, his fans say, is to take him seriously but not literally.
Certainly, by accounts other than his own Twitter needs 10 million more paying subscribers just to pay the interest on his loans.
Still, he seems more likely than anyone else to make Twitter a going concern.
The whacky guy who just says stuff to get attention obscures his alter ego, who is plainly a business genius.
And he does all of his own PR, it seems.
The New York Times reports that Musk has done away with Twitter’s press department.
Everyone who did Twitter PR fled, or was fired when he arrived.
This is all something of a snook to the flak trade. He says he doesn’t need you – any of you.
A reporter asked by the NYT who he calls for comment on Twitter matters replies: “I just email the big guy.”
More typically of course, Musk ignores press inquiries about Twitter or anything else.
It is hard to see that this does him any particular harm. Stories that he thinks are wrong appear. But he doesn’t care.
You could say you wouldn’t either if you were worth $200 billion, but most rich people really do care, otherwise they wouldn’t employ expensive flaks.
Musk is a maverick and as such isn’t really a threat to the PR trade.
Nevertheless, as a hack in a hurry it is frequently clear to me that if Company X just completely ignored me, my reporting would have to be kinder if only for legal safety.
A brave FTSE 100 company could try this experiment: do away with all PR of any sort for one year and see what difference it actually makes.
If the idea makes you nervous, that’s my point.
Press release of the day
What’s the true cost of fake alcohol in terms of tax and health?
Answers here from the Fraud Advisory Panel, which says a quarter of the world’s alcoholic drinks are illicit and dangerous.
Alan Bryce, interim Head of the Fraud Advisory Panel, says:
“Alcohol plays a big part in our cultural, economic, and social life, but with a vast and complex market it’s very easy for criminals to feed fakes into the legitimate supply chain.”
Stories that will keep rolling
1) What are Compass’s figures telling us about the hospitality trade?
2) How is Astra coping with lower Covid medicine sales?
3) How likely are we to run out of gas?
4) Is BAT recession proof?
