Irreverence has worked out very well for Elon Musk. He can disparage the Securities and Exchange Commission on Twitter yet come off as cool. Recent tweets sent the market value of Dogecoin, a digital token created as a joke, almost “to the moon.” Millions of loyal, young followers have rallied around him to buy Tesla Inc. shares, making Musk the world’s second richest man.
Such billionaire behavior is not profitable in China, where talk can be expensive. Last year, a speech critical of its largely state-owned banking sector cost Alibaba Group Holding founder Jack Ma a $45 billion IPO. On Monday, an 1,100-year old poem about events 2,200 years ago posted by the founder of food delivery giant Meituan sank the company’s market cap by $15.6 billion. China’s tech billionaires should not attempt to be erudite, much less cool.