Nobel economist Paul Krugman slams Elon Musk and Sam Bankman-Fried, and says we're living in an era of 'petulant oligarchs'

Krugman ripped into prominent tech leaders like Musk and Bankman-Fried, who were once hailed as revolutionaries, but are now living demonstrations that we live in the era of the "petulant oligarch"

The very privileged are surrounded by people who won't tell them they are acting badly. Krugman wrote in an op-ed for the New York Times on Monday that he was not shocked by the spectacle of Musk's self-immolation. Why are we now ruled by people like that? We are clearly living in the age of the petulant billionaire.

His comments follow Musk's chaotic redesign of the social networking site, a project that's sparked scrutiny over his leadership style and political statements. Krugman was critical of Musk in an op-ed last year and warned of a Musk apocalypse.

Krugman said Musk has an army of followers who see him not as a "whiny brat" but as a visionary. It could be due to his wealth. Musk's wealth surpasses that of Hughes even after the stock price of his company plummeted. Even though the business dealings of the executive are not going well, fans are still loyal.

The top economist said that many of the superrich have become celebrities. The big fortunes made in information technology turned this narrative into a full-blown cult with wannabe or seem-to-be Steve Jobs types everywhere you look.

The same story could be told about Sam Bankman-Fried, the disgraced executive facing charges of fraud, money laundered and conspiracy after the collapse of his exchange. Prior to the implosion of FTX's finances, Bankman-Fried was considered a wunderkind and the benevolent face of the industry.

Krugman said that Musk and Bankman- Fried may end up doing a public service by tarnishing the legend of the geniusentrepreneur. Musk's antics are degrading what had become a useful resource, a place some of us went for information from people who actually knew what they were talking about. A happy ending to this story is becoming less likely.

Krugman urged his followers to switch to Mastodon after Musk banned prominent journalists from the social media platform.