'To the moon!': Elon Musk, Dogecoin, and the political economy of charismatic leadership

This article investigates a neglected aspect of charismatic authority: the problem of economic practices of charismatic leaders and their communities. Drawing on Weber's classical theory of charisma, I argue that charismatic communities and their ideologies economically operate on principles of...

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Bibliographic Details
Published inJournal of cultural economy Vol. 17; no. 3; pp. 297 - 313
Main Author Zelinsky, Dominik
Format Journal Article
LanguageEnglish
Published Abingdon Routledge 03.05.2024
Taylor & Francis Ltd
Subjects
Authority
Charisma
cryptocurrency
Digital currencies
Dogecoin
Elon Musk
gift
Ideology
Leadership
Musk, Elon
Political economy
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Summary:This article investigates a neglected aspect of charismatic authority: the problem of economic practices of charismatic leaders and their communities. Drawing on Weber's classical theory of charisma, I argue that charismatic communities and their ideologies economically operate on principles of gift and bounty. I demonstrate the value of this analysis on a contemporary case of Elon Musk's charisma and his involvement with the Dogecoin cryptocurrency through Twitter. Through analysis of Musk's performances and his admirers' online activity, I argue that to those who believed in Musk, his involvement constituted either a gift to the community or a bounty-hunter-like feat that further enhanced his charismatic authority.
ISSN:1753-0350
1753-0369
DOI:10.1080/17530350.2024.2302177