Elon Musk is on Nick Denton’s mind
Trading on narratives

I’m on my way to the SABEW conference in Arlington, Virginia, to discuss how journalists are forging an independent path on Substack and beyond. Let me know if you’ll be at the event.
Today, I have a member essay I wrote based on a conversation I had with Nick Denton yesterday for an episode of People vs Algorithms that will be out tomorrow morning. Nick's newfound identity as a “head of macro” says a lot of about the current media moment, when narratives and memes are all powerful and rarely driven by institutional media.
Reminder: Upgrade to TRB Pro for full access to all of The Rebooting’s content, as well as invitations to events like our upcoming Media Product Forum and Cannes program. Upgrade to TRB Pro.

As traffic from search and social becomes less reliable, publishers are rethinking how they build lasting relationships with readers. In this Online Forum, we will take a deep dive with Metro UK and Marigold into how Metro is using personalization to deepen engagement and boost conversions through email.
We’ll break down how Metro built high-performing, personalized newsletter products — including a horoscopes email — and what it took to operationalize segmentation at scale. Learn how they’re using dynamic content, preference-based onboarding, and first-party data to improve performance and build loyalty.
Join us on April 23 to hear how a major publisher is solving for post-platform distribution challenges and why interest-based personalization is proving more durable than chasing algorithms
Elon Musk is on Nick Denton’s mind
Nick Denton continually comes back to the world’s richest person during a conversation we had with Troy Young on a new episode of People vs Algorithms. He mentioned Elon Musk 19 times, in fact.
Nick knows a good story. Musk is a billionaire child king living out his own comic book fantasy. He has Main Character energy in a larger story that is well beyond the type of cultural ephemera of early Gawker like the politics of the Condé Nast cafeteria.
This story is about how the future of the world is shaped. It will not be shaped in the Condé canteen. Trillions of dollars are at stake in a historic transition that’s beyond even the fall of communism, which he covered as a Financial Times journalist in Eastern Europe.
This is the story of the American empire giving way to a new world where American hegemony is rivaled, and often exceeded, by Chinese power in the commanding heights of the future like AI and energy production.
“It’s the best story I’ve ever seen,” he said. “Bar none. No question.”
He doesn't want to tell that story. He wants to trade on it.