When extreme high-wealth individuals reframe negative consequences of their poor decisions, it can create a departure from reality and exacerbate the consequences themselves. In some ways this is the Wiley Coyote phenomenon of standing under the falling anvil hoping the cocktail umbrella is going to stop the carnage about to happen. This phenomenon is often observed in various contexts, including business, politics, and personal life. To make matters worse they can influence and create an audience to come stand under the umbrella with them. Several factors contribute to why supporters continue to follow these individuals despite the obvious errors:
- Cult of Personality: Extreme high-wealth individuals often have a strong personal brand and a charismatic presence. They can cultivate a loyal following that is deeply invested in their success and image. Supporters may develop an emotional attachment to these individuals, making them more inclined to overlook or rationalize any negative consequences stemming from their actions.
- Confirmation Bias: People tend to seek information that confirms their pre-existing beliefs and opinions. Supporters of exctreme high-wealth individuals may engage in confirmation bias, selectively accepting information that aligns with their views while dismissing or ignoring evidence that contradicts their beliefs. This cognitive bias can contribute to a departure from reality and prevent individuals from acknowledging the obvious errors made by their preferred high-wealth figures.
- Influence and Persuasion: Extreme high-wealth individuals often have significant resources and influence, which they can employ to shape narratives and public perception. Through strategic communication, public relations, and media manipulation, they can sway public opinion and present their actions in a more favorable light. Their followers may be exposed to a biased or distorted representation of events, making it harder for them to recognize and accept the obvious errors.
- Financial Interests: Extreme high-wealth individuals may have a network of supporters who have financial stakes tied to their success. This can include investors, employees, business partners, or even political allies. These individuals may be financially dependent on the success of the high-wealth figure, leading them to overlook or downplay errors to protect their own interests.
- Ideological Alignment: Supporters of extreme high-wealth individuals may share similar ideological or political beliefs, which can create a sense of solidarity and group identity. This ideological alignment can override critical thinking and objective evaluation of the consequences of poor decisions. Supporters may prioritize their loyalty to the shared ideology over acknowledging obvious errors, thus continuing to follow and support the high-wealth individuals.
- Emotional Investment and Cognitive Dissonance: Human beings tend to be emotionally invested in their beliefs and decisions. When confronted with evidence that contradicts their beliefs or challenges their support for extreme high-wealth individuals, they may experience cognitive dissonance—a psychological discomfort that arises from holding conflicting beliefs. To alleviate this discomfort, individuals may engage in rationalization, downplaying the errors or finding justifications for them to maintain consistency and minimize internal conflict.
It is important to note that not all supporters of high-wealth individuals exhibit these behaviors, and the dynamics can vary from case to case. In an increasingly polarized world it is hard to see the nuance and a departure from reality can become even worse. The spectrum of support and emotion becomes a perceptual on and off switch. People’s motivations and actions are complex and influenced by a multitude of factors. Understanding these dynamics can shed light on why individuals continue to follow high-wealth figures despite the obvious errors, but it does not excuse or justify the negative consequences resulting from poor decisions.
Social media has become a dominant platform for extreme high-wealth individuals to express their opinions, share information, and influence others. With the rise of social media influencers (especially those of extreme high-wealth), who have amassed large followings and wield considerable influence, there is a growing concern about the prevalence of these high-wealth influencers opining on topics for which they have limited knowledge, experience, or formal training. Let’s examine and explore the reasons behind this phenomenon, discuss its prevalence.
- Rise of high-wealth social media Influencers: Social media platforms have given rise to a new breed of content creators known as high-wealth social media influencers. These individuals often build large followings based on their engaging content, relatability, or expertise in specific niches. As influencers gain popularity, they often venture into offering opinions on a wide range of topics, expanding their influence beyond their original area of expertise.
- Expertise vs. Opinion: Expertise is typically acquired through years of education, training, and experience in a specific field. However, high-wealth social media influencers often present their opinions as if they hold expertise, even in areas where their knowledge is limited. This can lead to a blurring of the lines between factual information and personal opinions, potentially misleading their followers.
- High-wealth Social Media Influencer Culture and Public Perception: The extreme high-wealth social media influencers thrive in a culture where their personal lives and opinions are heavily integrated into their brand. This can create an expectation among their followers that high-wealth social media influencers will offer opinions on various topics, regardless of their actual expertise. Some influencers may also feel pressure to maintain a constant stream of content, leading them to express opinions on subjects outside their domain of knowledge.
- The Dangers of Misinformation: When extreme high-wealth social media influencers opine on topics they lack expertise in, there is a risk of spreading misinformation. Misinformation can have serious consequences, including the dissemination of inaccurate information, reinforcing biases, and eroding trust in experts and established sources of information.
- Prevalence and Examples: Instances of extreme high-wealth social media influencers providing opinions on topics outside their expertise are prevalent across social media platforms. Examples include high-wealth social media influencers offering medical advice, financial guidance, or political opinions without appropriate qualifications. Such instances can mislead followers who may be swayed by the influencer’s popularity or charisma, leading to misguided beliefs or actions.
- Influence and Responsibility: Extreme high-wealth social media influencers possess a significant amount of influence over their followers, often with large audiences that can reach millions. With this influence comes a responsibility to ensure the accuracy and reliability of the information they share, particularly when discussing complex or sensitive topics.
The prevalence of extreme high-wealth social media influencers offering opinions on topics beyond their expertise is a growing concern in the digital age. While social media platforms provide opportunities for individuals to express themselves, it is essential for extreme high-wealth social media influencers to recognize the limits of their knowledge and the potential consequences of spreading misinformation. Consequences are the anvil headed for them in free fall. Social media can create tsunamis of negative response taking down media darlings rapidly. Remember the me-too movement impact on previously high-wealth individuals and their careers? Responsible influencer practices should prioritize fact-checking, transparency about expertise, and a commitment to learning and growing within their chosen areas of influence. Additionally, followers should exercise critical thinking and seek out diverse sources of information to make well-informed decisions.
OpenAI. (2023). ChatGPT. Retrieved from https://chat.openai.com/ and edited.