<div><div><p class="css-9rt3sc"><main id="content"><article id="new-article-template"><div class="css-1bfdg3q e1pkqesp0"><div class="css-1qjp74c e188esf00"><div class="css-vpmedt en4o1560"><section class="css-1ugvd2u e18wk22u0"><figure class="css-j0a8mg e1197rjj0"><img width="1280" sizes="(min-width: 960px) 700px, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/media-assets/image/20221119_WBD000.jpg"></figure></section></div><div class="css-129jqss en4o1560"><div class="css-13r0q4k ebbih0g0"><section class="css-1xs6rxu e19oi8vf1"><div class="css-11m2wk0 e19oi8vf2"><p class="css-1f0x4sl e1tt35bk0"><span>I</span><small>t is hard</small> to think of two more different firms than <small>GE</small>, a once-exalted symbol of American inventiveness, and <small><a href="https://www.economist.com/briefing/2022/11/17/the-failure-of-ftx-and-sam-bankman-fried-will-leave-deep-scars">FTX</a></small>, a Bahamas-based fly-by-night crypto exchange. Besides high-pitched voices, it is hard to think of two people with less in common than the late <a href="https://www.economist.com/business/2020/03/05/jack-welch-transformed-american-capitalism-as-boss-of-ge">Jack Welch</a>, <small>GE</small>&#x2019;s legendary former <small>CEO</small>, and Sam Bankman-Fried, <small>FTX</small>&#x2019;s disgraced founder. The former, son of working-class parents, was fiendishly competitive about profits, had a frat-boy approach to life, and was as much at home on a golf course as he was on the factory floor. The latter, son of Stanford law professors, is scruffy, nerdy, a player of &#x201C;League of Legends&#x201D;, and claims to be motivated to make money only so that he can give it away. </p></div></section><div class="css-1bdax0c e13p72us0"><p class="css-1i4m1tx eikojtn0">This article appeared in the Business section of the print edition under the headline &#x201C;League of ex-legends&#x201D;</p></div></div></div></div><div><div class="css-mqgbir ekf19570"><div class="css-1udh2m3 e1sxhytt1"><div class="css-10pit5x e188esf00"><div class="css-pdqis7 en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-1w6u71t e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="Sir James Arthur &apos;Jim&apos; Ratcliffe waves before the French L1 football match between AS Monaco and OGC Nice at the &quot;Louis II Stadium&quot; in Monaco." width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_BLP511.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">The British billionaire is buying up teams from sailing to football to cycling&#xA0;</p></div></div></div><div class="css-12zrjtn en4o1560"><div class="css-6p3gio enphw8n0"><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="Illustration of Masayoshi Son, too busy looking in the future to see the things that are in front him, in this instead the SoftBank logo that he tips over." width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_WBD003.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">This isn&#x2019;t the first time the Japanese tech investor has missed the hot new thing</p></div></div><div class="css-6p3gio enphw8n0"><div class="css-1js7g3m e1xwzcy70"><figure class="css-j0a8mg e1197rjj0"><img alt="A man dressed as a carrot chasing a carrot dangling in front of him." width="1280" sizes="(min-width: 1440px) 700px, (min-width: 1280px) 50vw, (min-width: 960px) 66vw, 95vw" srcset="https://www.economist.com/cdn-cgi/image/width=256,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 256w, https://www.economist.com/cdn-cgi/image/width=360,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 360w, https://www.economist.com/cdn-cgi/image/width=384,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 384w, https://www.economist.com/cdn-cgi/image/width=480,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 480w, https://www.economist.com/cdn-cgi/image/width=600,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 600w, https://www.economist.com/cdn-cgi/image/width=834,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 834w, https://www.economist.com/cdn-cgi/image/width=960,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 960w, https://www.economist.com/cdn-cgi/image/width=1096,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 1096w, https://www.economist.com/cdn-cgi/image/width=1280,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 1280w, https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg 1424w" src="https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/content-assets/images/20241012_WBD001.jpg"></figure></div><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">The gelignite of incentives </p></div></div><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">It is setting standards for everything from 6G to quantum computing</p></div></div></div><div class="css-1ls2jbk en4o1560"><div class="css-yuq3xx e188esf00"><div class="css-1smej6r en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">It reckons it can succeed where Richemont has failed</p></div></div></div><div class="css-1smej6r en4o1560"><div class="css-ctje7d enphw8n0"><div class="css-0 exn4l0u0"><p class="css-llqkfq e7x1xmz0">He reshaped one of India&#x2019;s most successful conglomerates</p></div></div></div></div></div></div></div></div></div></div></article></main></p></div></div>

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From GE to FTX, beware the Icarus complex