This class analysis seems overcomplicated. What makes Musk's leadership "entrepreneurial capitalism" as opposed to managerialism? Musk is a member of the PMC! You may consider him a more competent, assertive, and unorthodox manager, at best, but he is still a manager. And as his control solidifies, is he going to make all of the management decisions still? No, he will institute likely handpicked managers who he entrusts. Who are ultimately still members of the managerial class.

When HN preaches the benefits of founder-led companies, it does not claim that founders are a different class from other types of CEOs. More hands-on and with more personally invested, sure. But are all founders truly different from the managerial class? That seems to be more of a management style than anything. And founder-led companies are often less than successful- just ask Dorsey himself. Was he PMC? Was he not an entrepreneur capitalist when he was CEO of Twitter the second time around? This is all a lot of half-baked analysis to claim that one set of presumably more able management and an older ossified set of management are two entirely different classes of people.