Apartheid Elmo is a tech bro. The Lord High Emperor Shitlord of all tech bros, in fact. And like all tech bros, he's all hype and zero clue about anything he's doing. He's just good with money, and that's really how he - and all tech bros - sees any new and promising technology: dollar signs. They don't give a toss about what it actually can do; they only care about turning it into a get rich quick scheme - see how they turned blockchain into the Ponzi-rific deliciousness that is NFTs.
He's also, I believe, secretly lonely and miserable, but lacks the ability to relate to people to actually make friends. So he tries to compensate for it by seeking validation and notoriety, often with the wrong sorts of people. It's why he's so hopelessly addicted to social media; it gives him something vaguely resembling friendship and companionship he could never get on his own.
He's a tragicomic character; ridiculous and sad at the same time, and now he's forcing everyone to live his tragicomic existence.
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