Elon Musk’s social media platform, X (formerly known as Twitter), has stepped into uncharted territory. The platform launched its first original reality show, titled “Going Public,” which allows viewers to invest directly in startups featured on the show. This innovation merges entertainment, finance, and technology into an entirely new form of audience engagement. By blending startup pitches with reality TV drama, X has positioned itself at the center of both financial media and interactive content.
The Premise of “Going Public”
“Going Public” debuted in June 2025. The show’s format offers viewers a chance to invest real money into startups showcased on the program. Each episode follows startup founders as they pitch their businesses, navigate challenges, and attempt to win over not only celebrity mentors but also the viewing audience. The format resembles a hybrid of shows like Shark Tank and The Apprentice but adds a layer of real-time investing.
Unlike traditional startup shows where celebrity investors control the capital, “Going Public” empowers everyday viewers to become investors. As founders make their pitches, viewers receive information about the businesses and access a “Click-to-Invest” feature, allowing them to purchase shares in real time during the show’s broadcast. The finale was set to feature live investments based on the final pitches.
The Ambitious Vision Behind the Show
Brett Weitz, content chief at X, outlined the company’s vision for the project. He emphasized X’s goal to democratize access to investment opportunities and to provide everyday individuals with the same kind of access usually reserved for venture capitalists and private equity firms. By integrating live investing into entertainment, X aims to transform passive viewers into active participants in the startup ecosystem.
Elon Musk has consistently pushed X into new business verticals. The platform’s foray into reality-based financial entertainment reflects Musk’s broader strategy to evolve X beyond social media and into a multi-service “everything app.” Through projects like “Going Public,” X seeks to blend social interaction, content consumption, and financial services into one seamless experience.
A Pay-to-Play Model
Unlike traditional investment shows where startups receive offers from high-profile investors, the companies featured on “Going Public” paid substantial sums for their participation. Reports revealed that founders like Dutch Mendenhall, who pitched the startup OmniCo Golf, paid nearly $500,000 to secure placement on the show and receive production equity.
This pay-to-play structure raises questions about the vetting process and the financial motivations behind selecting featured startups. While the model offers visibility to the participating companies, it also introduces potential conflicts of interest. Critics argue that this format may prioritize companies willing to pay for exposure rather than those offering sound investment opportunities.
Legal Complications and Postponed Finale
The show faced immediate controversy when serious legal and ethical concerns surfaced just before the scheduled live finale. Barron’s conducted an investigation into two featured founders, Dutch Mendenhall and Amy Vaughn, who pitched OmniCo Golf. The investigation uncovered that both individuals previously managed a real estate investment firm called RAD Diversified REIT, which had faced legal scrutiny for allegedly inflating property values and mismanaging investor funds.
Investors in RAD Diversified REIT reported significant financial losses, prompting concerns about the founders’ track record and financial transparency. Mendenhall acknowledged what he called “administrative issues” but denied allegations of wrongdoing. Nevertheless, these revelations cast a shadow over the credibility of both the founders and the show.
Faced with these allegations, X made the decision to postpone the finale. The delay aimed to provide time for a more thorough review of the issues surrounding OmniCo Golf’s participation. This postponement created further uncertainty around the future of the show and the safety of the investments made by participating viewers.
Celebrity Mentors Add Star Power
To attract viewers and add entertainment value, “Going Public” enlisted several high-profile celebrity mentors. The lineup included personalities such as musician Steve Aoki, professional poker player Phil Hellmuth, and former Major League Baseball pitcher CC Sabathia. These mentors provided guidance, critique, and star appeal to the startup founders, blending celebrity culture with business education.
The inclusion of these celebrities helped generate buzz and drew attention to the show’s unique interactive format. However, some industry observers noted that celebrity involvement could overshadow the rigorous due diligence typically required for sound financial decision-making.
The Convergence of Entertainment and Financial Investing
With “Going Public,” X boldly experimented with the merging of two powerful industries: entertainment and finance. The show invites viewers to emotionally engage with startup stories while simultaneously encouraging them to commit their own funds. This convergence creates a new form of interactive capitalism, where audience members don’t just watch—they actively participate in the financial outcomes.
This model appeals particularly to younger, tech-savvy investors who enjoy taking part in the creator economy and decentralized finance movements. By allowing audiences to invest directly in startups through a simple click, X taps into a growing trend of democratized investing.
However, the show’s format also raises significant concerns about financial literacy, investor protection, and regulatory oversight. Retail investors who lack experience may risk their capital based on the emotional appeal of reality television rather than objective financial analysis.
Regulatory and Oversight Challenges
Financial regulators have long expressed caution regarding platforms that promote retail investing without adequate safeguards. The “Going Public” format places heavy responsibility on viewers to perform their own due diligence. While the show provides some basic financial disclosures, retail investors may struggle to fully assess business risks, especially when the narrative leans heavily on emotional storytelling.
The situation surrounding OmniCo Golf demonstrates the potential pitfalls. Retail investors, drawn by the excitement of the show, may have committed funds without full knowledge of the founders’ prior legal issues. This creates real-world consequences that extend beyond entertainment value.
Legal experts have begun debating whether such interactive investment shows require new forms of regulation. The blending of entertainment and finance creates a gray area that challenges existing securities laws. Traditional securities regulations were never designed to account for live, interactive reality television formats that enable direct investment.
The Business Model and X’s Future
Despite the controversy, X’s venture into financial reality television demonstrates the platform’s ambition to redefine itself under Elon Musk’s leadership. Musk has repeatedly stated his goal of transforming X into a “super app” that combines communication, finance, commerce, and content.
“Going Public” represents a bold experiment in this vision. If X successfully resolves the legal and regulatory challenges, the show could set a precedent for a new form of financial media. It may attract other startups eager for exposure and a direct path to capital without relying on traditional venture capital or IPOs.
At the same time, X must navigate serious questions about ethical responsibility, investor protection, and transparency. The success or failure of “Going Public” may influence whether regulators step in to impose stricter rules for future interactive investment shows.
Conclusion
X’s launch of “Going Public” signals the platform’s determination to innovate at the intersection of entertainment and finance. The show offers a bold, interactive format where viewers invest in startups in real time, transforming passive audiences into active financial participants. However, serious concerns about due diligence, regulatory compliance, and investor risk have already cast a shadow over the project.
As X pushes forward with its mission to evolve into a multi-dimensional super app, the experience of “Going Public” may offer valuable lessons not only for X but for the entire financial media industry. The show’s outcome will likely shape the future of how platforms combine entertainment and investing in the years ahead.
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