This week, Luke Thompson, a Partner at Transmission Private, was featured on CNET. He discussed the consequences of flaunting wealth on social media and how publicity can be managed in the right way.
Summary
- Flaunting wealth and status on social media can result in a wave of backlash and negativity. There is a common misconception that signalling wealth online will make an individual more attractive in the eyes of the public — the reverse is actually true.
- Research found that 25 percent of the public thinks negatively of wealthy individuals who flaunt their success online. There are reputational risks to showing off wealth and successful individuals must consider how their social media activity can impact public perceptions.
- Discretion and privacy are important for successful individuals. In order to avoid reputational damage, publicity surrounding wealth must be managed and targeted in the right way. In some cases, publicity can be channelled in a positive manner — by giving visibility to charitable activities and philanthropic causes, for example.
View original coverage: CNET →
