‘Is This It?’ When Success Isn’t Satisfying
Here’s how to truly savour the high of hitting a career goal
4 min
You got the job, won the award, launched the new project to accolades. So why don’t you feel better?
“You get the title and it’s, like, ‘Ugh. Is this it?’” says Robert Waldinger, a professor of psychiatry at Harvard Medical School who leads a longitudinal study, started in 1938, on how people thrive.
Sometimes, getting the thing is just as delicious as we imagine. Other times, we climb and climb, only to be underwhelmed by what we find at the top: more work, political wrangling, the feeling of being a fraud. Or the success high wears off fast, replaced by that old panic we hoped the accomplishment would finally cure. Then we wonder: Where’s the next win?
We’re all sprinting on what psychologists call a hedonic treadmill. That is, we might get a hit of joy when we achieve something, but we eventually return to our baseline level of happiness (or unhappiness). Whatever heights we reach, we’re still, well, us.
“From the outside, people think, ‘Oh, my God, amazing,’” says Andy Dunn, who helped sell clothing retailer Bonobos to Walmart Inc. in a $310 million deal after 10 years as chief executive and co-founder.
Mr. Dunn, now 44 and based in Chicago, spent years strategising and fantasising about such a sale but says it was a mirage. Building the company brought him more happiness, he says, than the eventual payout. (The Walmart deal paid him tens of millions of dollars.) Now working on a new startup, he’s keeping his team small and not chasing big checks from investors.
“I learned that those are just illusory things,” Mr. Dunn says.
The pursuit of happiness
Plenty of us would be happy to try our luck with fame and fortune, complications be damned. And it’s hard not to crave stuff and status when so much in our culture—from Super Bowl ads to friends’ Instagram feeds—insists that’s where fulfilment lies.
Success itself isn’t inherently bad, notes Dr. Waldinger, who adds: “Just don’t expect it to make you happy.”
Studying the antecedents of happiness among hundreds of participants in the Harvard Study of Adult Development, Dr. Waldinger found people acclimate to the trappings of achievement—including plump paychecks—swiftly.
“The corner office just becomes the place you go and do your work after a while,” he says. “The shine wears off.”
Lasting happiness results from wins that foster deep relationships and are imbued with meaning—some bigger payoff beyond your salary. Think work that affects clients’ lives or bonds your team together. When asked to share what they were most proud of, many of the octogenarians in the Harvard study talked about being a good leader or a helpful mentor, Dr. Waldinger says.
The power of authenticity
Many find they need to be able to succeed as themselves, rather than moulding their personas to fit the goal, to enjoy it.
Steve Babcock moved to New York City from Colorado in 2016 for a top creative job at an ad agency. He went from managing 50 people at his old job to overseeing 200. Industry publications profiled him. Every compliment on his LinkedIn posts was a dopamine hit. But on his train rides home from work, he felt empty. Numb.
“I have to give up who I really am to be this thing,” he says he realised. He preferred to be funny and casual at the office, but suddenly he was the boss. Subordinates often didn’t speak candidly as they tried to impress him, leaving Mr. Babcock feeling disconnected. He was also pulled farther from the creative work that he loved.
“I was always so driven to be seen as important,” he says. “There was just this cost to that.”
Mr. Babcock left the job, moved back to Colorado and now works at a food-technology company doing creative work. He sometimes misses the money—he now earns about what he did a decade ago—and the high-profile projects. He says he’s recently turned down three offers to be a chief creative officer again, unwilling to put the mask back on.
The impostor trap
Sometimes a coveted step up comes with burnout. Sabrina Hua spent three years working toward a promotion, and two years pursuing a master’s degree. She achieved both over a few months in 2021, and felt more miserable than triumphant.
The new job, in a university fundraising office, came with long hours and high-pressure goals. The degree felt like a huge accomplishment until she started to wonder if she needed a PhD.
“I just felt so much anxiety about what’s next,” the 29-year-old says.
Last fall, she quit. She’s spent the months since living off savings, traveling and focusing on small joys. Learning to crochet brought more happiness than completing her graduate program, Ms. Hua says. She plans to start searching for a new job soon, with new priorities.
“I don’t want to be obsessed with titles,” she says. “I want to have time.”
You don’t always have to pull a Peggy Olson, jumping ship from your old gig as she did in AMC’s drama “Mad Men,” to change your mind-set. Ruth Gotian, an executive coach and author of a book about reaching the apex of success, says that professionals often fear they’ll be seen as a fake at the exact moment they’re killing it. Winning a big client or publishing a definitive paper, they brush off compliments and worry that the prize will be taken away.
“Just because it’s unfamiliar doesn’t mean that you’re a fraud,” she says. Try to reframe the discomfort as positive, a cue that you’ve entered a new stage in your career. Collect thank-you notes and records of your wins along the way, so you can pull them out when you’re feeling shaky.
“There is a whole trail, a whole history of things that led to this point,” Dr. Gotian says.
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From making unpopular decisions to learning when to listen, leaders from five businesses reveal what nobody prepared them for — and how running a company has challenged their expectations.
Technology and semiconductor shares fell sharply as investors questioned the debt financing the AI infrastructure boom and confronted higher rates and Chinese competition.
Elon Musk is exploring a potential merger between Tesla and SpaceX, a deal that could reshape the future of AI, robotics, autonomous vehicles and space technology. With a combined valuation potentially reaching $3.5 trillion, the move could bring Musk’s vision of an interconnected technology ecosystem closer to reality, although a deal remains uncertain.
5 min
Elon Musk has engineered ties between Tesla TSLA 3.41%increase; up pointing triangle and SpaceX SPCX 7.79%increase; up pointing triangle that are hard to break, and now he wants to fuse them together permanently.
Musk has run both Tesla and SpaceX concurrently over the past two decades, using a schedule that dictated which days he spent focused on each business.
The companies have often shared resources and personnel, signaling their close ties. Last year, SpaceX looked into creating a spacesuit for Tesla’s humanoid robot Optimus, a person familiar with the matter said. Tesla last week showed off its new Roadster, a vehicle featuring SpaceX rocket thrusters that it hopes to soon bring to market.
And in recent months, Musk has repositioned both companies by expanding beyond their core operations toward a shared mission centered on artificial intelligence.
The world’s richest man on Tuesday signaled his interest in tying up SpaceX and Tesla, marking what would be the biggest corporate merger of all time. Because he serves as chief executive of SpaceX and Tesla, Musk said committees of independent directors at both companies are evaluating a possible deal, adding that a transaction might not come to fruition.
The committees will likely evaluate, with lawyers and bankers, how each company would fare in a potential deal and how a deal might best be structured. They then present their conclusions to their respective boards, who typically vote on whether to proceed.
“It’s an odd Kabuki dance where two groups of people are talking and I can’t be in the conversation,” Musk told SpaceX investors on Tuesday in response to an analyst’s question about a potential deal.
For Musk, the merger supports his vision of a world full of autonomous cars, humanoid robots and weekly rocket launches, as well as the data centers and satellites required to keep the whole thing running.
Some investors and analysts said they expect a transaction would be structured as an all-stock deal, with SpaceX potentially paying a modest premium for Tesla shares.
SpaceX, which has a market value of about $2 trillion, said it is seeing sharp growth in revenue across its businesses, which include operating data centers, launching rockets and operating satellite networks such as the internet service Starlink. Tesla is valued at about $1.5 trillion and is expanding its operations beyond its automotive and energy business. Shares in both companies traded higher following the news Tuesday.
Musk’s substantial ownership stakes in both companies, along with voting control at SpaceX, has enabled him to set the deal in motion. Analysts and investors said the deal will probably face regulatory scrutiny internationally, though some see Musk’s close relationship with the Trump administration as an asset to getting approval.
Blurred lines
The companies haven’t said which directors are on the special committees evaluating a potential deal. Several SpaceX and Tesla board members have either personal or business ties to Musk. And like Musk, venture capitalist Ira Ehrenpreis sits on both boards.
In a filing this week, Tesla outlined millions of dollars in business agreements with SpaceX and its subsidiaries last year, including $143 million in car sales to SpaceX, $3.3 million in advertising that it bought on the social-media platform X and $430 million in revenue from the sale of Megapack batteries for SpaceX’s data centers.
The companies also split the cost of resources including the use of Musk’s SpaceX jet and the bill for his personal security, which he runs through a private company.
Employees at both companies routinely move between companies to work on special projects, and some executives have dual roles, including Charles Kuehmann, vice president of materials engineering at both SpaceX and Tesla, and Ashok Elluswamy, the vice president of AI software at Tesla who runs a joint venture with SpaceX called Digital Optimus.
Over the years, Musk has launched new startups within his empire, including brain-implant company Neuralink, underground-tunnel developer the Boring Company and xAI, the AI startup that merged with SpaceX in February.
It is that AI business that Musk thinks can serve a market worth tens of trillions of dollars, justifying the need for a merger.
The business case goes like this: Tesla is developing robotaxis and robots, which it calls “physical AI.” SpaceX is working on the back end of physical AI: the data-center capacity and internet connection required for those robotaxis and robots to operate continuously.
“I don’t see what the value of Tesla is if it’s not merged with SpaceX,” said investment adviser Ross Gerber, a former Tesla bull turned critic invested in both companies. “If they don’t merge, the brains of everything that runs Tesla is owned by another company.”
On top of it all, both companies face constraints on the supply chains they need to make this world a reality, particularly when it comes to chips. To address this, Musk earlier this year announced a joint venture between Tesla, SpaceX and Intel to design and manufacture chips in Texas. “The most epic chip-building exercise by far,” he has said.
Musk at the wheel
For Musk, a merger would also solve two problems: demands on his attention and his lack of control at Tesla.
Tesla for years was Musk’s only public company, a status that came with greater scrutiny. There, Musk reports to a public board, as well as individual investors who make up around 30% of Tesla’s voting power, according to FactSet.
The question of Musk’s attention became a particular focus for investors and the board in recent years after he acquired Twitter in 2022 and launched xAI in 2023, and again in 2025 as he spent time in Washington, D.C., running the Department of Government Efficiency in the early months of President Trump’s second term.
As Tesla’s car business suffered in 2025, Musk threatened to take his AI ambitions outside the company if he wasn’t granted 25% voting control. Last November, Tesla shareholders approved a new pay package for Musk, which created a path for him to vastly expand his stake.
As of Sept. 30, Musk owned a roughly 20% stake in Tesla, according to the company’s proxy filing.
The SpaceX IPO gave Musk a different path. When SpaceX went public in June, the deal’s structure enabled him to have more than 80% voting power at the company—so much that he can’t be fired and decisions can’t be made without his support.
If SpaceX acquires Tesla, he will likely stay in control.
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