Overview

• Hwang Dong-Hyuk told Time magazine that some VIP characters in Season 3 “kind of resemble Elon Musk” in their showmanship and power displays.
• In the third and final season, the VIPs don animal masks and covertly serve as guards who execute eliminated contestants.
• The creator described this evolution as a metaphor for modern oligarchy, where big-tech owners openly strip away facades to assert control.
• Squid Game 3 premiered in June 2025 and drew mixed fan reactions over its heightened portrayal of wealth-driven violence.
• Since the series debuted in 2021, its portrayal of masked elites has critiqued economic inequality, now sharpened by the Musk parallel.