Confused magnate turns bright red (7)
I believe the answer is:
magenta
'red' is the definition.
(I know that magenta is a type of purplish red)
'confused magnate' is the wordplay.
'confused' is an anagram indicator.
'magnate' is an anagram of 'MAGENTA'.
'turns bright' is the link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for magenta that I've seen before include "Reddish-purple colour" , "Bright purplish-red" , "Light purplish-red" , "A crimson dye" , "Bright purplish red or magnate" .)