Anything organic can rot and grow mold. Ever leave a glass of OJ out for a while? Maybe that's just me (I'm not the tidiest person around). If you leave anything out long enough it will start to grow mold. Penicillinis from bread mold.
What wax and other hydrocarbons do is prevent moisture from escaping and drying. When your hair stays wet for long periods of time, it begins to rot, grow mold, and decompose.
As long as you let your hair dry fully, it won't grow mold
updated by @baba-fats: 07/18/15 06:42:24PM