Comment by palata
10 hours ago
IMHO, nobody is remotely worth $1B, period.
The fact that some (usually toxic) individuals get there shows that the system is flawed.
The fact that those individuals feel like they can do anything other than shut up, stay low and silently enjoy the fact that they got waaaay too much money shows that the system is very flawed.
We shouldn't follow billionaires, we should redistribute their money.
If someone founds a company, grows it and owns $1bn of its stock, they don’t have $1bn in cash to distribute. They have a degree of control over the economic activity of that company. Should that control be taken away from them? Who should it be given to?
I can see an argument when it comes to cashing out, but I’m not clear how that should work without creating really weird incentives. Some sort of special tax?
> Some sort of special tax?
Well yeah. After some amount, you get 100% taxes. So that instead of having billionaires who compete against each other on how rich they are or on the first one to go contaminate the surface of Mars or simply on power, maybe we would end up with people trying to compete on something actually constructive :-). Who knows, maybe even philanthropy!
Big agree, at a certain point a company is big enough that their impact has to be managed democratically. I don't have an issue with effective leaders, the problem is that we reward a certain kind of success with transferable credits that don't necessarily align with people's actual talents or skills.
I want skilled institutional investors who have a track records of making smart bets. I don't want a random person who happened to get lucky in business dictating investment policy for substantial parts of the economy. I want accountability for abuses and mismanagement.
I know China gets a bad rep, but their bird cage market economy seems a lot more stable and predictable than this wild west pyramid scheme stuff we do in the US. Maybe there are advantages for some people in our model, but I really dislike the part where we consistently reward amoral grifters.
> Big agree, at a certain point a company is big enough that their impact has to be managed democratically.
100%. First, a company should not be that big. The whole point of antitrust was to avoid that. The US failed at that, for different reasons, and now end up with huge tech monopolies. And it's difficult to go back because they are so big now.
BTW I would recommend Cory Doctorow's book about those tech monopolies: "Enshittification: why everything suddenly got worse and what to do about it". He explains extremely well the antitrust policies and the problems that arise when you let your companies get too big. It's full of actual examples of tech we all know. He even has an audiobook, narrated by himself!
Well, redistributing their money is (in some cases disingenuously) exactly how they are able to pitch investors. "Sure, value my company at $10B and my shares make me $2B, but we're alllllll gonna make money when hit AGI!!!" That kind of thing.
Sure, I understand why the people around them who benefit from it also want to do that.
My point is that it all only benefits a few people. Those people used to call themselves "kings", appointed by god. Now they are tech oligarchs. If the people realised that it was bad to have kings, eventually maybe they will realise that it is bad to have oligarchs?