Valley billionaires used to build, now they mostly extract value by using their financial leverage to starve out the competition, operating at a loss and screw

Valley billionaires used to build, now they mostly extract value by using their financial leverage to starve out the competition, operating at a loss and screwing the workers in the process. Their money is not made on profit margins, instead it is based on ballooning valuations, propped up by turning other peoples money into artificial growth. Raising billion dollar funds and living off of the carry while you pump and dump the next monopoly is a much better life than "building". Even the "builders" like Google and Apple are moving away from building and are starting to embrace rent seeking.