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I think the point that billionaires build is a reasonable one. There are basically two ways to make money: Create something of value and somehow keep some porti
by DoreenMichele 6y ago
I think the point that billionaires build is a reasonable one. There are basically two ways to make money: Create something of value and somehow keep some portion of that value or extract value.
Extracting value sort of works to some degree in some situations, such as mining (at least until you have ruined the environment and your unsustainable practices are coming back to bite you). But whether you are a "self made billionaire" or inherited it, you have to fundamentally be a good steward of value to at least some degree or things soon look like the dystopian outcome in the movie The Lion King after the hyenas ally with the bad guy lion.
Billionaires can only exist as long as billionaires create more pie than they keep -- though certainly it is reasonable to be concerned about exactly where that dividing line should be such that their customers/users/whatever phrase you desire to use here get sufficient value that they don't feel taken advantage of and screwed over. It gets easy for wealthy people to demand more without really intending to be assholes and get it because they haven't really figured out that the aggressive tactics that worked to make them rich are no longer appropriate now that they are rich because of the power differential that was created in the course of getting wealthy (money being rooted in power, not the other way around).
If you want "evidence" that billionaires fundamentally must provide some degree of real value, I am happy to point you to Theranos and Elizabeth Holmes. Theranos was valued at $10 Billion and went to zero valuation overnight after it was discovered the entire thing was a con job.
- confidantlake 6y ago>If you want "evidence" that billionaires fundamentally must provide some degree of real value... Counterexample, the children of billionaires provide no degree of real value.