Fact is that under the current system, once you make it to the top there are a whole myriad of ways for you to rake in more money than the average person will e

Fact is that under the current system, once you make it to the top there are a whole myriad of ways for you to rake in more money than the average person will ever see in their entire lives, year over year, while producing next to zero genuine value for society. In this case, the SPAC can be seen as regulatory arbitrage that’s taking advantage of the Tower of Babel of regulations around raising money from non-accredited (read, non-millionaire/politically-connected) investors. This fact is what makes the typical framing of the “should billionaires exist?” debate so asinine. Do “Billionaires Build” [1] as PG claims they do? Sure, some do, and in particular the ones he comes into contact with. But under the current system, it’s also often the case that Billionaires Built, and now Billionaire Grifts; Billionaire Lobbies; sometimes Billionaire Basically Never Did Shit Besides Wield Political Influence. And this applies to lesser-yet-still-extremely-high degrees of wealth, too. Even if your average Trump supporter or socialist college protestor can’t detail the precise mechanism of this injustice, they can smell the stench emanating from this swamp of undue privilege. The recent wallstreetbets uprising was a more knowledgeable reaction against this breed of arbitrary self-dealing. [1] http://www.paulgraham.com/ace.html http://www.paulgraham.com/ace.html