Billionaires make a case for abolishing themselves

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GBNEWS24DESK//

In recent years, a swelling chorus of Americans has grown critical of the nation’s bajillionaires. But in the extraordinary week gone by, that chorus was drowned out by a far louder and more urgent case against them. It was made by the bajillionaires themselves.

One after another, four of our best-known billionaires laid waste to the image of benevolent saviours carefully cultivated by their class.

It is a commendable sacrifice on their part, because billionaires, remember, exist at our collective pleasure. If enough of us decided to, we could enact labour, tax, antitrust and regulatory policies to make it hard for anyone to amass that much wealth while so many beg for scraps. It is not only the vast political power of billionaires that keeps us keeping them around, it’s also the popular embrace of certain myths — about the generosity, the genius, the renegade spirit, the above-it-ness of billionaires, to name a few.

As of this writing, Elon Musk is running Twitter into the ground, with much of the company’s staff fired or quitting, outages spiking and everyone on my timeline hurrying to tell the app the things they have been meaning to say before it departs for app heaven (or hell?).

In tweeting through one of the most extraordinary corporate meltdowns in history, Mr. Musk has been performing a vital public service: shredding the myth of the billionaire genius.

His particular pretension of benevolence is that his uncontainable genius can solve any challenge. Now he is lavishing his mind and time on electronic money, now on colonising Mars, now on electric cars and solar panels, now on saving Thai soccer players trapped in a cave, now on liberating speech from its liberal oppressors.

Musk’s genius pose has long been undermined by his actual record, which is defined by claiming credit for what others have built and is shot through with complaints of discrimination, mismanagement and fraud.

But it wasn’t until Musk took over Twitter that his claim of infinitely transferable genius truly fell apart. That what Musk has called the global town square can be eviscerated in a time period somewhere between a Scaramucci and a Truss makes one wonder if we should be more skeptical of all the other billionaire geniuses with ideas for our schools, public health systems and politics.

For example, Jeff Bezos, the founder of Amazon, who this week was doing his part to undermine another pretension of billionaire benevolence: the generosity pose.

On Monday, he made a big splash when CNN released an interview in which he announced that he was giving the great bulk of his more than $120 billion fortune away, with a focus on fighting climate change and promoting unity.

That sure sounds impressive, but his gesture wasn’t about generosity any more than Herschel Walker’s Senate candidacy in Georgia is for the children. After all, the money Bezos is now so magnanimously distributing was made through his dehumanising labour practices, his tax avoidance, influence peddling, monopolistic power and other tactics that make him a cause of the problems of modern American life rather than a swashbuckling solution.

It’s too soon to tell if Bezos’s philanthropy will help others, but what’s certain is that it will help Bezos a lot. Mega-philanthropists of his ilk tend to give through foundations, which they establish in ways that save them an immense amount in taxes, sometimes merely by moving the money from one of their own accounts to another. Giving will also burnish Bezos’s reputation, in that way preserving and protecting his opportunity to earn yet more money — and to do more social damage.

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