Ok, let them wear these âI won capitalismâ shirts in a world where we donât have any advanced technology because nobody wanted to suffer the excruciating pain and drama of building a multi hundred billion dollar business.
You only need to build a $2 billion dollar business to actually max out the $999 million cap youâre proposing. There are many everyday products that YOU depend on, including life saving medical devices, that would not exist today if nobody was incentivized to scale their business to over $2 billion.
Your post shows an extremely poor level of systems thinking and understanding of how businesses and founders work. If you use a digital or medical device of any kind, you are a hypocrite because many of those things wouldnât exist if we capped net worth at $999 million. Even if these founders build products and never exceed a $999 million net worth, capping the incentive at that amount will mean that they exit early, never take the business to the next level, and never start another business again.
Steve Jobs net worth in the year 2000 was $3 billion. No more IPhone.
Elon Muskâs net worth was $2 billion in 2012. Sorry, no affordable Tesla vehicles, reusable rockets, or Neuralink chips to help paraplegics.
You forced these people to leave way too early because of their dwindling ownership share of their businesses as a result of forced selling of shares, and therefore a significantly reduced influence over management decisions. Business dictators like Jobs and Elon need control over management decisions or they leave, and then the MBA clowns take over and run the business into the ground.
Hereâs one of numerous scenarios that youâre probably too stupid to understand. With your proposal, hostile takeovers of publicly owned businesses would be super easy to accomplish by manipulating the stock price upward and forcing the founder to sell their holdings above $999 million, reducing their ownership percentage and allowing hedge funds to swoop in and acquire shares for pennies on the dollar when the stock price is then manipulated downward via short selling. Founders ownership goes down from 25% to 5% in a year, loses control of the company, and hedge funds investors take control of business that they have no idea how to run. They make their profits and the business goes bankrupt with employees losing their jobs.
Youâre problem is that you think your being altruistic and righteous when you are actually talking about removing our most talented people from the workforce WAY too early.
Yes there are many founders who donât want to own more than $999 million, thatâs fine. But they still want to control their businesses, and by effectively capping their ownership percentage, youâll make that nearly impossible.
And youâre confusing money with capital. Many billionaires are cash poor and have maybe a few tens of millions in cash. Their wealth is in the form of capital and business ownership, not money. They have EARNED that ownership by building businesses which otherwise wouldnât exist. Those billions werenât âtakenâ from anyone. Capitalism is a positive sum game, socialism is a zero sum game.
Ok how about this:
No more billionaires. None.
After you reach $999 million, every red cent goes to schools and health care.
You get a trophy that says, âI won capitalismâ and we name a dog park after you.