> P.S. Musk bought companies with people who had a lot of good ideas and convinced governments (mainly the U.S. government) to pay for it. He's always been a capital guy, not an idea guy. He desperately wants to be in idea guy, but his ideas are things like re-branding Twitter to X and the Cybertruck.
Personally speaking, I am sympathetic to the idea that billionaires (especially Musk) are often created more by government policy than market forces. Although for some reason the push to stop governments minting billionaires by fiat seems rather weak, which makes me think a lot of people are being disingenuous on the topic. Or maybe just haven't thought about it much. There is a bizarre zeitgeist where first the government has to give a man billions of dollars because something needs to happen ASAP, then they have to take the billions away because nobody thought the thing needed to happen all that urgently.
There is an overlap in the vibe between the people who are unhappy that the government rewarded Musk and the people who, at the time, were clamouring that the rewards for things Musk was doing were too low. 10, 20 years ago it was all "there isn't enough funding for electric vehicles", "world is literally ending from climate change" and "who is going to put money into batteries".
I'm not saying capital guys have no place. Should they be rewarded to the tune of a trillion dollars though, especially if most of it ultimately came from government coffers? That seems extreme to me.
The people closest to the money are the people who have the most control over how and who its allotted to. We really ought to watch them more carefully.
So how much should they be rewarded? You suggest a cap? What prevents someone that's more poor than you deciding that you nobody needs to make more money than them, so now you should make less money?
Your narrative is self contradictory. In your own theory of what happened, Musk was the idea guy, not the capital guy! You said the government provided the capital. Why did the government provide the capital to Musk rather than GM or Boeing or Rockwell? Because he was the one who could actually develop what the government wanted to support.
It’s rewriting history to call Musk a “capital guy.” Tesla and SpaceX entered markets with huge, established competitors. Those companies had access to virtually unlimited capital. But EVs and commercial space travel were pipe dreams before Musk got involved. I graduated with a degree in aerospace engineering pre-SpaceX and the field was moribund. Your options were going to Boeing to make airliners 1% more efficient every decade or going to Lockheed or Rockwell to design better missiles for blowing up brown people. The idea that SpaceX was just about a “capital guy” coming in is 100% hindsight bullshit.
You’re also just completely factually wrong about “most of” anything “coming out of government coffers.” The government gave Tesla a $485 million loan that was fully repaid. SpaceX received about $500 million in grants. In both cases, that was a small fraction of the money invested into the companies. Tesla’s cumulative net loss was $6 billion before profitability. SpaceX’s cumulative net loss is $42 billion.
At most you have a fair argument that the government should take equity in companies instead of providing grants with no strings attached. But that would just mean that maybe the government should have a 10% share of SpaceX or whatever.
Personally speaking, I am sympathetic to the idea that billionaires (especially Musk) are often created more by government policy than market forces. Although for some reason the push to stop governments minting billionaires by fiat seems rather weak, which makes me think a lot of people are being disingenuous on the topic. Or maybe just haven't thought about it much. There is a bizarre zeitgeist where first the government has to give a man billions of dollars because something needs to happen ASAP, then they have to take the billions away because nobody thought the thing needed to happen all that urgently.
There is an overlap in the vibe between the people who are unhappy that the government rewarded Musk and the people who, at the time, were clamouring that the rewards for things Musk was doing were too low. 10, 20 years ago it was all "there isn't enough funding for electric vehicles", "world is literally ending from climate change" and "who is going to put money into batteries".