Yes, I see your point! Private sector innovation is necessary for technical advancements. But were does this make billionairs a necessity? Private funding is possible within the capitalist system, there is no requirement of wealth concentration on individual people to make that happen.

by Superb-Movie-2247 1 day ago

Wealth concentration is the ultimate goal of everyone providing private funding, so yes there is a requirement

by Certain_Strategy 1 day ago

If that were true there would be no sucess prior to billionaires

by Anonymous 1 day ago

You're equaling corporations to people. Yes massive companies invest money but the billionaires are the ones taking an unfair portion of the profits they reap out of it. I'm not saying they should be making the same/less as the workers, but the gap shouldn't be nearly as big as it is, where a lot of the companies you mentioned yourself are famous for paying their employees terribly

by Anonymous 1 day ago

The billionaires are the initial shareholders of these companies. They put up the capital. If five millionaires got together and each contributed 20 million dollars into a company, that company would have a 100 million in capital to spend. Now, in exchange for that 100 million, those investors will require shares equal to that investment. So if they value the company at a billion dollars, they will want ten percent of the shares divided among themselves. If that company's product becomes very popular, more investors will want to come on board. Now, if the original investors decide to keep their shares, they rise in value. If they are forced to sell, then whoever holds the other 90 percent of the shares will see their shares rise in value. So, one way or another, someone is going to end up a billionaire.

by Anonymous 1 day ago

Can you provide a concrete example of where a billionaire has not been held accountable for bankrupting a company? Usually they're "held accountable" by... going bankrupt

by Certain_Strategy 1 day ago

The investment capital is used to pay the people working at the company. It is not given to the company so the founders can buy ferraris. Founders who do that get forced out by their investors pretty aggressively. In fact, even courts of law call it embezzlement. If the CEO of a company is taking money out of the business in a way that was not agreed upon with the shareholders, courts call it fraud and the executive ends up in jail. The money is intended to pay the thousands of employees the company hires to produce whatever it is that they agreed upon with their investors. What exactly do you think the 30 billion dollars that Apple spends on smartphone r&d is spent on? Engineers. That is 30 billion given to tens of thousands of engineers over the course of a year. Some choose stock compensation and they are given stock options but most want cash for their own reasons.

by Anonymous 1 day ago