12 February 2025

Three cheers for inequality! Hip hip hooray!

| David Murtagh
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Elon Musk in a pile of money

David Murtagh says Elon Musk’s got more money than God, and he got it by making products people want (and changing the world). Image: GROK (AI generated).

When 2021 Australian of the Year Grace Tame joined other AOTY winners at The Lodge on Australia Day this year, she did so wearing a T-shirt that left no doubt what she was thinking: F@#% MURDOCH.

But it turns out looks can be deceiving, for her complaint wasn’t just about the nonagenarian billionaire tyrant. And her shirt didn’t use obscenicons.

Explaining the attire later that day, she told The Guardian: “[The T-shirt is] clearly not just about Murdoch, it’s the obscene greed, inhumanity and disconnection that he symbolises, which are destroying our planet.

“For far too long, this world and its resources have been undemocratically controlled by a small number of morbidly wealthy oligarchs.”

She’s right. And we should be bloody glad that they exist. If it weren’t for those “morbidly wealthy oligarchs”, the modern world wouldn’t be quite so modern.

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Try this experiment when you’re next out and about or, better yet, at work, take a moment to look around. Scan your environment. You might love your workplace, you might love your co-workers, but a lot of them are muppets. (Not you, of course, you’re awesome, but that other fella, sheesh.)

Most of us (yes, sadly, us) can only dream of being morbidly wealthy oligarchs because, if we’re honest with ourselves, we don’t have the combination of imagination, drive, initiative, skill and courage to capture an idea and put it all on the line to make it happen.

Take everyone’s current favourite punching bag – Elon Musk. (But note that many of the people now whining about him loved him when they thought he was on ‘their’ side, proving, as always, that politics is the ultimate team sport.)

bumper sticker

Maybe we only have the electric car revolution because Elon Musk is crazy. Photo: Etsy.

Musk’s billionaire origin story is that he sold his stake in PayPal and trousered about $180 million in 2002. Back then, that was serious money.

What would you have done with that kind of dosh?

One thing’s for sure, you wouldn’t have stuck $100 million into a company to build rockets (SpaceX), or $70 million into an electric car company.

Musk hasn’t just made fat stacks of cash; he has also changed the world.

He made battery-powered cars sexy – and to drive home that point, he even labelled the models S, 3, X and Y.

Today, he is reportedly worth about $500 billion.

And so what?

When he went from $180 million to $200 billion, and then $300 billion to whatever it is now, what did it cost you?

Nothing. Precisely nothing.

Unless you voluntarily joined the millions of people who’ve bought a Tesla, he’s taken nothing from you. If his stocks rise again and he tops the trillion mark, will it cost you a cent? Not at all, although it might benefit you through his next creation or a by-product of his space travels.

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While ‘morbidly wealthy oligarchs’ would be a great name for a band, it’s hardly a description of the world’s super-rich, such as the tech bros.

Unlike, say, the people who founded The Scott Trust, which today helps fund The Guardian, the super-rich entrepreneurs behind Facebook, Google, Microsoft and X didn’t make their money through the transatlantic slave trade.

The fact is the current crop of ‘oligarchs’ started with practically nothing and made their money by selling products the world wanted in highly competitive markets.

Bill Gates made his fortune beating IBM. Jeff Bezos challenged Walmart. Google took on Yahoo and Microsoft. Mark Zuckerberg basically invented social media.

They changed the way we work, shop, discover and interact.

And Musk?

He went up against Ford, GM, Volkswagen, Mercedes, Toyota and a heap more and created the most valuable automaker of all. And found time to think about rockets that are redefining space travel and teaching a thing or two to NASA.

You may not like them as people, but if oligarchs made their money selling products the world wants, they’ve made the world a better place.

And what about Murdoch?

You’re free to hate his politics, you’re free to hate his media, but no one is forcing you to pay for it. Unlike the ABC.

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I wonder if Elon will cut the mars and the moon programs. They would be worth 10s of billions

Why would he cut the Mars program he is funding himself?

If they all would pay their fair share of taxes instead of finding every loophole possible to avoid paying them, it would be fine.
Also, there is a big difference between innovators, such as musk, and peopke who leech our country for minerals abd ire without contributing to the federsl coffins

Nobodies “fair share” as an individual should be a penny more than any other individual pays.

What a shallow article.

These people are not disliked for their wealth per se, but for the uneven power distribution it gives them.

SpaceX owns more than half the satellites orbiting the earth – yes, the satellites are advantageous to us, but it is not good one person having so much dominance.

Elon Musk is now actively making decisions about how much public pension American people should get. This is just plain wrong.

Tesla has had a terrible work health and safety history. Ask the family of dead or injured employees, whether there has been a cost to them.

We’ve all heard about the shocking treatment of staff at Amazon warehouses.

There may be no cost to you but there is definitely a cost to some people (and that is partly how these people become so wealthy and hence powerful).

Billionaires & CEOs are desperately using their wealth and media platforms to convince us to be afraid of anyone different because they’re afraid that people will one day see through the con and realise it’s the billionaires we should be angry at.

Why would you want to be angry at billionairres ? Is it a jealousy thing or something else ?

“jealousy” so lame.

Your interests are not served by the oligarchs who seek to pit us against each other whilst they grow their wealth and power.

Maybe in Seano world they “seek to pit us against each other”, but back here in the real world there’s plenty of respect for entrepreneurs who seek to make a difference and do well at the same time. Without Microsoft for example the world would be very different, you mightn’t even be able to express your distaste for billionaires online ….

So it it’s not jealousy, what is it ?

Of course, people who hate are easily led into believing anything the oligarchs want.

So Gina Rinehart, the Rockefellers, Prince Charles and the entire house of Windsor (among many others) were born poor and worked hard all their lives to make their fortunes? I don’t think so! But they do have the money to buy journalists, that’s for sure.

Amazon sold cut-price books, destroyed local bookshops and small publishers to amass a fund which it then used to establish a techno-feudalist “marketplace” which uses monopoly power ruthlessly

Amazon is awesome though. Anything you want is largely delivered in 24 hours. It’s very convenient and also more cost effective.

I have never perchased on single item online. At this point in time i am cash only and until im forced to change i wont. Alas i can see that day comming.

are you sure Ms Tame isn’t just making excuses for her profanity.

That’s a lot of words to say “I understand nothing about economics”. Of course Elton’s inherited/internet lucky dip/ tech bubble wealth costs everyone else

Queenie-Lou Hilario11:57 am 12 Feb 25

“The fact is the current crop of ‘oligarchs’ started with practically nothing and made their money by selling products the world wanted in highly competitive markets.”

Lol. No.

In the age of Trump, the bigger the lie, the more “likes”

Great article. I know people’s individual lives are hard – but the success of others shouldn’t be so hated. Additionally, if a friend of ours was say, the COO of one of Musk’s companies we would probably all be proud! Grace Tame won’t do a lot by being so angry.

An opinion piece doesn’t eschew you from conveying basic facts.

Amazon didn’t make its money by taking on Walmart. It made the majority of its valuation by taking on on-premise and data centre computing.

Let’s also ignore the once vibrant start-up ecosystem that creates more choice in the market. Let’s also ignore the government regulation and tax-payer funded subsidies that made electric vehicles possible.

David Murtagh11:37 am 12 Feb 25

You are correct about Amazon’s profit centres – an error on my part. But in terms of how they changed the world, I would argue it was online shopping that affected our lives the most (there being lots of data centres etc that aren’t AWS).
I certainly don’t ignore “the once vibrant start-up ecosystem” – more of it, please, and now!
As for subsidies for EVs, they are egregious wastes of taxpayers’ money. But I’ll leave that alone for the time being, I’ve offended enough people today.

That’s one of the most unhinged things I’ve read in a long time. I was waiting for the gotcha moment, that this had to be satire. But no.
It’s almost as if there were no tech, inventions or media when wealth equality was a lot more even. Like in the 60s, 70s and early 80s. Amazing.

Mid level trolling, C+.

Never let the facts get in the way of a good story eh Dave!

Was about to say!

Amazon didn’t make its money from taking on Walmart. It made the majority of its valuation by taking on on-premise and data centre computing.

Let’s also ignore the once vibrant start-up ecosystem that created choice in the market. Let’s also not ignore the government regulation and tax-payer funded subsidies that made electric vehicles possible.

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