ABC News Daily The trouble with Elon Musk’s trillion dollar pay deal
Oct 16, 2025
Elon Musk's ascent to over $500 billion raises questions about extreme wealth and its societal impact. Professor Carl Rhodes discusses the ethical dilemmas of billionaire concentration and the role of technology in driving this phenomenon. He critiques billionaire philanthropy, warning of its influence over democracy and accountability. Rhodes also explores potential solutions like wealth taxes to address rising inequality, emphasizing the risks of leaving wealth disparity unchecked on social stability.
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Wealth As Power More Than Consumption
- Elon Musk's fortune is largely stock-based, giving him power rather than personal consumption incentives.
- Carl Rhodes argues extreme wealth functions as political and economic power more than practical benefit.
Tech, Globalisation And Oligopoly Drive Billionaires
- Tech industry dynamics, globalization and weak regulation created a 'golden age' for billionaires.
- Rhodes links tech's oligopolies and lack of constraints to the surge in extreme fortunes.
Boards Reward Singular Celebrity Founders
- Tesla's board awarded a large pay package based on faith in Musk as uniquely capable.
- Rhodes criticises the narrative that one individual alone guarantees corporate success.
