Mark Zuckerberg directed the investment of something like $70-80 billion into his “VR metaverse,” which is now shutting down on 15 June.
I have been assured that capitalist ownership is warranted because capitalists take risks and because they make important decisions about capital allocation.
We are ruled by absolute bumblefucks who have no better idea than anyone else about how to “allocate capital,” who are convinced of their own genius and who will gleefully throw away $80 billion (of mostly other people’s money) in pursuit of ever so slightly higher marginal returns because they are obsessed with accumulating ever more power for themselves.
They’re so rich that they can make catastrophic mistakes like “misallocating $80 billion” and never worry about losing their status as ultra-rich capitalist owners.
@HeavenlyPossum Even if you assume competence, the incentives are off. The only purpose to which a business leader will allocate capital is that of making a return on the investment. Not social good. Often social bad.
Spend a billion dollars on curing diseases or building lasting public infrastructure? Wasted money, no profit.
HeavenlyPossum
Qybat