Too much economic (and political?) power in the hands of only 12 people?

This is the question this article on Marketwatch raises.

I did write a few days ago myself about the club of bilionaires here (as our big boss Elon makes it into the top thanks to stupid speculators 😁): The largest compensation package ever.

The biggest winner of the crazy stock buying these days is Elon as the Marketwatch recognizes it.

Tesla’s TSLA, 3.50% Elon Musk has been the biggest beneficiary, with his wealth, as of August 13, tripling to $73 billion. 

The 12 reachest people on planet Earth have a combined wealth surpassing the GDP of Belgium and Austria combined. That's mind boggling!

So than, should the companies they run be dismantled in the name of "democracy protection" (whatever that mean?! I personally dont know what the Marketwatch means by that).

This is simply too much economic and political power in the hands of twelve people. From the point of view of a democratic self-governing society, this represents an Oligarchic Dozen.

The total wealth of the Oligarchic Dozen is greater than the GDP of Belgium and Austria combined. Meanwhile, tens of millions of Americans are unemployed or living paycheck to paycheck, and 170,000 people have died from COVID-19 in the United States.

This is more political than stock talk, I wont discuss it in depth as the blog does not deal with these.

My opinion is around this idea: as far as their wealth has been built legally, I see no problem. The democratic menace is non-existent imo. If however there are legal problems (accounting, monopoly on prices, ilegal business conduct, etc.) than the law should be applied like for anyone else. What people cannot understand is how these wealthy individuals make it by surpassing the law (avoiding taxes, get away from unscratched from legal disputes, etc.)

Happy speculation and dont forget: you can help these people get even richer if you buy their stock!