Tech CEOs need to start sharing the wealth

One of many defining financial challenges of our time is determining the best way to distribute the worth generated by groundbreaking applied sciences, reminiscent of generative synthetic intelligence, and up to date improvements in biomedicine and manufacturing, which depend on large computing energy.

To enhance residing requirements, the advantages of transformative applied sciences should be broadly shared. To date, nonetheless, these rewards have been monopolized by a small cadre of tech billionaires.

Tesla CEO Elon Musk is a major instance. Most individuals acknowledge that Musk didn’t deserve the $56 billion in annual compensation that the corporate’s board of administrators tried to offer him in 2018 — given Tesla’s comparatively modest earnings and years of losses. However, the board argued that this huge sum was essential to incentivize Musk to stay on the firm — an argument so baseless {that a} Delaware choose lately invalidated the “unfathomable” compensation package deal.