Well, he has just become a trillionaire, one of the many reasons Elon Musk must feel chuffed these days. Being a master of the universe is surely a heady experience, one denied to almost everyone on the planet. But this visionary entrepreneur, according to a recent column by Mark McQueen, represents an opportunity for all of us, and should be thus lionized, not villified as he is by many:
I don’t care whether Musk is personally worth $1 billion or $1 trillion — both are tough to fathom. But he didn’t steal that money from his neighbours, like some embezzling tinpot dictator. And by allowing others to invest alongside him, Musk’s actually sharing his unique gifts in a far more tangible way than the world’s most talented opera singer or footballer.
Do you want to guess which group of Canadians probably don’t hate him? The beneficiaries of the Ontario Teacher’s Pension Plan.
A canny $300 million pre-IPO investment into SpaceX is now worth more than $20 billion to 346,000 Ontario teachers. It’s a windfall that must surely be the single best payday in the history of their plan. For every teacher in the plan, the pension fund has already gained over $35,000 from Musk’s efforts — capital that can be used to enhance future pension benefits or reduce payroll deductions.
Silicon Valley’s much maligned “Bro culture” delivered handsomely for our educators, a sector that’s about 75 per cent female.
Not so fast, says Star letter-writer Tony D'Anrea of Toronto:
Mark McQueen argues that entrepreneurs who amass millions or trillions are good for Canada because their success helps fund teachers’ pensions — 75 per cent female, no less. On first glance, his claim that one man’s towering fortune lifts us all seems a prosperous insight. But it does not follow that every rich person’s singular fortune is a social good.
McQueen treats Elon Musk becoming a trillionaire as a win-win. Instead it’s a zero-sum game. Adam Smith wrote convincingly about how self-interest working cooperatively achieved “the wealth of nations.” There is no proof that the wealth of one man benefits a greater number.
The “rising tide” defence of extreme wealth requires the tide to actually rise. Consider the ledger. Musk spent $250 million helping elect Donald Trump, then ran DOGE, which gutted some of the very programs McQueen credits the wealthy with sustaining. USAID dismantled. Children’s cancer research defunded. The Department of Education abolished. A boon for Canada’s teachers’ pensions is cold comfort in the face of all this gutting of programs. Some of these programs may have even benefitted Canadians down the road.
The issue is not entrepreneurship but scale. Beyond a certain point, extreme wealth purchases political influence, reshapes public priorities and amplifies one individual’s power over millions. No Musk fortune, no Trump war in Iran, no daily trauma visited on the Cuban people and no unending disruptions of the world order.
A trillion dollars in one pocket is not a social dividend. It’s a bill the rest of the world is paying.
Readers of McQueen’s millionaires’ prosperity gospel should remember: “caveat emptor”.
With great power comes great responsibility, something people of Elon Musk's ilk seem to have conveniently forgotten.
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