SpaceX will begin trading this morning with what is projected to be the largest IPO on record. I tend to look at these historic moments through a just lens. What does the average American expect of a company worth trillions of dollars? And what do they think of a single person being worth $1 trillion?
We decided to take these questions to the public. The results are illuminating for anyone looking to build trust in this era of extreme wealth – and were more measured and nuanced than one might expect.
Only 10% of Americans said a trillion-dollar company’s first responsibility is to its shareholders. Fully 80% want these companies to pay their workers well, give employees a real stake in the business, and reinvest in the communities where they operate. Creating value for stakeholders ranked far ahead of philanthropy. No-one is asking companies for a handout. They’re asking them to give others a stake in their success.
When it comes to extreme personal wealth, a majority, 57%, said it is acceptable for a single individual to be worth a trillion dollars or more. In today’s climate of anti-capitalist backlash that might be a surprise. But it comes with a string attached. The largest group, 34%, called it acceptable only if the wealth was built responsibly and without exploiting others.
The public is savvy. It’s OK to be wildly successful financially provided it has been done in a way that widens access to opportunity and builds value for others rather than extracting from them.
Be well,
Martin
This newsletter was written mostly by humans with a bit of help from AI.
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