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Great article from the Guardian on Forbes 30 under 30 recipients and the law [1]

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Date: 2023-04-07  

The Guardian had an article yesterday here with the headline:

30 under 30-year sentences: why so many of Forbes’ young heroes face jail

The litany is compelling, Charlie Javice,Sam Bankman-Fried, Martin Skreli (“Pharma Bro”), Caroline Ellison. Elizabeth Holmes and Trevor Milton get mentions as appearing on other Forbes list during this period.

The quote is:

“The Forbes 30 Under 30 have collectively raised $5.3B in funding,” the tech entrepreneur Chris Bakke tweeted on Tuesday. “The Forbes 30 Under 30 have also been arrested for frauds and scams worth over $18.5B. Incredible track record.” The first number comes from Forbes and the second is Bakke’s own back-of-an-envelope calculation, but you get the gist: the line between innovator and fraudster seems to have become alarmingly thin. The problem here isn’t Forbes, of course; the problem is the vision of success that we’ve been sold and the fetishizing of youth. 30 Under 30 isn’t just a list, it’s a mentality: a pressure to achieve great things before youth slips away from you

The article cites that ‘fake it ‘til you make” has become a more acceptable behavior. I hear all to often the defense of the old sports adages: “if you aren’t cheating, you aren’t trying” and ”if they didn’t call a penalty, it wasn’t against the rules”.

May be no surprise that entrepreneurs may see the GQP as a welcoming home — after all, if I don’t have morals as a business model, it makes sense my political views may follow.

The article pretty well points out that adoration of the investor class isn’t any documentation of validity of a business model, with a corresponding ethical underpinning.

And that the “job creator” myth of VC CEOs and investors is a very hollow myth.

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[1] Url: https://www.dailykos.com/stories/2023/4/7/2162701/-Great-article-from-the-Guardian-on-Forbes-30-under-30-recipients-and-the-law

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