This is a nonsensical take on how value is determined. It's not analogous to voting (or making political decisions in general) -- it's incoherent to call it "undemocratic".
The overwhelming majority of valuation / price discovery does not take place in a coordinated or intentional manner. People buy what they want or need and in aggregate this determines price. Billionaires in aggregate are a minor portion of transactions that take place -- they can participate in larger transactions than most people but can't just will any market configuration into existence. They can create localized distortions, but if they're doing something unsustainable then they won't stay billionaires long and it will end up a blip.
However, I suspect your position may be a cryptic way of saying "There are some human activities / endeavors that I don't like and it's easy to blame the rich people invested in that / making their money off that." This would not support your point. It takes more than just some rich people to create and sustain an industry.
> They can create localized distortions, but if they're doing something unsustainable then they won't stay billionaires long and it will end up a blip.
My point is precisely that this assumption is not true.
A more precise way to say that you're "doing something unsustainable" is that you're persistently overvaluing something. But how is it determined that you're overvaluing something? The rest of the market assigns it a lower value than what you assign.
If you and your billionaire buddies just decide to value something highly, then simply because you have money already, you can do that, and you can influence enough of the market to make sure that you're not overvaluing it relative to the market, and thus, it is sustainable.
The more money you have, the more leverage you have to pull off this trick. Sometimes it works, sometimes it doesn't, but the average person on a minimum-wage strategy cannot even attempt it.
People don't solely buy what they want or need. They also buy, in very large quantities, things that they expect to be able to resell later. Sometimes this happens at small scale (think toilet paper or gasoline, or even think houses); sometimes this happens at large scale (think commodities markets or mergers and acquisitions). These sorts of secondary markets have a huge influence on price discovery.
The overwhelming majority of valuation / price discovery does not take place in a coordinated or intentional manner. People buy what they want or need and in aggregate this determines price. Billionaires in aggregate are a minor portion of transactions that take place -- they can participate in larger transactions than most people but can't just will any market configuration into existence. They can create localized distortions, but if they're doing something unsustainable then they won't stay billionaires long and it will end up a blip.
However, I suspect your position may be a cryptic way of saying "There are some human activities / endeavors that I don't like and it's easy to blame the rich people invested in that / making their money off that." This would not support your point. It takes more than just some rich people to create and sustain an industry.