December 2025
Welcome to The Billionaire Bulletin, brought to you by Tax the Greedy Billionaires and the Extreme Wealth Center. Each month, we explore how extreme concentrations of wealth are distorting our economy and eroding our democracy. Join our mailing list to get this newsletter in your inbox every month.
ANTITRUST IS PARAMOUNT
The dust had barely settled on the blockbuster announcement that Netflix was buying Warner Bros. when billionaire David Ellison, CEO of Paramount Skydance and a close ally of President Trump, announced a $108.4 billion hostile offer for the company. Ellison is the son of Oracle co-founder Larry Ellison, the second richest man in the world.
Trump has weighed in, stating that the Netflix acquisition of Warner Bros. “could be a problem,” and expressing his preference for the Paramount deal. Meanwhile, Paramount’s hostile bid is backed not only by the more Trump-friendly Ellison family but by Jared Kushner’s investment firm.
How this “anti-monopoly nightmare” shakes out remains to be seen, but whichever company ultimately closes the deal, everyday Americans will pay a price. While Warner Bros. CEO David Zaslav will become a billionaire.
A thriving democracy requires an educated populace with access to diverse viewpoints and opinions. But right now, at least six billionaires own or control major news outlets and at least three control major social platforms. They decide which movies and TV shows are made and choose which books get published. Meanwhile, their algorithms shape our reality by dictating the media we get to see in our feeds.
The purchase of Warner Bros. accelerates this trend of consolidation. The ultra-wealthy owners of media institutions have demonstrated their propensity for exercising editorial control over news content and capitulating to the Trump administration if their bottom line is threatened. And Trump has been vocal about attacking, even suing, outlets he sees as threatening his power.
Warner Bros. merging with either Netflix or Paramount will likely lead to lay-offs and will weaken the bargaining power of writers, directors, actors, and crew members and raise prices. Hollowing out the industry will result in fewer films and TV shows showcasing diverse perspectives. The loss of a major competitor will also likely empower billionaires to further squeeze consumers. U.S. households are already spending $70 per month on streaming services, which is up $22 from this time just last year. Expect that trend to continue.
Allowing a few billionaire-run mega-corporations to control every aspect of Americans’ media diets is an affront to art, a danger to journalism, and a threat to the fabric of our democracy. To learn more about this oligarchic capture of our media ecosystem’s decimating effects on our democracy, read the Roosevelt Institute’s new report, “The Political Economy of the US Media System: Excavating the Roots of the Present Crisis.”
HARD TRUTH
A new UBS report has found that a record number of people became billionaires through inheritance in 2025. Ninety-one individuals crossed the billion dollar threshold through inherited wealth this year, with their collective bounty totaling just under $300 billion. UBS executive Benjamin Cavalli says this is evidence of a “multi-year wealth transfer that’s intensifying,” with heirs due to inherit at least $5.9 trillion in the next 15 years.
If there’s one bright spot, it’s that regular Americans are increasingly aware of how harmful billionaires are to our economy and our democracy. A Harris poll released last month finds that “over half” of Americans (53%) believe that “billionaires are threatening democracy” with similar numbers (55%) agreeing that “billionaires make it harder to achieve my American Dream.”
BILLIONAIRE BLIGHT OF THE MONTH
Now that Tesla shareholders have approved Elon Musk’s $1 trillion pay package, he stands to make $100 billion per year for the next ten years. According to The Washington Post, that means that next year Elon Musk will make as much money as the combined paychecks of all 3.2 million cashiers in the United States. He’ll make $3 billion more than all 1.4 million elementary school teachers. How can everyday Americans have faith in a system that lets one man make more money than every single person who provides critical services like these?
WHAT TO WATCH
Thanks to everyone who showed up and tuned in for The Billionaire Takeover: Power, Greed, and the Fight For Democracy, our exclusive author panel with Chuck Collins, Megan Greenwell, Dr. Safiya Noble, and Dr. Adam Becker. If you couldn’t make it out or missed the stream, the full conversation is available on YouTube.
NEWSWORTHY NUGGETS
- “The Political Economy of the US Media System: Excavating the Roots of the Present Crisis” – Roosevelt Institute
- “Private equity is making the rich even richer at the expense of working families” – COURIER Newsroom Video Report
- “Raising taxes on the ultrarich: A necessary first step to restore faith in American democracy and the public sector” – Economic Policy Institute
WHAT IS THE BILLIONAIRE BULLETIN?
This monthly newsletter aims to highlight the many ways in which extreme wealth concentration threatens our economy, democracy, climate, and more. In each issue, we tackle timely topics by pulling back the curtain and exposing how billionaires are rigging the system against ordinary Americans.
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