These billioniares and many more millioniares worth more than 10 million dollars by and large create their fortunes through certain lucky or careful investments and in the case of many of them, their wealth is locked up directly in stock that the public values highly enough for them to be worth that much. As many here have pointed out better than I will now, creating confiscatory policies on this would lead to the wealth itself mostly evaporating as if it never were. What you propose is in this sense a tired, economically irrational and self-defeating idea that tries to be the real world equivalent of the proverbial farmer and his golden goose.

Also worth mentioning that the total wealth of all the world's billioniares today amounts to 13.1 trillion dollars, give or take. The U.S. government alone spend 8 trillion just on its wars in the middle east and Asia between 2001 and and now.

This is only one example out of many of government funds being spent rampantly, in amounts that dwarf the wealth or annual income of the world's billionaires but with little or sometimes even negative productive results. And you'd like to confiscate these very often useful private sources of productive wealth to government bureaucrats that already receive trillions in tax revenues annually but somehow can't seem to make them definitively improve the world?

After you take that stock, who do you sell it to? (Simply confiscating it doesn't move resources around.) What are they not buying so they can buy this stock? More to the point, why are they going to buy that stock if they're not buying it today.

I could buy Amazon, SpaceX, Facebook, Google, stock but don't. Under this system, AWS will be less expensive but what are the odds that it will appreciate significantly? I ask because I buy stock to make money.

Who is better off if I buy SpaceX instead of living on that money while I work on my startup? (If I buy said stock, I'll need to get a job to cover living expenses. Maybe that stock will go up in value so I can live off it later, but I'm eating this week.)

And do what with it? A value is just a number. What would you do with the assets and the value?

I'm not being facetious, I'm really curious how you imagine this working and right now I honestly don't have any idea. Who would control these companies now that they're not owned by their founders and current owners? How would ownership and control work? Who would run the economy and how? I'm imagining millions (a $10m company isn't actually all that big) of founders, investors and CEOs retiring to the country with $10m retirement funds. Viva la Revolution! Who takes over?

What are the world's poor going to do with a handful of shares in e.g. Microsoft, Tesla and Berkshire Hathaway each? probably you don't imagine it working that way, but you won't say how you do imagine it working.

You say 2 options, but I'm not clear what you think the other one is. We have many possible options.

Rather think about money flows. How much money does e.g. Musk consume? Probably much more than the everage person. But will it be a significant boost to everyone's quality of life if Musk out only consumes as much as the average and donates the rest? Probably not.

There more interesting part is his power and what he does with his money. But that's a totally different point.