Elon Musk doesn't eat 2000x what you eat, his vacations and housing isn't 1000x yours. He took nearly every penny from Zip2 and invested in what would become paypal. He then took most of that money and invested it in Tesla (and a little in SpaceX and some other ventures). If you had a magic wand to turn his and every Billionaire in the USA's wealth (5.7T) into consumption that would cover the US federal deficit for almost 3 years. But you would also lose all the means of production those people owned. All the jobs they employ.
I agree with a lot what you said but this is a false choice. Those jobs, those companies and that capital doesn't dispensary when Elon Musk is'nt a billionaire and only is still a very wealthy man. Even using him as an example. The $44B for Twitter, did he take the majority or even a plurality of his own wealth to do it? No, he went out and found investors and took out loans against his wealth (which are tax loopholes) who then funded that. Same with all his ventures and really any billionaire, it's one of those -isms of wealth, you always use someone else's money.
If instead you had 1000 millionaires instead of a single billionaire, they all invest their money, the capital is available. What you are describing is just "Great man theory" and some variant of Randian objectivism, not any type of economic reality. Billionaires themselves are not the problem itself but they are a symptom of an economic rot that requires correction.
Part of what boomers were born into was the post war "golden age of capitalism" in the US when marginal tax rates had very high rates at the top end, pensions were the standard for large employers, home ownership and construction was expanded and this was all during a time of intense government spending still on the sciences, research, etc.
This is what the boomers undid starting in the 1980's, instead of taking the continuing exploding productivity and capital technology created and investing in infrastructure, social services, education, human capital and research they enacted tax breaks, de-regulation and as you mentioned, protectionary measures for their own wealth.