This is what people mean when they say Capitalist Libertarianism is a form of Authoritarianism.
OK so if giving private citizens more power (though I'd phrase it as axing bad regulations) is "scary", what's the worst outcome? Compared to giving more power to the state? Because as far as I'm aware, almost all historical atrocities have been committed by states. The first three billionaires who jump into my head immediately (Bill Gates, Steve Jobs and Jeff Bezos) pioneered personal computing, founded one of the most impactful charities in existence, vastly improved the portability of computing, and commoditised online shopping and started a private space agency. Can you think of anything billionaires have done that doesn't involve political corruption that is really really bad compared to the good that said individual has brought to the world?
(without diving into the intricacies of whether people like Carl Icahn provide a net benefit, but I'm pretty against Wall Street and the public stock market anyway).
The idea that we democratically control the government is basically a myth. Once we elect a party based on some loose promises, they have free reign to do whatever they want. We're basically voting for one of 2 sets of ideas that we dislike the least, and then giving absolute power to the people who parrot those ideas. Those that aren't part of the elected party (department heads outside the cabinet) are also effectively unelected leaders and will continue to hold power after a new party is elected. What I want is a limit on absolute power, for anyone. Currently the state apparatus is a form of absolute power, and thus a magnet for the kinds of corruption we're talking about. I'd much rather we kept a balance of power between the economy, the individual and the state such that each has its own power and none can force the hand of another. But that's just idealism really, I just think that for now billionaires are the lesser evil compared to the state.