I'm also not American, I'm British. We had a direct democratic vote very recently, which (regardless of whether you like the outcome or not) was surrounded by the most irrational propaganda I've ever seen, from both sides of the aisle. If you want more democracy, expect more of that. I'm also not a libertarian nor particularly a capitalist (I prefer syndicalism on a conceptual level), so your characterisation is both incorrect and reductionist.

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).