Damn, it's 2017 and we're still arguing on why leaving a gaping hole in your house is dangerous.
"The oligarchy" who you never identify would include the owners and shareholders of businesses who would suffer catastrophic business losses in the event an encryption-defeating law were passed.
Various billionaires are adversarial with respect to the laws they support and the media narratives their companies push (e.g. Washington Post vs Fox News). They don't act in concert.