It’s just normal humanity stupidity and greed, and these aren’t like head of the class intellects, it’s just boring people who love money and status and get no satisfaction from helping others.
The problem with Tech is that they are the primary beneficial of hyper growth with zero interest rate era and Smartphone revolution. In the space of 10+ years tech have grown from an unthinkable Trillion dollar market cap to now we have a single company with close to 3 trillion, two other company with close to 2 trillion and other rushing to trillion dollar club. And this is unlike previous bubble they have actual profits and balance sheet for their market valuation.
People working in tech, especially within BigTech are not only partly dictating the world and media's attention, they are also so out of touch they became aristocracy in the old era.
Thus begins your decline and the gamble for who gets stuck holding the bag.
A VP who oversaw a billion being set on fire will still be hired as a VP at the next company as long as that money was burned on the tech trend of the moment.
Maybe more: "he's trying to be at the top in business/value extraction/rent seeking"