Earlier quoted context omitted.
A billionaire is a single unelected person. Only a pure dictatorship is less representative than that. I’d take a flawed government with some semblance of an electoral process and representative taxation over dependence on a benevolent individual. For every Bill Gates there is a Charles Koch.
The other, important, difference being that I am not required to fund the billionaire. If I object to the actions of a billionaire, it's not my money that's being misused.
Except, of course, when whatever elaborate mousetrap they used to gain their billions becomes a monopoly and also critical infrastructure.