You don’t even need “power hungry mods” for that to go wrong, you just need mods who don’t care. That’s EXACTLY where Facebook and Twitter are right now. Getting content removed there is basically impossible, I’ve reported people for death threats and was told they never violated community standards.
If the platform isn’t going to moderate itself, the users should be able to.
This headline uses “millionaires” to mean “people with over a million dollars in annual income” rather than “people with over a million dollars in net worth”
That’s not your run of the mill “successful career with a healthy 401k” millionaire, that’s at least ten-millionaires, mostly hundred-millionaires, and possibly some billionaires by net worth.