Definitely there are many problems to this solution, such as what to do with existing billionaires. If it was up to me, I would say to them "figure it out, the late payment interest will start to accumulate soon". But realistically it could be done over multiple years and in stages to limit the negative effects.

The only thing that might genuinely be hard here is strategic leadership of a company.

Because while some can be transferred into something that is partially worker-owned, not all workers are suited to be given that sort of leverage.

So that might be worth pondering to come up with a solution that makes stuff not collapse. Because the reality of human resources is that the quality is underwhelming.