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Sounds almost exactly like the Peoples Temple Agricultural Project, better known as Jonestown.

What could possibly go wrong?

Maybe the difference is that he's not starting a cult?

There's tons of communal land ownership projects that didn't end in tragedy.

Heh. Jesus. That's what we have left to offer? Trailer parks? Methinks Mr. Lore a little late to lay claim to that.. Erm.. innovation.
How does someone become a billionaire while actually maintaining the principle of equitism?

Billionaire equitism-- an oxymoron, no?

I don't know exactly what is meant by equitism, but Urban Dictionary suggests this: "A desperately needed socioeconomic system in which the workforce environment distributes gains within reason between the employees' wages and management's compensation."

https://www.urbandictionary.com/define.php?term=Equitism