I recommend to watch the Silicon Valley satire TV show. It really has such scenes where tech billionaires do insanely wasteful purchases just because one of their tech billionaire peers already has done something similar, just to maintain their status and ego among the SV elite.

They also make fun of SV tech workers who feel they need to own a Tesla with Ludicrous Mode and the exclusive rims to show success.

It's great satire, though it feels more like reality sometimes.