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The phrase "effect a billionaire" is not correct and does not convey a clear meaning in written English.
It is unclear what is intended by "effect a billionaire," as "effect" typically means to bring about or cause something, and it does not logically connect with "a billionaire."
Example: "The new policy aims to effect a billionaire's influence on the economy." (This example is awkward and unclear.)
Alternatives: "create a billionaire" or "make someone a billionaire.".
Exact(1)
Bloomberg remains, in effect, a billionaire knight errant.
Similar(59)
Seduce a billionaire foreigner.
For a billionaire C.E.O.
She remains, nevertheless, a billionaire.
THE BILLIONAIRE TRAVEL DIARIES | Want to travel like a billionaire?
"From a billionaire to nothing".
But he's a billionaire.
She's practically a billionaire".
He quickly became a billionaire.
"Well, he's a billionaire.
A billionaire, maybe.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com