I don't think space flight is a total waste, although I do wish more of the R&D would go into a finding a more cost effective, less wasteful method of getting out of the atmosphere. And I think there's a case to be made that those companies are a net positive given how many people they employ, advanced technologies they develop, etc.
That said, if this is purely an exercise to reassign several billion dollars' worth of a magnate's resources to some other cause, I suppose I'd want to see more resources invested in combating income inequality and education. Both areas are criminally underfunded, and wouldn't take as much money as a lot of people assume to make substantive and meaningful improvements. People living in poverty deserve a better quality of life, and education is one of the best ways to invest in long-term positive improvements for the next generation.
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