Maybe your thirst for power was a factory against you. Also, your writing sucks, so there’s another strike against you.

Shut up, Meg.

Hmmm. “Older male colleague” - I take means your are female? Sounds like sour grapes to me. Or an SJW entitlement complex. Maybe, just maybe he was genuinely more qualified than you. Grow up and be happy for him. Resentment is never pretty.

so who has more experience?

What makes you think you were entitled to the promotion over the older guy? Does the fact that he is a dude have some relevence to your complaint or are you just a feminist? The powers that be have the deciding vote for the promotion, they can promote who they want.

Been there. Find a new company. Yours doesn't appreciate you.

I was given the team lead role over older more experienced people, but at my company there is no extra salary for being a team lead. It might help you bargain for a higher salary, but nothing is guaranteed.

You can’t do much to change the situation, but make him do the job. Don’t lead for him and don’t let him escape his responsibilities.

Experience is one of the most valued traits for any position. Don't expect this to ever change.