{"id":489,"date":"2025-12-15T19:39:49","date_gmt":"2025-12-15T17:39:49","guid":{"rendered":"https:\/\/notes.yadin.com\/?p=489"},"modified":"2026-04-02T18:03:02","modified_gmt":"2026-04-02T15:03:02","slug":"tech-oligarchs","status":"publish","type":"post","link":"https:\/\/yadin.com\/notes\/tech-oligarchs\/","title":{"rendered":"Tech Oligarchs"},"content":{"rendered":"\n
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\u201cWhat about oligarchic cities? Don\u2019t you see beggars in them?
Almost everyone except the rulers is a beggar there.\u201d<\/p>\n\n\n\n

\u2014Plato, The Republic<\/em><\/p>\n<\/blockquote>\n\n\n\n

In the previous part of the series (Giants Rise<\/a><\/em>), we established that the Information Revolution is now dominated by monopolistic mega-corporations that wield power and influence comparable to that of nations. These technology giants are reshaping human society to serve their business interests, extinguishing what remained of the idealistic visions of 1990s cyber-utopians, which we explored earlier (in Great Expectations<\/a><\/em>). This is a cause for great concern, especially given how these companies are controlled.<\/p>\n\n\n\n

Many well-established public corporations, like General Electric, ExxonMobil, and Boeing, do not have a single dominant leader. Instead, their shares are broadly distributed and owned, with corporate oversight, control, and management in the hands of thousands of shareholders, large boards, and many executives. The technology giants of the Information Revolution, though, are mostly owned and controlled by a handful of dominant, powerful billionaires who have become public figures. Tim Cook has been Apple\u2019s CEO since the death of its renowned founder, Steve Jobs; Jensen Huang is the founder and CEO of Nvidia; Microsoft had three influential CEOs\u2014founder Bill Gates, Steve Ballmer, and currently, Satya Nadella; Sundar Pichai runs Alphabet after CEO Eric Schmidt and founders Sergei Brin and Larry Page stepped down; Amazon CEO Andy Jassy took over from founder Jeff Bezos who is now chairman of the company; Mark Zuckerberg is the founder, CEO and chairman of Meta; Elon Musk heads Tesla. Most of these executives and founders maintain large blocks of shares in their companies, giving them ownership, control, and influence beyond their official roles. Their personal wealth is immense: the three richest men in the world in 2025 are Musk, with a net worth of $342 billion, followed by Zuckerberg and Bezos, each with a net worth of $215 billion.<\/p>\n\n\n\n

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In 2015, The Economist<\/em> published an influential article titled \u201cRobber Barons and Silicon Sultans.\u201d<\/a> The article compared the founders and CEOs of technology giants to the robber barons of the Industrial Revolution\u2014American businessmen who became extremely wealthy and powerful during the late 19th and early 20th centuries. They dominated key industries such as railroads, oil, steel, and banking, often through monopolistic practices, political influence, and aggressive business strategies. Some of the more well-known robber barons were John D. Rockefeller, who controlled the oil monopoly Standard Oil; Andrew Carnegie, who dominated the steel market; banking giant J.P. Morgan; and railroad tycoons Cornelius Vanderbilt, Jay Gould, and Leland Stanford. The term robber barons<\/em> was applied to these men in the 19th<\/sup> century, likening them to medieval European feudal lords who controlled trade routes and charged excessive tolls, exploiting merchants and travelers.<\/p>\n\n\n\n

The robber barons of the Industrial Revolution used predatory pricing, secret deals, and aggressive takeovers to eliminate rivals. They exploited workers, used child labor, and suppressed labor unions. They bribed politicians, manipulated markets, and engaged in financial fraud, insider trading, and stock inflation. They were known for completely disregarding individual rights and the public interest. Railroad tycoon W.H. Vanderbilt, Cornelius Vanderbilt\u2019s son and the wealthiest man in the world at the time, said in an 1882 interview:<\/p>\n\n\n\n

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\u201cThe public be damned! \u2026 Railroads are not run for the public benefit, but to pay. Incidentally, we may benefit humanity, but the aim is to earn a dividend\u2026 I do not care a penny for the public\u2019s safety or convenience unless it meant profits.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Like the robber barons shaped the Industrial Revolution, the silicon sultans\u2014their modern reincarnation\u2014are controlling the path of the Information Revolution. They may not be as overtly corrupt, but they are extremely powerful and wealthy businessmen at the head of companies that have been criticized for aggressive business tactics and showing disregard for the public interest.<\/p>\n\n\n\n

\"\"
Our Robber Barons<\/em>, Puck (1882), political cartoon depicting Jay Gould, W. H. Vanderbilt, and others as highwaymen<\/figcaption><\/figure>\n\n\n\n

Some Silicon Sultans are beginning to accumulate political influence at the highest levels. Jeff Bezos, Elon Musk, Sergei Brin, Tim Cook, Sundar Pichai, and Mark Zuckerberg all attended President Trump\u2019s 2025 inauguration. Each of them reportedly donated $1 million to Trump\u2019s inaugural committee. Tim Cook and Bill Gates, formerly vocal critics of Trump, attended a White House dinner in 2025. Cook presented the president with a golden plaque and thanked him profusely. Gates praised Trump\u2019s \u201cincredible leadership\u201d. Elon Musk contributed more than $290 million, directly and indirectly, to the Trump campaign during the 2024 election. He was chosen by President Trump to head a new Department of Government Efficiency and act as a presidential advisor. Some Silicon Sultans are maneuvering to increase their already considerable influence on public discourse. In 2013, Jeff Bezos acquired the Washington Post, one of the most respected newspapers in the United States. In 2025, Bezos directed the paper to stop publishing opinions that oppose \u201cpersonal liberties and free markets\u201d, pushing the Washington Post\u2019s opinions editor to resign. In 2022, Elon Musk purchased the social network Twitter, which has since been rebranded as \u201cX\u201d. Since then, Musk has used the platform to promote technocratic, populist, and conservative views. Mark Zuckerberg has a huge personal influence on public discourse through his social media empire. He has been reportedly using his influence lately<\/a> to favor the conservative right. Notably, Tim Cook and Sundar Pichai also control major digital news distribution platforms like Apple News, Apple TV, Google News, and YouTube. <\/p>\n\n\n\n

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It is concerning that the immense power of the technology giants is concentrated in the hands of just a few men. They have control and influence over the flow of information, public discourse, and immense databases containing the personal information of billions. In some respects, they control the future of humanity. These silicon sultans may be visionaries, innovators, and talented executives, but they were never elected and are not subject to significant public oversight or supervision. They are public figures, but they are not bound by the code of conduct or public service standards expected of public officials and elected representatives. Moreover, as executives, their primary responsibility to shareholders legally requires them to prioritize profits. Much like the robber barons of the Industrial Revolution, the Silicon Sultans\u2019 main concern is not the public interest, as reflected in how they run their companies.<\/p>\n\n\n

\n \n \n \n <\/svg>21\n |<\/span>\n \n \n \n <\/svg>\n 1<\/span>\n <\/span>\n |<\/span>\n Published: Dec. 15, 2025\n |<\/span>\n Updated: Apr. 2, 2026 |<\/span> Topics: Markets<\/a> |<\/span> Follow<\/a>\n <\/p>\n\n\n\n

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Next in this series:<\/p>\n\n\n\n