Ben Thompson at Stratechery (paywall):
It’s also worth noting that the very forces that make it possible for first Larry Page and Sergey Brin and later Zuckerberg to maintain control of their companies — the fact they grew so quickly that they were never meaningfully diluted — is intimately tied into the power said companies exert on the world broadly. To that end, it is certainly concerning to remember that there is basically no governance on either Google or Facebook; the fact that their power derives from user selection means that antitrust regulation doesn’t apply very well at all, and it is that same selection that drove growth at a sufficient scale to avoid dilution, meaning shareholders, were they somehow united into one voice, cannot compel any sort of action either.
