For Big Tech billionaires, these are the best of times, and the worst of times.
Why the best? Because the long arm of social media and online commerce has never reached further and deeper into Americans’ culture, spending habits, lifestyles, and worldview. Likewise, the net worth of these billionaires has risen to undreamed-of heights. COVID was, for tech barons, a blessing in disguise: it trapped Americans indoors, where they could do little else but browse the web, consume digital entertainment, and spend their stimulus dollars on imported Chinese doohickeys. Even as the dreaded virus has retreated, Big Tech has successfully locked in its gains.
Why the worst of times, though? The very rise of Big Tech has portended greater scrutiny. The debasement of Big Tech’s competitors and natural enemies—from brick-and-mortar stores to Trump supporters—has ensured that the drumbeat of criticism of social media companies and online retailers has never been more stridently percussive.Read More