There have always been “it” companies. Of course.
But the relative balance of power and wealth and coolness changes over time, and it’s really out of whack now. (That was true before the pandemic, and it’s accelerated more than you can easily believe since.)
There’s a great study to be done on what “winners take all” looks like in the context of the so-called war for talent. It’s easy to see returns to scale in terms of money, but we probably underrate them in terms of how much they distort the labor market.
Lots of people got really focused on the revolving door between Goldman (and other banks) after 2008, and Goldman still hasn’t totally recovered its cachet. (I’d argue that’s more to do with regulation than with any lingering qualms about the “vampire squid.”)
Facebook, along with a handful of arguably lesser evils, is still cool. And if that’s the only — or the best, or the coolest — way to pay your student loans or rebuild your balance sheet after some public service, we’re going to be living with this distortion for a very long time.
HT Scott Galloway [very much worth a read]