The shift in market capitalization from traditional companies to tech companies has significantly impacted the global economy. Tech companies have grown exponentially in value, with the top five companies in 2016 being Apple, Google, Microsoft, Amazon, and Facebook, worth on average $476 billion. This is a stark contrast to 2006, where the top companies were ExxonMobil, General Electric, Microsoft, CitiGroup, BP and Royal Dutch Shell, worth an average of $288 billion each. This shift has led to a concentration of wealth and power in a few tech companies. It has also changed the dynamics of revenue generation, with a small percentage of content creators now earning the majority of revenues in industries like music.
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Ever wonder why Silicon Valley seems omnipotent in every arena, not only in technology and business but also in government, public policy, academia, t...
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Tech companies have dangerously overtaken our economy. In 2006, the top five companies by market capitalization were ExxonMobil, General Electric, Microsoft, CitiGroup, BP and Royal Dutch Shell, worth an average of $288 billion each. In 2016, the top five companies were Apple, Google, Microsoft, Amazon and Facebook, worth on average $476 billion. Early adopters of the internet harked its ability to bring a "long tail" of revenue to individual artists and content creators. Not so. Today in the music business, 80% of the revenues are derived from 1% of artists. Compare this to the 1980s, where 80% of music industry revenues came from 20% of the content. Silicon Valley bigwigs like Peter Thiel, founder of PayPal and early Facebook investor, believe in themselves as brilliant savants whose sheer genius birthed the age of the internet. Thiel is an avowed libertarian and rejects the value of government aid or interference. The irony is that "the internet was conceived and paid for by the US ...