- The 'Magnificent Seven' - Amazon, Apple, Google, Facebook (Meta Platforms), Microsoft, Alibaba, and Tencent - wield significant concentrated power in the global economy.
- The recent milestone achieved by Meta Platforms Inc. is an example of these companies' remarkable influence on the economic landscape.
- This market dominance comes with a set of challenges and opportunities including stifling of competition, influencing global economic trends, and affecting innovation.
- Future potential changes to this collective power, such as the emergence of new challengers, could disrupt this status quo.
by Fiscal Beat Staff | Feb 7, 2024