The Media Oligarchy Argument

Senator Bernie Sanders is sounding the alarm on something that's been quietly happening for years: a small group of ultra-wealthy tech moguls now controls much of what Americans see, read, and share online. On Tuesday, the Vermont independent took to X (which, ironically, is owned by one of those billionaires) to make his case.

Sanders drew a stark comparison to authoritarian regimes, where media control typically rests in the hands of a few. Then he pointed to the current American landscape: Tesla Inc. (TSLA) and SpaceX CEO Elon Musk owns X. Meta Platforms, Inc. (META) CEO Mark Zuckerberg controls Facebook and Instagram. The Ellison family holds stakes in CBS while pursuing CNN and TikTok's U.S. operations. And Amazon.com, Inc. (AMZN) founder Jeff Bezos owns Twitch and The Washington Post.

"We must combat oligarchy," Sanders wrote.

When Sanders mentioned "the Ellisons," he was referring to Paramount Skydance Corp. (PSKY) CEO David Ellison and his father Larry Ellison, the co-founder and CTO of Oracle Corp. (ORCL). It's quite the family portfolio when you add it all up.

The Numbers Behind The Wealth

The concentration of wealth among these tech leaders is staggering. According to Bloomberg's Billionaires Index, Musk sits at the top with an estimated net worth of $442 billion. That's not a typo. Oracle's Larry Ellison ranks fourth globally at $254 billion, while Bezos follows closely at $251 billion. Zuckerberg holds the sixth spot with a net worth of $225 billion.

These aren't just rich guys with hobby media projects. These are some of the wealthiest people in human history, and they happen to control the primary channels through which hundreds of millions of Americans consume news and information.

The Platform Dominance

Data from Statcounter GlobalStats paints a clear picture of just how concentrated social media usage has become in the United States. Facebook accounts for nearly 59% of social media usage. Pinterest (PINS) holds 16%, X captures 14%, and Instagram takes 6%. YouTube, owned by Alphabet Inc. (GOOGL) (GOOG) Google, and Reddit Inc. (RDDT) each sit under 3%.

What's notable here is that between Facebook and Instagram alone—both controlled by Zuckerberg—you're looking at roughly 65% of American social media activity. Add in Musk's X, and three individuals effectively control the platforms where most Americans get their news and share information.

The question Sanders is raising isn't particularly partisan: when this much media power concentrates in so few hands, what does that mean for the diversity of voices and perspectives Americans encounter? It's a debate that's likely to intensify as these platforms continue to shape not just what we see, but how we understand the world around us.