Something I have written about for a very long time is how the transfer of state authority to the private sector deteriorates national sovereignty and security. Multinational corporations are better described as anational, i.e., having no fealty to any particular nation. Thus, you have huge power entities that possess no sense of loyalty, duty, or responsibility to the countries in which they are headquartered, and no vested interest in the wellbeing of those countries.
When these massive private sector institutions of power then wield their unparalleled influence over the political institutions, for example; by financing the elections of legislators and other politicians; the government itself no longer serves the interests of its own nation.
Everyone is subordinated to the corporate agenda, regardless of how detrimental this may be for the society. This is a trend that has been progressing in the United States for decades, but it is accelerating at an alarming speed right now, led by Big Tech.