It's just the classic of people with a whole lot of money getting what they want from the government, only boosted by the fact that for the previous decade and a half the left has legitimized political action from corporations since it benefited them, as platforms were largely left-leaning. Now the boot is finally on the other foot and panic ensues.
Can't say I like it, but it has been my position from the very start that this would happen, and as such I'm fresh out of sympathy.
Don't like it? Build your own Silicon Valley.
It's at least a little bit amusing that, five or ten years ago, if you opposed big corporate tech allying with government to impose undemocratic political programs, then you were a fascist, while all good thinkers supported that partnership. Only to have that valence switch on a dime when the context changed.
If the Left (and the Right, for that matter) want to make durable political change, they really need coherent theory beyond who's the Bad Guy of the moment.