I love this idea because I read too much cyberpunk.
Why doesn't Twitter flex its muscle and cause a national crisis by tweeting "watch out China, nukes are coming" from Donald Trump's Twitter? That ruins trust in the platform, but what if they just banned the US president's account for TOS or something? Enormous amount of power.
What if Musk's first ship to Mars had a hidden Railgun on it? "Anybody else that wants to come to Mars must pay equivalent US 100,000 million per vehicle." Alternatively, "I now own mars, who can come as well is up to my whim."
What if Microsoft issued a malicious patch that gave it access to the NSA's servers? What if Comcast slurped up FBI traffic?
In the internet and space age, corporations are getting enough real power that government power can be outright stepped over. Sure, say Comcast slurps data somehow from CIA and FBI, goes to prez, and says "give us x or we sell this to Russia," the US gov can turn around and threaten to arrest the CEO, or fine them, or kick down doors and start tearing apart infrastructure with the US military, but Comcast could easily say "do any of the above and the data is given to Russia, for free."
Musk has weaponised Mars, a state actor says "unweaponise it or be hanged," Musk can say "well, the cannon is automated, has 300 rounds of ammunition, and will not deactivate unless my secret passcode and the secret passcode of another person who I will not name, are provided. Per detected vehicle."
Etc.
Exciting, fun, terrifying. It can go fantastic for us (Google and Netflix telling telecoms to suck it), or absolutely horrifying (Comcast holding the US government hostage).