The amount of negativity to this is depressing. No one seems to be contradicting anything he's saying here, instead it's just vacuous ideology "extraction" etc etc. Purposely narrow reading. I've got kids, I want people creating start ups they can work in, the alternative is too grim.
The exponential growth model that pg presents is an obvious lie - you could use his exact explanation to claim that good founders will soon become trillionaires, all it takes is 9 months of 93% growth after your first few billions; quadrillionaires will soon follow. The obvious reality is that exponential growth is just a small phase in any company's history, and it is anyway limited by the size of the market(s) it is operating in. A company can quickly capture a market, but not quickly grow forever.
Then, he completely hand waves away the externalities, lawlessness, self dealing and similar issues that are the supporting power of all such growth events. He claims this is all powered by "making your users happy", which makes them tell others about your business, as if every restaurant that people fawn over becomes a billion dollar business in 1-5 years. Even the examples he can think of of companies that did this are infamously bad companies that have become rightly hated and accused of spreading various forms of social ills - e.g. social media addiction induced by Meta, spy ads by Google, excessive tourism and house price increases by Airbnb, or the erosion of worker protections by Uber. There isn't a single billion dollar company that doesn't at least get accused of similar problems, which represent t the meat of the argument, and pg ignores this completely in favor of the "build something useful" model.