I don't understand how a reasonable person can read it that way.
Here's the full quote:
> That doesn’t mean that, even if there’s anger and that you have someone like Elizabeth Warren who thinks that the right answer is to break up the companies ... I mean, if she gets elected president, then I would bet that we will have a legal challenge, and I would bet that we will win the legal challenge. And does that still suck for us? Yeah. I mean, I don’t want to have a major lawsuit against our own government. I mean, that’s not the position that you want to be in when you’re, you know, I mean … it’s like, we care about our country and want to work with our government and do good things. But look, at the end of the day, if someone’s going to try to threaten something that existential, you go to the mat and you fight.
I do not understand how you can interpret that to mean anything other than that the "existential threat" is "to break up the companies". And it would be a far stretch to somehow move the goalposts to say that breaking up the companies is somehow fundamentally an aspect of democracy.
Unless you are willing to tie opposition to anything that any elected official has ever proposed as opposition to democracy itself, I guess.