No, companies do not mind control people on an individual level, but what they do has all the traditional effects of monopolies/oligopolies that are not democratically controlled by the people affected but a handful of rich executives.
I'm not even going to go to the "advertising controls people" dialog tree. If it's not obvious why having the power of putting anything you want in front of billions of people is powerful, then I don't think there's a discussion worth having.