“Delivering it to a cabal of multinational corporations” is the bad-faith interpretation that only works if you ignore almost everything written on the topic. And “cabal” happens to be an anti-semitic dogwhistle, although I’m sure its use here is just a coincidincle.

Here’s an example from Wikipedia: “ The final outcome of the Summit, the Tunis Agenda (2005), enshrined a particular type of multistakeholder model for Internet governance, in which, at the urging of the United States, the key function of administration and management of naming and addressing was delegated to the private sector (the Internet Corporation for Assigned Names and Numbers, ICANN)”

And while ICANN gets criticism as any other organization, few argue the internet would be better served by direct control by any government.

The article, https://en.wikipedia.org/wiki/Multistakeholder_governance, also explains the reasoning behind the idea. Basically, the world has become complicated, and governments are often not familiar with some situation, so they want to involve more of the people close to the issue on decision-making.