When the acronym was coined, Netflix was in the process of disrupting the entire entertainment industry and it looked for all the world like it was going to eat them all. As it happened, the industry (well, Disney and HBO at least) figured things out faster than expected, so much of the speculation on Netflix turned out to be wrong. But they absolutely were a Top of the World tech innovator for a while there.

But it's just an acronym, it's not perfect. The other big error is that, obviously, Microsoft needs to be in that list given their pay scale and hiring process.

Their top tier compensation packages and stock performance over the past 15 years

Because without Netflix, it would be a bit awkward.

I've always felt that leaving Microsoft out was a bit problematic. But FAAMG does not sound very threatening.