I think this is also a core part of our disagreement. I think if we allow privatized power structures to grow indefinitely, democracy will no longer be able to constrain them at some point, or they will subvert democracy itself by corrupting elected leadership.
You see both of these in action right now. Think of Elon Musk actively defying Brazilian rule of law [0] or him literally being put into a position where he can neuter the institutions designed to hold him democratically accountable with the DOGE appointment.
To quote MLK - "Call it democracy, or call it democratic socialism, but there must be a better distribution of wealth within this country for all God's children."
I think fundamentally one cannot disentangle democratic control of political power from democratic control of the economy, because economic power can be converted into political power and as long as we let economic power concentrate in the hands of a few unelected oligarchs, they will continue to use it to exert political power as well.
[0] https://www.reuters.com/technology/starlink-tells-brazil-reg...