This leaves companies like Google and Facebook that made a decision fairly early in their existence, set constraints, and then spent several hundreds engineer-years into developing their own infrastructure and tools to support that decision.
Does it work? Yes. Is it more efficient than what other companies of similar scale are doing? I don't believe anyone knows.
GoogBook made it early, but re-evaluated. For sure, they found the cost of switching is higher than any potential benefit. I must say that I have not found anyone describing benefits other than “git is faster for smaller repositories” (which was very true but is only slightly true with sparse checkouts and shallow branches these days) and “I like it that way”.
Yosefk has a convincing article about “if your culture is bad, it doesn’t matter; if your culture is good, monorepos are technically easier until you hit some scale wall but then they don’t become harder that multirepo at that scale” IIRc.
But w.r.t Microsoft I admit I’m not very well informed, thank you for setting the record straight.
Google and Microsoft have both evaluated this internally and reached that conclusion, with some of the evaluation criteria and conclusions publicly documented (though I don’t have links available on my phone, google will likely find them for you)