> From an entrepreneurial point of view I wonder how it will affect the future of big tech players acquiring other companies.

It won't.

The full power of the United States does not reverse all those shares you sold to a big tech company, or sold as a big shareholder of a big tech company.

If the market tolerates a price, based on their own exuberance and view of future revenues, that is fine here, and the incentives will continue to promote near term profits with a who-gives-a-shit slim possibility of cleanup by the regulators.

Corporations are just a conduit for money, and the regulators only enforce actions on the conduit, and thats a maybe.

It should be forbidden after IPO to acquire other companies because of this kills competition before it has the chance to compete.

Then no companies would IPO.

From a privacy point of view it doesn't matter who collects it so long as the FBI and US military can retrieve it on-demand without a warrant or probable cause under FAA 702.

I disagree with this. Privately owned threats are still a big deal, even if government threats also exist.