In that situation, it depends how much physical force the government has to compel the tech leader, and how much physical force the tech leader has to counter it.

Usually, the number of bodies who will comply is the proxy for power, but with automation, it could be different in the near future.

https://xkcd.com/538/

But it can clearly be seen that the power will not be as monopolistic as before indeed. The rebalance leans towards losing power for states vs tech in part.

Regulation alone cannot control if it cannot be made effective.