Last week the Washington Post refrained from endorsing a candidate in the presidential race for the first time in 36 years. The decision was reportedly ordered by Jeff Bezos, the Post’s owner and one of the richest men in the world. The Seattle billionaire, who owns Amazon, purchased the flailing newspaper in 2013 in a rare fit of civic duty.

The blowback was immediate and substantial. Within 48 hours of the announcement as many as 200,000 paying readers cancelled their subscriptions to the already money-losing news organization, according to reporting by NPR.

Such withholding of revenue is usually more a symbolic message than a real threat to the viability of a company. But for the Post, which has been teetering for decades, any loss in subscribers is threatening. Hundreds of good journalists who had no influence on Bezos’s decision remain unsure of the viability of their employer. Residents of the District of Columbia and much of Virginia and Maryland also rely on the Post for coverage of state and local issues, culture and sports. All of this is threatened by Bezos’s decision and the public uprising against it.

Some angry citizens also cancelled their subscriptions to Amazon Prime, the service that provides free shipping for many Amazon products and access to video and music streaming.

While a widespread Prime resignation would not damage the public sphere or the prospects for democracy and good government the way that hurting the Washington Post does, it’s still a futile gesture that probably will not alarm or injure Bezos in the slightest.

That’s because Prime is a classic loss-leader feature: Amazon uses the service to crush competitors by offering cheaper goods and services while the company makes its money elsewhere. Prime has about 180 million members in the United States, so if a few thousand quit, Amazon would hardly notice and Bezos hardly care.

Amazon and Bezos are far more powerful than most people realize. The company’s power is deep, broad and largely invisible. The books and dog toys we buy through Amazon remind us of its public face and original mission. But it’s not 2004 any more.

Amazon is not a normal retail company or a normal company in any way; it’s a sprawling leviathan wrapped around the essential processes of major governments, commerce and culture of most of the world.

Amazon’s major source of revenue and profit, Amazon Web Services (AWS), is the leading provider of computing and data services in the world, ahead of Microsoft and Alphabet. AWS hosts the sites and data of more than 7,500 governmental agencies and offices in the US alone, including those of the Central Intelligence Agency and the Federal Reserve.

Just about everything a 21st-century state or firm might want to do probably goes through Amazon and makes Bezos wealthier and more powerful in the process. All of this happened over the past 20 years as we enthusiastically chose convenience and mobility over all other human values. We clicked Bezos into power – and not by buying things through Amazon retail; we did it by choosing the internet again and again.

In blocking the Washington Post endorsement, Bezos is not acting cowardly as much as slyly. Secure in his fortune and status regardless of the potential rise of fascism in the US, he has some more selfish concerns about the nature of the next administration.

One potential Bezos-centric consequence of the election on 5 November is that Donald Trump will prevail over a bacchanal of greed and corruption, potentially opening federal contracts to all sorts of favored players and – more importantly – stifling investigations and prosecutions into firms and people Trump might favor.

The other possible consequence is that a Kamala Harris administration would continue the aggressive and much-needed investigations into the ways internet companies like Amazon have restrained trade, concentrated wealth and solidified power by leveraging networks and scale.

Bezos also founded and owns Blue Origin, a rocket and space technology firm that has many government contracts. Limiting the government’s regulatory oversight over space technology or contracting is in Bezos’s interest, which might explain why Blue Origin staff met with Trump around the same time as the Post announced its decision not to endorse. It’s also likely Bezos would like to muscle out Trump’s pal Elon Musk and his company, SpaceX, for what is to come.

Given all this, it makes sense that Bezos, who is generally liberal and supports Democratic candidates, would try to limit how much Trump hates him (and Trump has long hated Bezos – a lot), if there is a small chance to curry favor with the once and future president. Perhaps Bezos figures his newspaper should not help Harris more than it already has by reporting the basic news.

So there are many reasons to fear a Bezos-Trump rapprochement. Still, it does not make much sense to cancel a Post subscription or Prime membership. Neither would hurt Bezos at all.

Most boycotts, especially when they are tiny, disorganized, ad-hoc, emotional and aimed at enormous, global companies, are mere expressions of self-righteousness. They have no significant influence on the world but they can make the boycotter feel a bit better for a few days. What’s worse, they often distract energy from real political action that might curb the excesses of the companies in question.

Here is the problem: billionaires are mostly immune to consumer pressure. That’s how they became and remain billionaires.

So how do we solve a problem like a billionaire? First, we must be blunt about the nature and scope of their power. It’s not a matter of describing their wealth, which flashes before us in numbers we can’t properly grasp or feel. We must describe their influence and how they control things in the world.

Second, we must find ways to limit their wealth by taxing the various ways they accumulate and hide it.

Third, we must be enthusiastic about breaking up big companies that do too many things in too many markets and thus crush or purchase potential competitors and insurgents. It’s not about prices. It’s about power.

Most of all, we should do our best to elect leaders who are not beholden to billionaires, but actively seek to turn them back into millionaires.

• Siva Vaidhyanathan is a professor of media studies at the University of Virginia and the author of Antisocial Media: How Facebook Disconnects Us and Undermines Democracy