Whereas in 1964 each of the four largest American companies still had an average workforce of about 430,000 people, by 2011 they employed only a quarter that number, despite being worth twice as much.14 Or take the tragic fate of Kodak, inventor of the digital camera and a company that in the late 1980s had 145,000 people on its payroll. In 2012, it filed for bankruptcy, while Instagram – the free online mobile photo service staffed by 13 people at the time – was sold to Facebook for $1 billion.
