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Where they go wrong is assuming that the ones who were on top under the old configuration of power will/should continue to be on top in the new configuration of power. Just because "the people" will definitionally never be on top doesn't mean the top never changes.
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There is the well known Pareto circulation of elites theory (foxes and lions, basically liberal vs. conservatives), and in general, that's true. But there are times when new classes get activated and take power from both.
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Thiel is pretty much a basic Republican with some surface sci-fi drama and pretensions to a radical political philosophy. To snowclone a different line: the parts that are new aren't important, the parts that are important aren't new.
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