Exclusive meritocracy exists at the super-elite universities and at the industries that draw the bulk of their employees from them — Wall Street, Big Law, medicine and tech.
Okay, I can believe that both tech companies and universities have an "exclusive meritocracy" attitude. But later:
In the exclusive meritocracy, prestige is defined by how many people you can reject.
No, that doesn't sound right at all. Nobody cares what percent of applicants Amazon or Google rejects. They get a lot more prestige from their market cap, and from the huge amount of people using their products.