Not particularly surprising:
In the last years of the nineteenth century, Charles Dow created an index of 12 leading industrial companies. Almost none of them exist today. While General Electric remains an industrial giant, the U.S. Leather Company, American Cotton Oil, and others have long since disappeared into bankruptcy or consolidation….
Four years after Dow invented his average, a group of 14 leading research institutions created the Association of American Universities. All of them exist today. While a few have faded from prominence, most of the original members … are now, as they were then, the most sought-after and well-regarded American universities.
Universities have all sorts of advantages that corporations don’t. It probably makes sense to think of Harvard as a normal, for-profit corporation, with the built-in advantage of not having to pay taxes and benefitting from insane (and irrational) brand equity and loyalty.