Google, Facebook, Others Too Powerful, Antitrust Panel Chair Warns
Amazon, Apple, Google and Facebook are too powerful and will likely emerge from the coronavirus pandemic even stronger, the head of a US congressional antitrust committee said Wednesday at a high-stakes hearing featuring the CEOs of the four US tech giants.
“Prior to the COVID-19 pandemic, these corporations already stood out as titans in our economy,” Cicilline said. “In the wake of COVID-19, however, they are likely to emerge stronger and more powerful than ever before.” Ahead of the hearing, the top executives of the firms sought to offer an upbeat assessment of the tech landscape, highlighting their roots and values and how the companies have benefitted average Americans.
“I walked away from a steady job into a Seattle garage to found my startup, fully understanding that it might not work,” said Bezos, who is the world’s richest person based on his Amazon stake. TikTok welcomes “fair competition” chief executive Kevin Mayer said in a blog post while adding that “without TikTok, American advertisers would again be left with few choices.”The hearing is part of a congressional probe into “online platforms and market power” and takes place against a backdrop of antitrust investigations in the United States, Europe and elsewhere.
Some analysts say the hearing could offer fresh insights into how Big Tech “platforms” squelch competition by buying rivals or copying products from rivals.
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