A panel of US house of Reps recognized earlier today that four major technologies companies are abusing their marketplace power to ruin rivals and pressure tiny corporations to their knees in the name of profit
According to the antitrust subcommittee of the Judiciary Committee, Google, Apple, Amazon, and Facebook should not manage and compete in the same business. The panel advised these providers should really be restructured but did not expose whether a distinct company needs to be broken up, as per the Reuters report.
The report consists of 449 pages long and indicates expansive modifications to antitrust legislation and described “dozens of scenarios whereby companies misused their power”. It also exposed how firms did every little thing they could to dominate over rivals in order to control large portions of the internet.
1 instance is Facebook’s acquisition of Instagram back in 2012, when Mark Zuckerberg, Fb CEO, observed the picture-sharing platform is setting up a competitive community that could be “very disruptive to us”, the report suggests.
Adjustments suggested by the committee include stopping Google to both run the auctions for online ad space and participate in those auctions. Another suggestion is for Amazon to stop operating on markets where it also competes with other retailers, but the report also urged US Congress to act on allowing antitrust enforcers more freedom to stop purchases of potential rivals.
The report was revealed by a committee led by Democratic Congressman David Cicilline. Reuters mentioned that if the presidential elections are won by Joe Biden, the Democratic majority in the House might keep pressuring Congress to act on the findings and introduce a revamped antitrust law.