In a first-of-its-kind report, a U.S. Senate committee said the big four tech companies, which are Google, Apple, Facebook and Amazon, are “a kind of monopoly” last seen decades ago. The report that comes after the testimonies of Google CEO Sundar Pichai, Apple CEO Tim Cook, Amazon CEO Jeff Bezos and Facebook Chief Executive Mark Zuckerberg notes that big tech companies are monopolies similar to those seen in the era of “the era of oil barons and railroad tycoons.”
The 449-page report from the US Judicial Chamber’s Antitrust Subcommittee says these companies “exercise dominance in ways that erode entrepreneurship, degrade the privacy of Americans online, and undermine the vitality of the free and diverse press.”
Tech companies, of course, disagree. A Google spokesperson in the US told media that the report was based on “outdated and inaccurate allegations from business rivals” and noted that the solutions offered by the Senate Committee “would cause real harm to consumers.”
Apple also issued a similar statement. “We have always said that scrutiny is reasonable and appropriate, but we totally disagree with the conclusions reached in this staff report regarding Apple. Our company has no dominant market share in any category in which we operate, “Apple said in a statement.
Amazon, in a blog, called the findings of the report that took 16 months to prepare “marginal notions”. The company wrote on its blog: “Wrong interventions in the free market would kill independent retailers and punish consumers by forcing small businesses out of popular online stores, raising prices and reducing consumer choice and convenience.
The report, however, was clear that it sees tech companies indulging in monopolistic practices. He said the practices followed by tech companies have led to “less innovation, fewer choices for consumers and a weakened democracy”.
“To put it simply, companies that were once shoddy and underdog start-ups challenging the status quo have become the kinds of monopolies we last saw in the era of oil barons and railroad tycoons,” he notes. the report. “By controlling access to markets, these giants can choose winners and losers across our economy. Not only do they exert tremendous power, but they abuse it by charging exorbitant rates, imposing oppressive contract terms and extracting valuable data from the people and companies that rely on them. “
The report criticized the technology company leadership for evading questions posed during Senate hearings. He said their responses were “often evasive and non-reactive, raising new questions about whether they believe they are beyond the reach of democratic control.”
In a report, the US Senate pointed out that the four big tech companies: Google, Facebook, Apple and Amazon are monopolistic. The great Tech companies disagree.
- In a 449-page report, a US Senate committee calls big tech companies monopolies.
- Senate report targets Google, Facebook, Apple and Amazon.
- Tech the companies say the commission’s findings are based on inaccurate allegations.