Right now, Antitrust Hearing before the Congress are the hottest topic in the US, besides COVID-19. The House Judiciary Committee has published a series of otherwise confidential documents that give you a look inside what goes on in the Tech industry.
Kevin Systrom’s email exchange on Facebook’s aggressive business tactics is interesting for readers. On Wednesday, Washington summoned the four most influential Big Tech CEOs to hear on an antitrust investigation against their companies.
Antitrust Hearing: Congress Questioned four CEOs
Currently, Big Tech has become notoriously big compared to other sectors and companies working in those sectors.
The old phrase “Too Big to Fail” has become trending again due to how rapidly the technology is changing and allowing the companies to access the confidential information of the users.
The virtual hearing of Big Tech CEOs was held by lawmakers of the U. S. on Wednesday. The lawmakers grilled the executives with the questions revolving around a central issue: Has Big Tech become too big to fail? Is it too powerful for the good of consumers?
The lawmakers hammered Google CEO Sundar Pichai with rapid fires about his company’s relations with China. They asked him about how Google is operating if China is involved in IP theft from other American businesses.
Facebook, the biggest social media network, is often in the headlines due to the privacy of the users, and fake news plaguing the platform. The panel of lawmakers asked Mr. Zuckerberg how he plans to fight against the misinformation problem of his social media site.
Apple’s Tim Cook was questioned about the developers, manufacturing, and much more.
The highlight of this hearing was Amazon’s owner Jeff Bezos. It’s the first time that Mr. Bezos has been summoned for a Congressional hearing. For the early two hours, he wasn’t asked a single question.
Later the hearing panel asked him about how Amazon is using data to undermine the small businesses and third-party merchants. Mr. Bezos gave a vague answer to that question. The same question was asked to an Amazon executive last year, and he gave a misleading answer.
Big Tech has gotten too powerful to crush the competitors in the market. It’s quite easy for a few companies to establish a monopoly in the market. That’s why lawmakers across the world are using it to invoke the antitrust laws and probes to investigate the companies.
Several states across the US and European countries are now probing these companies to ensure that fair competition remains in the market. Consumer interests are maintained along with their privacy.
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