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US tech giants accused of 'monopoly power'

2020-10-06 19:14 by

 

Lawmakers from the US House of Representatives accused Facebook, Amazon, Google and Apple of "abuses of monopoly power" in a 449-page report released Tuesday. The House Judiciary antitrust subcommittee drew its conclusions after a 16-month investigation that culminated in an hours-long hearing with Facebook's Mark Zuckerberg, Amazon's Jeff Bezos, Apple's Tim Cook and Alphabet's Sundar Pichai in July.

During the investigation the staff found that the four businesses enjoy monopoly power that needs to be reined in by Congress and enforcers. The investigation found, for example, that Google has monopoly power in the market for search. The report said the four companies have abused their market power by charging excessive fees, imposing tough contract terms and extracting valuable data from individuals and businesses that rely on them.

Among other recommendations, the report also suggests strengthening antitrust laws and requiring dominant tech companies to make their platforms compatible with the services of their competitors.

The House antitrust subcommittee is expected to publish its report before October 9. Any road to break-up will take years, and may not happen, depending on political will going forward.

Read more -here-

 

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