Today, world CEOs stood before House judiciary Cmte headed by Rep David Cicilline (D-RI). This meeting was not about the growth of their companies or how their shareholders enjoyed their dividend program but rather it was an antitrust meeting. It is no doubt that CEOs of major large corporations like Amazon. Facebook, Apple and Alphabet (Google) has seen great profit within the last six months as an effect of the Covid-19 outbreak which ironically crumble a lot of businesses but on the part of these businesses, it looks like they became stronger and more influential during this period. Have you thought of the effect of having one of the corporations put down their services?
Are these companies’ monopolies?
It is not like they are the only company in their industry, either communication or marketplace but at this point, they have displaced every other competitor they have making them the strongest and most preferred in their industries. With this type of power, these companies can determine customers choices to the services they offer them, they could determine the prices they charge to customers which customers will have no choice since they trust them thereby killing the smaller companies and not giving them a level ground to operate, as well as currently, these companies have enough data in the world to understand peoples’ behaviors and thoughts thereby either selling them to other companies who need them for growth or for themselves to check their strength and using the data to prevent companies from easy competition.
Why is antitrust important?
When companies become large that it determines the activities of the large percentage of people, the economy of a country or the world, as well as making difficult new and small entrepreneurs to stand up. This is very bad as every decision of these companies affect other companies as well as the economy of nations.
Do you think Facebook, Amazon, iPhone, and Google are too big that they need to be broken?