There seems to be an antitrust case investigation going on currently and it is surely going to hit on many tech giants. Facebook and Google which are among the top-notch tech giants are not left out of the investigation.
The word trust gotten from antitrust refers to a group of businesses that team up or form a monopoly in order to dictate pricing in a particular market while antitrust laws exist to establish competition among sellers, limit monopolies and give consumers more options to choose.
This could be as a result of an unregulated policy that has stayed for too long on these tech giants, hereby affecting consumer’s choice of market and also hindering other smaller businesses to thrive.
Although, two companies have been pushed to handle this antitrust case issues; the federal trade commission and the Department of Justice between the U.S. government to check documents of these tech companies such as Facebook, Google, Amazon, and even Apple is among them.
Currently, the Trump administration has signaled that it, too, has set its sights on Silicon Valley pertaining to this antitrust case. The fight against this monopoly has won support among Democratic presidential candidates, such as Massachusetts Sen. Elizabeth Warren, who earlier has called for splitting up big tech. Over the weekend, congressional Republicans also praised the Trump administration for turning its attention to the industry. “This news is very big,” as tweeted by Missouri Sen. Josh Hawley.
There was no response to requests for comment from Amazon, Apple, and Facebook, and Google declined to comment. (The owner of Washington Post is Amazon CEO, Jeff Bezos)
Rep. David Cicilline (R.I.), the leader of the House’s top anti-trust subcommittee, said investigation won’t target one specific tech company, but rather focus on the broad belief that the “Internet is broken,” he told reporters. In doing so, he pointed out disturbing practices at tech giants such as Google, which has faced many sanctions in Europe for prioritizing its own services in search returns over those of its competitors, and Facebook, which Cicilline criticized for acquiring competitors’ or copying their services to ensure its continued dominance in social networking.
In the period of the 2016 election, however, members of Congress began to realize the extent to which malicious tech actors could capitalize on social networks with wide, perhaps unchallenged reach to spread falsehoods in real time. Massive privacy violations, particularly at Facebook, further reinforced for some lawmakers the feeling that big tech giants had enriched themselves on their users’ personal information — and left people with little or no option for alternative services to use.
As stated by “the Washington Post”, “Cicilline called it a “monopoly moment” for the tech industry, likening his committee’s investigation into Amazon, Apple, Facebook, Google and their tech peers to past reasonably probes of airlines and cell phone providers, each of which resulted in a fine-tuning of the nation’s antitrust laws.
This truly calls for the splitting of these tech companies in order to solve the problem of monopoly in my own opinion. These companies have become so strong that they give consumers price and stick to it without foreknowledge of the consumers towards that regards. therefore, the need for antitrust case investigation.
Politicians, academics and business leaders have argued that tech giants have accumulated too much power and that they should be regulated — or even broken up. Chris Hughes, a co-founder of Facebook, has argued earlier in an op-ed that it was time to break up the company. If this is true, then we need to move to that direction.
As a result of this movement, consumers will have the right to many options in the tech industries, the smaller business will also thrive, and there will be a balance in the internet market.
Source from the Washington post